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You are automatically included in the Plan if you are an employee in a collective bargaining unit represented by Local Union No. 392 with an employer who makes contributions to the Pension Fund. You may be included if you are a non-bargaining unit employee covered by a participation agreement requiring employer contributions to the Plan.
Yes. You must sign an enrollment card which tells the Trustees whom you want to receive any death benefit that you may be entitled to under the Plan. If you are married, your beneficiary will be your spouse, unless your spouse consents in writing to the designation of another beneficiary. If you fail to designate a beneficiary in writing and file such a designation with the Trustees before your death, the Trustees will pay any death benefit to which you may be entitled to your estate or to any one of the persons listed in the following order of priority: (1) your surviving spouse; (2) your children; (3) your father; (4) your mother; (5) your grandchildren; (6) your brothers and sisters.
You can retire anytime after age 62 on an unreduced pension if, prior to June 1, 1999, you had attained ten or more years of credited service under the Plan, or, on or after June 1, 1999, you have attained five or more years of credited service under the Plan; or, you can retire anytime after age 58 on an unreduced pension if, prior to June 1, 1998, you attained 30 years of credited service under the Plan or, on or after June 1, 1998, you had 15 or more years of credited service under the Plan. You can also retire as early as age 55 on a reduced pension if you have ten or more years of service under the Plan.
The receipt of your benefit will be suspended, but the amount of your pension will increase as contributions continue into the Fund from your employer on your behalf due to the hours you work. However, you will not receive your pension benefit until you actually retire.
The Fund office must be notified prior to the first of the month in which you wish to retire. If the Fund office is not notified prior to the first of the month, retirement benefits may not begin until the first of the following month.
Yes, but please remember an appointment is necessary to insure all information needed to calculate your pension has been received. If you are married, your spouse must also come into the Fund office with you.
The application for benefits cannot be completed until you have worked your last day. The Fund office must contact your employer to get your final work hours in order to complete your pension application. It is best that you contact the Fund office after your last day worked to set up an appointment.
A birth certificate for yourself and your spouse, if married; a marriage certificate and divorce decree if divorced.
See the Summary of Material Modifications for more details.
Yes. Once each year, you will receive a statement showing what the Plan has recorded for your years of service, credited service, and earned monthly pension and death benefit credits through the last Plan year ending May 31. If you think that there is an error in the statement, you should report it to the Plan Administrator immediately.
The form of death benefit will be dependent on whether or not you are married and have a vested right to your pension benefit at the time of your death. If you die while you are unmarried, your designated beneficiary will receive a death benefit equal to 100% of the contributions paid into the Fund on your behalf, plus interest at 5% compounded annually. Your beneficiary may elect to receive this benefit in a lump sum or in the form of a term certain annuity. The term certain annuity will be payable over 60 months or 120 months, at the election of the beneficiary.
If you are married but not yet vested, the benefit will be paid to your surviving spouse.
If you are married and vested at the time of your death, your spouse will receive a qualified preretirement survivor annuity. The benefit will be calculated under the assumption that you had elected to retire as of the date of your death. If death occurs after age 55, the benefit payable would be determined in the same manner as the early retirement benefits under the Plan.
If your death occurs before age 55, the appropriate early retirement reduction factors would be applied, along with a further reduction of 1/12 of 1% for each month up to a maximum of 120 months, that your death would have occurred before age 55. There will be no additional reduction if your death occurs before the age of 45.
If you die after your retirement and are unmarried, or if you are married, but are not receiving your pension in the form of joint and survivor annuity, a death benefit equal to 100% of all the contributions made on your behalf to the Fund plus interest at the rate of 5% compounded annually, less then any monthly pension paid to you during your lifetime will be paid to your designated beneficiary. Your beneficiary may elect to receive this benefit in a lump sum distribution, on in the form of an annuity or installment contact approved by the Trustees. Exact benefit amounts will vary depending on the date of retirement and other factors. For example, assume that you are unmarried and had retired at age 62 with a monthly pension of $1,500 per month and that contributions plus interest paid in to the fund on your behalf equal $75,000. If you die after 10 months receiving pension benefits, your beneficiary would receive $60,000 calculated as follows:
100% of contributions $75,000
Pension benefits received for 10 months at $1,500 per month $15,000
Balance due beneficiary $50.000
If you are married and are receiving your pension in the form of a joint and survivor annuity, after your death, your spouse will receive a monthly income in accordance with the provisions of such joint and survivor annuity.
