Appendix A     Past Credited Service

Important information regarding Past Credited Service

Your qualification for Past Credited Service and the amount of your Past Credited Service Benefit is dependent upon your initiation date with I.U.O.E. Local No. 132.

Past Credited Service is determined by the number of completed years (and quarter years) of continuous affiliation with your Union (or a Participating Employer) prior to April 1, 1962.  The maximum amount of Past Credited Service is fifteen (15) years.  If your Employer did not apply prior to July 1, 1963 for inclusion of the Employees not covered by a Collective Bargaining Agreement, then Past Credited Service will be reduced by the number of completed years (and quarter years) between April 1, 1962 and your date of entry into the Plan.

Furthermore, each quarter year of Past Credited Service shall be equal to 400 Past Service Hours.  Your Credited Service in the Plan consists of your Past Service Hours for Past Credited Service and your Covered Hours for Future Credited Service.

A Break-in-Service subsequent to March 31, 1962 shall be cause for forfeiture of all Past Credited Service.

In determining your monthly benefit at Normal Retirement, you will take the sum of $10.00 times the years of Past Credited Service (limited to a maximum of 15 years) plus the unit multiplier in effect at the time you last worked in covered employment:

If you last worked 01/01/1999 through present, use 3.27%                      (0.0327)
If you last worked 04/01/1985 through 12/31/1998, use 3.10%                (0.0310)
If you last worked 07/01/1980 through 03/31/1985, use 3.00%                (0.0300)
If you last worked 04/01/1976 through 06/30/1980, use 2.90%                (0.0290)

This calculation will give your Normal Retirement, Life Option Five (5) Year Certain Benefit.

NORMAL RETIREMENT - Example

A Participant who had 10 years of Past Credited Service and a total of 24,000 Covered Hours and $50,000 in pension contributions reported upon their behalf with the last contributions reported for the month of March 2005, would receive the following:

10 years   x   $10.00   =   $100.00 per month

plus

$50,000.00   x   0.0327   =   $1,635.00 per month

In this example, the Participant would be eligible for a Normal Retirement, Life Option Five (5) Year Certain Benefit of $1,735.00 per month, payable at age sixty-five (65).

You would calculate a Non-Reduced Early and an Early Retirement Benefit by the same methods discussed previously under the heading of “How Are Benefits Calculated?”, the only difference would be how you arrive at your Normal Retirement Benefit, as discussed above.

Should you have any questions regarding Past Credited Service, please contact the Fund Office.