Definition of Terms
Alternate Payee
An Alternate Payee is a spouse, former spouse, child or other
dependent of a Participant who is recognized by a Qualified Domestic Relations Order
(QDRO) as having a right to
receive all, or a portion of, the benefits under this Plan with
respect to the Participant.
Beneficiary
The term Beneficiary shall mean a person designated by a Participant
or by the terms of the Pension Plan, who is or may become entitled
to a benefit.
Break-in-Service
A
Break-in-Service occurs when your Years of Participation are less
than or equal to the number of consecutive Plan Years in which you
were credited with less than 500 Covered Hours. However, you can
not have a Break-in-Service until you have at least five (5)
consecutive Plan years with less than 500 Covered Hours.
Covered Hour
A
Covered Hour means an hour of employment with respect to which a
contribution is paid into the Fund.
Credited Service
Credited Service consists of Past Service Hours for Past Credited
Service and Covered Hours for Future Credited Service.
Disability Retirement Date
The first (1st) day of the month following the month you
were found disabled through the Social Security Administration. If
you are less than age forty-five (45), your Disability Benefit will
begin on the first day of the month following your forty-fifth (45th)
birthday.
Early Retirement Date
The first (1st) day of the month following your
fifty-fifth (55th) birthday, provided you have at least
24,000 Covered Hours of service; or the first (1st) day
of the month following your sixtieth (60th) birthday,
provided you have at least 16,000 Covered Hours of service.
Employee
Any Employee covered by a collective bargaining agreement in effect
between an Employer and the Union, providing for such Employer’s
participation in the Fund; or any person not covered by a collective
bargaining agreement but for whom an Employer, after being approved
for participation by the Trustees, desires to be included in the
Plan.
Employer
A
participating employer is an Employer who is signatory to a
collective bargaining agreement or participating agreement requiring
contributions to be paid to the Fund.
Normal Retirement Date
The first (1st) day of the month following your
sixty-fifth (65th) birthday, provided you are entitled to
a Vested Benefit.
Participant
You are a Participant in the Plan if:
You are an Employee who is or may be entitled to
participate in the benefits provided for in the pension plan; or
You are Vested for a Retirement Benefit; or
You are currently receiving a Retirement Benefit
Past Credited Service
Past Credited Service is 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 you may claim is fifteen (15) years. If you became
a participant after July 1, 1963, your Past Credited Service will be
reduced by the number of completed years (and quarter years) between
April 1, 1962 and the date of entry into the Plan.
Past Service Hour
Each one quarter (¼) year of Past Credited Service shall be equal to
400 Past Service Hours.
Plan
The Plan is the International Union of Operating Engineers Local No. 132
Pension Fund.
Plan Year
The Plan Year is April 1st through March 31st,
and consists of an entire twelve (12) month period for the purposes
of accounting and all reports to the United States Department of
Labor and other regulatory bodies.
Qualified Domestic Relations Order
A
Qualified Domestic Relations Order (QDRO) is a judgment, decree or
order (including a court approved property settlement agreement)
that provides for child support, alimony payments, or marital
property rights to an alternate payee, such as a spouse, former
spouse, child, or other dependent and is made pursuant to a state
domestic relations order.
Retiree
A
Retiree is a participant receiving a Normal, Early Non-Reduced,
Early, or Disability Retirement benefit from the Plan.
Retirement
Retirement is the termination of employment for reasons other than
by death after a Participant has fulfilled all of the requirements
for entitlement to a Normal, Non-Reduced Early, Early, or Disability
Retirement Pension.
Severance Benefit
A
Severance Benefit is a benefit payable to a Participant who incurs a
Break-in-Service, accumulated at least 1,600 Covered Hours and is
not eligible for any other benefits in the Plan.
Spouse
The person to whom you are legally married. In order for you and
your spouse to be eligible for a Qualified Joint & Survivor Benefit option at the time of your retirement from the Plan, you
must have been married continuously for at least one (1) year prior
to your effective date of retirement.
Trust Agreement
The Trust Agreement is the Agreement and Declaration of Trust,
including all amendments and modifications as may be made from time
to time.
Trustees
The term Trustee shall mean the Trustees designated in the Trust
Agreement, together with their successors designated and appointed
in accordance with the terms of the Trust Agreement.
Union
The term Union shall mean the International Union of Operating
Engineers Local No. 132, AFL-CIO.
Vested Benefit
If your service with the Plan terminated prior to June 1, 1997, you
will have a Vested Benefit if you had ten (10) or more years of
Participation after your last Break-in-Service date or when you have
accumulated sixteen thousand (16,000) Covered Hours of service.
If you have one or more covered hours of service on or after June 1,
1997, you will have a Vested Benefit when you have five (5) or more
years of Participation after your last Break-in-Service date or when
you have accumulated sixteen thousand (16,000) Covered Hours of
service.
Year of Participation
You will be credited with a Year of Participation if your Employer
makes contributions on your behalf for 1,000 or more Covered Hours
during a Plan Year. If you work less than 1,000 Covered Hours
during a Plan Year, you will receive no credit toward your Years of
Participation.
If you were a Participant as of January 1, 1976, you will be
credited with a Year of Participation for each year prior to January
1, 1976, in which you had any Credited Service. A Year of
Participation is important because it is the unit which is used to
measure when you become eligible for a Vested Benefit and is also
used to determine if you have incurred a Break-in-Service. |
