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How do I apply for a pension and annuity benefits?
You must file a written claim for benefits with the Plan trustees at least three months before the date you plan to retire.
In order to claim your benefit, you will need to provide your and your spouse抯 birth certificates, along with your marriage license. If you are widowed, you must provide your spouse抯 death certificate, and if you are divorced, you will need to provide your divorce decree. If you have never been married, you will be asked to sign an affidavit to that effect. The affidavit must be notarized if it is not completed at the Fund Office.
What do I need to apply for pension?
Who decides whether I am eligible for a pension?
The trustees decide whether you are eligible for a pension and annuity. They will review your application to determine how many years of credited service you have, and if you have submitted the proper credentials as required by the Plan.
Can I borrow against my pension and annuity?
No. The pension Plan states that you cannot pledge or otherwise dispose of your retirement benefits.
How is my pension calculated?
Your pension is calculated according to a formula based on your benefit service and your benefit rate.
What is benefit service?
Also referred to as credited service, benefit service is used to determine whether you are eligible for benefits and the amount of such benefits.
How do I accumulate benefit service (credited service)?
Prior to January 1, 1963, your credited service will be based on your service in covered employment. After January 1, 1963, your credited service will be based on the number of hours for which contributions were made to the pension fund on your behalf.
What is covered employment?
Any employment in the construction industry as a laborer between January 1, 1948, and January 1, 1963, and employment on or after January 1, 1963, for which your employer was obligated to make a contribution to the Pension Fund on your behalf.
What is a benefit rate?
The benefit rate is multiplied by your years of credited service to determine your monthly pension amount.
How is my pension paid?
If you are married (for at least one year at the time your pension begins):
You will automatically receive your pension in the form of a Joint and Survivor Annuity. Under this type of annuity, you receive a reduced pension throughout your lifetime. Then, if you die before your spouse, he or she will receive a lifetime pension equal to one-half of your pension. However, you may elect an alternate payment form with your spouse抯 written, notarized consent.
If you are not married (when your pension begins):
You will automatically receive your pension as a Life Annuity.
What is the Annuity Benefit?
On May 1, 1992, an Annuity Benefit was added to the Plan. This Annuity Benefit allows you to accumulate money in addition to your pension and has no effect on your pension benefit. You are neither required nor permitted to make any contributions of your own toward your Annuity Benefit.
How is my annuity accumulated?
For each hour you work in covered employment, your employer makes a contribution on your behalf, which is credited into your annuity accumulation account.
Does my annuity receive interest?
Yes. You earn six months of interest (3.75%) on your new contributions each year. The balance in your accumulation account at the beginning of the year earns interest for the full year at of a rate of 7.5%.
Can I borrow against my Annuity?
No. The plan does not have any loan provisions.
How will my annuity be paid?
If you retire after meeting the qualifications for pension benefits under the plan, your are entitled to receive the full value of your account balance. Your account balance will be paid to you as a Single Life Annuity or a Joint and Survivor Annuity, depending on whether you are married when you retire. You may also elect to receive your account balance in installments for a period of 12 to 180 months, provided your account balance is $2,000 or more, or you may receive it in a lump sum. If you are married, you must have your spouse抯 written notarized consent to elect an optional payment form.
If you do not work under Covered Employment for a period of 24 consecutive months after you have earned two or more years of Benefit Service, you will be entitled to receive a lump sum payment of your total account balance. If you are married, you must have your spouse抯 written notarized consent to elect a lump sum payment.
If you become disabled and have been approved for Social Security Disability Benefits, you will be entitled to receive a lump sum payment of your total account balance. If you are married, you must have your spouse抯 written notarized consent to elect a lump sum payment.
If you die with more than two years of Benefit Service, your beneficiary will receive a lump sum payment of your total account balance.
How do I apply for my annuity?
It depends. If you are retiring, you do not have make separate application for your annuity. We will process your pension and annuity claim together.
If you wish to receive your annuity due to disability or if you have not been in the trades for two or more years then you have to apply. (See 揌ow do I apply for a pension and annuity benefits?�)
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