The Local Pension is a defined benefit plan. This means that you will receive a predetermined monthly benefit upon retirement.
The purpose of the pension plan from the local union is to provide a "Life Time" income to you and/or your spouse during your retirement years. Currently in our pension plan, if you have 5 years of vesting service (1 year = 870 hours) you are 100% vested, meaning you are guaranteed a pension benefit at retirement age.
Currently, Normal Retirement age is 64 and if you qualify you can retire with an Early Retirement Pension as early as 55. We also offer Husband and Wife Pensions which would allow your spouse to collect a portion of your benefit should pre-decease them.
Active members, as well as vested inactives, will receive statements annually which will include their hours worked for the year and an estimate of their monthly pension benefit. Any discrepancies should be brought to the benefit department's attention promptly.