Retirement Benefits & Qualifications

"Retirement" or "Retired" means the termination of employment with all Contributing Employers. A Participant is considered Retired on the first day of the month following the month in which the Participant last worked in Covered Employment, subject to the provisions regarding Delayed Retirement and Suspension of Benefits.

Types of Pensions

Regular Pension

(Normal Retirement Age)

You are eligible to Retire on a Regular Pension if you have attained your Normal Retirement Age. If you earn an Hour of Service under this Plan on or after January 1, 2022, the amount of your Regular Pension is equal to the sum of your Legacy Pension and your Variable Pension.

Early Retirement Pension

You are eligible to Retire on an Early Retirement Pension if you are at least age 55 and have earned at least 10 years of Vesting Service. The amount of your Early Retirement Pension is calculated in the same manner as the Regular Pension, and is reduced in accordance with the early retirement rules.

Unreduced Early Retirement Pension (Rule of 85)

You are eligible to Retire with an Unreduced Early Retirement Pension under the Plan if you are an Active Participant who is at least age 55 and the sum of your attained age on your last birthday and years of Vesting Service equals at least 85.

Vested Pension

You are eligible to Retire on a Vested Pension if you are Vested at the time you terminate Covered Employment or you have earned fewer than 10 years of Vesting Service or you have attained Normal Retirement Age (generally age 65) and you are not eligible for any other type of Pension offered under the Plan.

Disability Pension

You are eligible to receive a Disability Pension for your entire Accrued Benefit under the Plan if you are Totally and Permanently Disabled or you have not yet attained your Normal Retirement Age or you have earned at least 5 years of Vesting Service or you are an Active Participant or you complete and file with the Fund office a pension application; and you provide the Fund office with a copy of your Social Security Disability Award with an effective date on or after January 1, 2016.

Delayed Retirement Pension

If you are working in Covered Employment as of your Normal Retirement Age (generally age 65), you may elect to start receiving your benefit as of your Normal Retirement Date or any later date that you elect, but no later than your Required Beginning Date. If you elect to begin receiving your benefit and you continue working in Covered Employment, your benefit will be recalculated as of each January 1 to take into account additional earned benefits for the prior Plan Year.

KEYWORDS & DEFINITIONS