How do I qualify for a Retirement Benefit?
You must retire from Covered
Employment on or after your Normal Retirement Date (attain age
sixty-five (65)) with any of the following:
If you last worked on or
after June 1, 1997 and have either:
Five (5)
years of participation or
16,000 or
more Covered Hours
If you last worked prior to
June 1, 1997 and have either:
Ten (10)
years of participation or
16,000 or
more Covered Hours
For all vested participants
as of April 1, 2008, an early non-reduced
Retirement Benefit is available prior to age sixty-five (65) should
you satisfy certain age and Covered Hour requirements. Below are
the combinations of age and Covered Hours required to qualify for
the Non-Reduced Early Retirement Benefit:
Age 64 and 25,000 Covered
Hours
Age 63 and 30,000 Covered Hours
Age 62 and 35,000 Covered Hours
Age 61 and 40,000 Covered Hours
Age 60 and 45,000 Covered Hours
Furthermore, for all vested
participants as of April 1, 2008 who
worked in covered employment on or after January 1, 2001, you would be eligible for the
following non-reduced Early Retirement Benefits:
Age 59 and 50,000 Covered
Hours
Age 58 and 55,000 Covered Hours
Age 57 and 60,000 Covered Hours
For non-vested participants
as of April 1, 2008, the Early Non-Reduced Benefit requires you to
be at least age sixty (60) with a total of 45,000 Covered Hours.
There are no additional age and hour combinations available which
would qualify you for a
non-reduced benefit.
The eligibility for the
Early Non-Reduced Retirement Benefit is determined by hours reported
to the Plan on your behalf. Hours reported to Related Pension Funds
are not considered, unless they are transferred to the I.U.O.E.
Local No. 132 Pension Fund pursuant to a reciprocal agreement (see
reciprocity).
You must retire from Covered
Employment on or after your Early Retirement Date, with any of the
following:
Attainment of
age sixty (60) with 16,000 or more Covered Hours; or
Attainment of
age fifty-five (55) with 24,000 or more Covered Hours
When retiring early from
Covered Employment, your monthly benefit will be reduced by one-half
of one percent (½%) for each month (equaling a reduction of six
percent (6%) per year) retirement precedes your Normal or Non-Reduced Early
Retirement date.
To qualify for a Disability
Retirement Benefit, you must satisfy all of the following
conditions:
You must be in
active employment at the time of your disability; and
You must have at least 1,600 Covered Hours; and
You must have at least 8,000 combined Past Service Hours and Covered
Hours; and
You must have qualified for Social Security Disability
Benefits; and
You can not
be eligible for any other benefits under the Plan.
If you are at least age
forty-five (45), your Disability Retirement Benefit will begin once
your application and proof of disability are received and approved.
If you are less than age forty-five (45), your benefit will begin on
the first day of the month following the attainment of age
forty-five (45), provided all conditions are satisfied at that date.
In order to qualify for a
Severance Benefit, you must meet the following conditions:
You must incur a Break-in-Service other than by death; and
You must have
at least 1,600 Covered Hours under the Plan; and
You can not
be eligible for any other benefits under the Plan, including a
vested future benefit.
The Severance Benefit
payable to qualified participants is a lump sum payment equal to the
contributions paid to the Plan prior to September 1, 2007 on your behalf, without interest.
If you do not become vested in a benefit, any contributions
received on or after September 1, 2007 will be forfeited to the Fund
after incurring a break-in-service. |
