What is a Pro-Rata Retirement Benefit?
A Pro-Rata
Retirement Benefit is available under this Pension Plan for
Employees who would otherwise lack sufficient Service Credit in
order to be eligible for any pension because the years of employment
were divided between different pension plans.
A Related Pension
Plan is any other pension plan in which the Trustees have executed a
Pension Reciprocity Agreement for Operating Engineers Pension Funds.
In order for an
Employee to be eligible for a Pro-Rata Pension under this Plan, he
must satisfy all of the following requirements:
-
He must be
retired and not performing work for which contributions are
being made to a Related Plan; and
-
He would be
eligible for any type of pension under this Plan if his Combined
Pension Credits were treated as Credited Service under this
Plan; and
-
He has at least
one (1) year of Credited Service in which contributions have
been made to this Plan; and
-
He is eligible
for a Pro-Rata Pension from a Related Plan; and
-
He waives his
right to any other pension he may otherwise be entitled to from
the Plan.
The amount of the
Pro-Rata Pension Benefit is determined in the same manner as to the
calculation of regular pension benefits based on the years of
Credited Service under this Plan and the Employer contributions
reported to this Plan on behalf of the Employee.
A Participant
working for an Employer in another local’s jurisdiction should
contact their Union Office to see if that local maintains a pension
plan that is signatory to the International Union of Operating
Engineers Pension Reciprocity Agreement. If the other local does
participate, you should complete a Transfer Authorization Form and
request the Related Pension Plan to transfer any hours and
contributions reported upon your behalf to the International Union
of Operating Engineers Local No. 132
Pension Fund.
It is important to
complete a Transfer Authorization Form when you begin working out of
the other local’s jurisdiction. There are some Related Pension
Plans from which the Local No. 132 Pension Fund is not permitted to accept a transfer of
hours and contributions after you have completed one (1) or more
years in which you have accumulated 1,000 or more Covered Hours.
Furthermore, there are Related Pension Plans that may not transfer
your hours and contributions which are over one (1) year old.
For additional
information concerning Reciprocity, please contact the Fund Office. |
