Pension Fund Information

Pension Types

Depending on when (or what age) you are planning to retire, you must meet different requirements.

Regular Retirement

  • Age 60 (or age 62)*
  • 5 Vesting Credits**
  • 1 pension credit

Early Retirement

  • Age 53, but before age 60 (or age 58, but before age 62)*
  • 10 pension credits

Special Service Retirement

This type of retirement is the goal for many laborers. Special Service Retirement allows you to retire at an early retirement age without the early retirement reduction. 

  • Age 53, but before age 60 (or age 58, but before age 62)*
  • 30 pension credits

Disability Pension Benefits

Hopefully, you will not need to retire under the disability provision of the Plan. However, if you become disabled, you may be eligible to receive Disability Pension Benefits. these benefits are automatically recalculated to Early Retirement at early retirement age. The Plan offers two different types of Disability Pension Benefits:

  1. Occupational Disability Pension – Pays 50% of your base benefits
  2. Permanent and Total Disability  Pension – Pays 75% of your base benefits***

Requirements

  • Before early retirement age
  • 10 pension credits
  • Permanently and totally disabled as defined by the Pension Fund
  • Worked at least 250 hours in the calendar year in which the disability occurred or in the calendar immediately preceding
  • To be eligible for Permanent and Total Disability Pension Benefits, you must be awarded Disability Benefits from Social Security.

* 2018 Rules are for participants who have not been credited with a minimum of one-quarter of a Pension Credit as of January 1, 2018, or whose Pension Credits earned prior to January 1, 2018 are subsequently forfeited under the Plan’s Break in Service provisions.

For members who do not fall under the 2018 Rules, to be eligible for Regular Retirement at age 60, Early Retirement at age 53, or Special Service Retirement at age 53, you must have at least 500 hours of contributions at the $1.70 contribution rate (effective May 1995) and an effective date of January 1, 1996 or after.  If you do not meet these requirements, Regular Retirement is age 62, while Early Retirement and Special Service Retirement is age 55.

Additionally, if you do not have 500 hours in 1980 or after, you must be age 65 to receive a Regular Retirement Benefit. Also, if you do not have 500 hours at the $0.30 rate or higher (effective November 1973), you must be age 60 to receive an Early Retirement Benefit. (You may also be eligible for a Regular Retirement benefit if you are Age 65, with 5 years of participation in this Plan, and you are not under a break in service. This is referred to as Accrued Vested.)

** Ten (10) vesting credits are required if you have not accrued at least 500 hours at the $1.70 contribution rate.

*** The term “Permanent and Total Disability” shall mean a condition of an employee which the Trustees find on the basis of medical evidence renders the employee wholly disabled by bodily injury or disease and will thereby permanently, continuously and fully prevent the employee, for life, from performing work as a laborer in the industry: provided, however, no employee shall be deemed to be permanently and totally disabled for the purposes of this Plan if the disability results from participation in a felonious act, an intentionally self-inflicted injury or service in the armed forces of any country. 

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