If both you and your wife die before more have been paid out in benefits than the contributions paid into the Fund on your behalf, the balance will be paid to your survivors. The Plan will also pay a death benefit in the amount of $10,000.00 to the designated beneficiary of any retired Plan participant who retired on and after October 1, 1999 for the active service of an employer as defined in this Plan. For the purpose of the retiree death benefit, “Active Service” means that the participant shall have earned at least 3,000 hours of service resulting from credited employer contributions within the 60-month period immediately prior to the date of this retirement. If the retired participant fails to designate a beneficiary in writing prior to the date of the participant’s death, the Plan shall pay the death benefit to the participant’s surviving spouse. If the participant dies without leaving a surviving spouse, the benefit shall be paid to the estate of the deceased, retired participant.
Yes. If you become totally and permanently disabled while a Plan participant, you may receive benefits from this Plan. If you have at least five years of service under the Plan, regardless of your age, and receive a disability pension under the federal Social Security laws, you will receive a disability pension under the Plan equal to your own pension credit without any reduction for the duration of your disability. IF you have less than five years of service under the Plan, you will received a lump sum payment equal to the contributions paid into the Plan on your behalf, plus interest at 5% per annum, less any payments previously made, in lieu of a disability retirement benefit. Disability benefit payments begin on the first of the month following the determination of total and permanent disability by the Trustees of the effective date of the Social Security Disability Award.
For example, assume that you are age 35 and become totally and permanently disabled as adjudged by the Social Security Administration. At that time you have five years of service under the Plan and have earned a pension of $600. Your monthly disability benefit will be $600.
Then your disability benefits under this Plan will also terminate. However, your pension benefits and years of service for vesting purposes will be reinstated. If you return to work, any additional Service Credits earned will be added to your totals at the time you first became disabled. If you receive a lump sum payment, you will be required to repay the lump sum payment plus interest to regain your credit or you will start as a new participant.
You incur a break in service if you fail to earn any credit during any five consecutive year periods before earning 5 years of continuous service. The break is measured from the last date on which contributions were made. Whether you lose all credits earned before the break depends on the amount of credits earned before the break and whether and when you begin to earn credit under the Plan again. For example, assume you have the following work record under the Plan:
Age Hours of Work Years of Service
1 1,500 1
2 1,000 1
3 1,00 1
4 0 0
5 0 0
6 0 0
7 0 0
8 1,500 1
9 1,500 1
Although you sustained a break in service because you earned no credit for four years, you came back to work and earned credit in year 8. Therefore, you would not lose credit for years 1, 2 and 3. If you would not have earned credit in year 8, your break period would have been 5 consecutive years and all of the credited service years of 1, 2 and 3 would be cancelled. If you would return to work in year 9 or later, you would begin as a new participant with no credited service for years 1, 2 and 3.
If you have five or more years of service, you will be entitled to a pension at age 62 equal to 100% of your earned pension as of the date you stopped working. The pension would also be payable as early as age 55, but would be in a reduced amount as under early retirement. If you do not resume covered employment and attain at least ten years of service, your credits will be forfeited.
You will not ordinarily be entitled to any benefits under this Plan unless you work sufficient years and hours to become vested and meet all eligibility requirements like any other Plan participant.
However, the Trustees of the Plumbers, Pipe Fitters & Mechanical Equipment Service Local Union No. 392 Pension Fund have entered into reciprocal agreements with many other pension funds so that most of the contributions made on behalf of a traveler can be transferred monthly to the traveler’s home local pension fund. This enables the “money to follow the man” and maintains credit in the home local’s pension fund for the traveler. A traveler should determine whether or not his local union pension fund has executed a reciprocal agreement by checking with either his home local pension fund or with the Administrative Office of Local 392’s Pension Fund.