Pension

You have a defined benefit pension plan. The pension is a defined benefit because the monthly amount of your benefit when you retire is fixed. Your employer contributes to the Pension Fund for every hour you work in covered employment. When you work enough hours in a year, you earn a pension credit. The amount of pension credits you have when you retire affects the amount of your monthly benefit and the type of pension you’re eligible to receive.

Eligibility

You become a participant in the Pension Plan on January 1 or July 1 (whichever is earlier) after you’ve worked at least 500 hours in covered employment in a consecutive 12-month period.

How the Pension Plan Works

For every year that you work at least 250 hours in covered employment, you earn pension credit. When you work at least 760 hours in covered employment during a calendar year, you earn one year of vesting service.

Earning pension credit

You earn a full pension credit when you work 1,000 hours in covered employment during a calendar year. If you work fewer than 1,000 hours but more than 250 hours, you earn a partial pension credit.

Hours Worked in a Calendar Year

Under 250

250–499

500–749

750–999

1,000 or more

Pension Credits Earned

None

¼

½

¾

1

This calculation for earning pension credits applies to hours you worked on or after July 1, 1985. Check your Summary Plan Description for information about earning pension credits before then.

Vesting

You’re vested in your pension once you have five years of vesting service. Once vested, you have a non-forfeitable right to your pension benefit when you retire.

Breaks in service

If you aren’t vested and you don’t work at least 250 hours in covered employment during a calendar year, you incur a one-year break in service. When you incur a one-year break in service, you temporarily lose your prior pension credits and vesting service.

You incur a permanent break in service when your number of consecutive one-year breaks in service exceeds the number of years of your vesting service. Incurring a permanent break in service means that you permanently lose your prior pension credit and vesting service.

You can repair a one-year break in service by working 760 hours in covered employment in a calendar year. After you repair a one-year break in service, the pension credit and vesting service you temporarily lost is restored.

Types of pensions

Pension

Regular Pension

Age 57 Plus 30-Year Service Pension

Early Retirement

Deferred Pension

Disability Pension

Partial Pension

Details

• Age 62 or older
• At least 15 pension credits
• Calculated by multiplying the pension credit rate in effect when you last worked. Breaks in service may cause a prorated calculation.

• Age 57 or older
• At least 30 pension credits
• Calculated the same way as the Regular Pension

• Between age 55 and 62
• At least 15 pension credits
• Reduced from the Regular Pension by 0.5% for each month you retire before reaching age 62

• Available if you’re vested, but leave the ironworking industry
• Calculated the same way as the Regular Pension using the pension credit rate in effect when you left the ironworking industry

• Available if you become totally and permanently disabled (you must have worked at least 250 hours in covered employment in the 24 months prior to your disability)
• Younger than age 62
• At least 15 pension credits
• Calculated the same way as the Regular Pension

• Available if you accumulated service under a different Iron Workers Pension Plan
• This Pension Plan must have signed an agreement with the other Iron Workers Pension Plan
• Contact the Fund Office for questions about Partial Pensions

Applying for your pension

You must file a Pension Application Form with the Fund Office at least 30 days before your retirement date.