TYPE OF PLAN
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Defined Benefit Plan
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COST
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Employer pays the full cost of the Plan
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COVERED EMPLOYMENT
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You are considered to be in covered employment when employed by an employer that is obligated to contribute to the Fund on your behalf as specified in the Collective Bargaining Agreement between your employer and Local 340 of UNITE.
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PLAN PARTICIPATION
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You become a participant in the Plan after completion of a year of not less than 1,000 hours in covered employment. Your Plan participation is maintained by completing at least 500 hours of covered employment each year.
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CREDITED SERVICE
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To earn a year of credited service you must work at least 1,000 hours in covered employment that year.
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REQUIREMENTS FOR A PENSION
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Normal Age
Pension
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Attainment of age 65 with at least five years of credited service in the Plan. You must be working in covered employment and be age 65 on the day before your retirement date.
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Early Age
Pension
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You must be working in covered employment on or after your 62nd birthday and apply for a pension prior to attaining age 65 and have at least five years of credited service at the time you retire. Should you elect to collect an early age pension your benefit shall be reduced by 5/9ths of 1% for each month you receive your early age pension prior to age 65 (6.67% for each year prior to age 65).
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Disability Pension
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You must file an application for disability pension, be totally and permanently disabled for a period of at least 18 weeks as a result of an injury or illness which prevents you from working at any employment, become eligible to receive Disability Insurance Benefits from Social Security within 9 months of your last date worked in covered employment and have earned a total of at least 15 years of credited service in covered employment.
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Deferred Vested
Pension
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You are eligible for a deferred vested pension after completion of 5 years of covered employment. You may begin receiving your Deferred Vested Pension on the first month following your 65th birthday or your reduced pension on the first month following your 62nd birthday.
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BENEFIT CALCULATION
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Your monthly pension shall equal the sum of (a), (b) and (c) below, to a maximum of $1,000.
A) $10.00 multiplied by your years in covered employment, plus
B) If you entered covered employment prior to November 1, 1983, you can also count your years of credited service that you worked in active employment that was not covered if:
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you worked 20 years in active employment, the last 10 of which are in covered employment, or
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you worked 20 years in active employment and at least 5 of those years are in covered employment with an employer when that employer first joined the Fund.
C) 0.1% of your covered average annual earnings multiplied by your years of covered employment, to a maximum of 10 years. (Average annual earnings is the average of your last 5 years prior to retirement rounded up to the next highest thousand).
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DEFERRED VESTED BENEFIT CALCULATION
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Your monthly pension shall equal:
A) Calculate Normal Retirement Benefit as outlined above using only your years of credited service in covered employment.
B) Multiply amount determined in A) by a factor, the numerator of which is years in covered employment after 1975 plus 1/2 the years in covered employment prior to 1976 and the denominator of which is the years of covered employment you would have had if you continued to work in covered employment until age 65.
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PAYMENT OPTIONS
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Straight Life
Benefit
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Monthly payments will be paid to you for the balance of your lifetime.
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Joint and
Survivor
Benefit
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You will receive a reduced benefit so that your spouse may receive 50% of the benefit upon the retiree’s death.
You will be notified of your options by the Fund before your pension payments begin.
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Pre-Retirement Survivors Benefit
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If you die before you retire, your spouse will receive the same 50% payment amount provided by the Joint & Survivor Pension Payment method. Your spouse will begin to receive his or her pension payments on the date you would have first been eligible to receive benefits.
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