Pension Plan – Retirement Benefits
Eligibility
You are eligible for a Normal Retirement Benefit on the first of the month following the later of the date that:
- You attain of age 65, or
- You earn 5 Years of Credited Service (with at least 24 Months of Credited Service)
- You are also eligible for a Normal Retirement Benefit if you have attained your Normal Retirement
Amount
Your Normal Retirement Benefit is the sum of the following multiplied by the Vested Percentage
Credited Past Service – $10.00 for each Year of Credited Past Service; plus
For work on or after September 1, 1955 and before July 1, 2003 – $5.00 for each $100.00 in monthly E Employer contributions made on your behalf, but not less than $10.00 per Year of Credited Future Service; plus
For work on or after July 1, 2003 and before January 1, 2005 – $3.00 for each $100.00 in monthly Employer contributions made on your behalf, but not less than $10.00 per Year of Credited Future Service; plus
For work before January 1, 2005, the benefit for twelve months of Credited Future Service shall not be less than that for a full year of Credited Past Service.
For work on or after January 1 2005 and before July 1, 2008 –
- $.50 for each $100.00 of the portion of monthly Employer contributions less than or equal to $250.00; plus
- $1.00 for each $100.00 of the portion of monthly Employer contributions greater than $250.00, but less than or equal to $500.00; plus
- $2.00 for each $100.00 of the portion of monthly Employer contributions greater than $500.00.
For work on or after July 1, 2008 – $1.00 for each $100.00 of monthly Employer contributions made on your behalf.
“Off-benefit” contributions earmarked to improve the funding of the Plan are not included in the calculation of accrued benefits.
For a general example of how a Normal Retirement Benefit is calculated, refer to Normal Retirement Benefit in the Pension Summary Plan Description. It is also important that you refer to Delaying Payment of Your Normal Retirement Benefit and Pension Benefits Must Begin By Your Required Beginning Date contained in the Pension Summary Plan Description.
Currently, the Unreduced Retirement Benefit is not available to Participants whose benefits are subject to the terms of the Rehabilitation Plan.
Eligibility
You are eligible for an Unreduced Retirement Benefit the first of the month following the later of: the date that you attain age 62 and have at least five Years of Credited Service.
Amount
Your Unreduced Early Retirement Benefit is calculated in the same way as a Normal Retirement Benefit
Currently, the Rule of 85 Retirement Benefit is not available to Participants whose benefits are subject to the terms of the Rehabilitation Plan.
Eligibility
You are eligible for a Rule of 85 Retirement Benefit the first of the month following the date that the sum of your age plus your Years of Credited Future Service (Credited Past Service is not counted) total 85.
Amount
The Rule of 85 Retirement Benefit is calculated in the same way as a Normal Retirement Benefit.
Currently, the availability of the Early Retirement Benefit and, if available, how it is calculated is based on which of the following categories you fall under:
|
Your benefits are not subject to the Rehabilitation Plan |
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| The availability of the Early Retirement Benefit and how it is calculated are based on the pre-Rehabilitation Plan rules. | |
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Your benefits are subject to the Rehabilitation Plan and… |
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| You retired between January 1, 2011 and January 1, 2015 and earned at least five Months of Covered Service or worked 501 Hours of Service in the calendar year ending December 31, 2010 and in each Plan Year thereafter prior to your retirement. | The Early Retirement Benefit is available to you, but is calculated differently than if your benefits were not subject to the terms of the Rehabilitation Plan. |
| You retired between January 1, 2011 and January 1, 2015 and have not earned at least five Months of Covered Service or worked 501 Hours of Service in the calendar year ending on December 31, 2010 or in any Plan Year prior to your retirement. | The Early Retirement Benefit is not available to you, and you must wait until age 65 to receive your pension as a Normal Retirement Benefit. |
| You retired on or after January 1, 2015 and do not have a One-Year Break in Service in any Plan Year ending on December 31, 2010 or in any Plan Year prior to your retirement. Note that there are exceptions to the One-Year Break in Service based on disability, serving in the armed forces of the United States or employment in the automotive industry in an ineligible job classification for coverage under the Plan. | The Early Retirement Benefit is available to you, but is calculated differently than if your benefits were not subject to the terms of the Rehabilitation Plan. |
| You retired on or after January 1, 2015 and have a One-Year Break in Service in any Plan Year ending on December 31, 2010 or in any Plan Year prior to your retirement. Note that there are exceptions to the One-Year Break in Service based on disability, serving in the armed forces of the United States or employment in the automotive industry in an ineligible job classification for coverage under the Plan. | The Early Retirement Benefit is not available to you, and you must wait until age 65 to receive your pension as a Normal Retirement Benefit. |
Eligibility if the Early Retirement Benefit is Available to You
You are eligible for an Early Retirement Benefit on the first of the month following the later of the date that you reach 55 and have at least 60 Months of Credited Future Service.
Amount – If you are not subject to the Rehabilitation Plan
Calculation of your Early Retirement Benefit starts with the amount of your benefit that would have been payable to you as a Normal Retirement Benefit (see page 14). This amount is reduced by 1/4 of 1% for each month (or 3% per year) that you are younger than age 62.
Example: If you were entitled to a Normal Retirement Benefit of $1,000.00 per month, here is what your monthly benefit would be at selected ages younger than age 62.
|
Age at Retirement |
Monthly Benefit |
| 62 | $1,000.00 |
| 61 | $970.00 |
| 60 | $940.00 |
| 59 | $910.00 |
| 58 | $880.00 |
| 57 | $850.00 |
| 56 | $820.00 |
| 55 | $790.00 |
Amount – If you are subject to the Rehabilitation Plan and have not incurred a One-Year Break in Service on or after plan year ending December 31, 2010 or any full Plan Year thereafter prior to your effective date of retirement.
The amount of your Early Retirement Benefit will be your Normal Retirement Benefit reduced on a true actuarial equivalent basis for ages younger than age 65.
Example: If you were entitled to a Normal Retirement Benefit of $1,000.00 per month, here is what your monthly benefit would be at selected ages younger than age 65.
|
Age at Retirement |
Monthly Benefit |
| 65 | $1,000.00 |
| 64 | $896.80 |
| 63 | $806.70 |
| 62 | $727.60 |
| 61 | $658.00 |
| 60 | $596.50 |
| 59 | $542.00 |
| 58 | $493.60 |
| 57 | $450.40 |
| 56 | $411.70 |
| 55 | $377.10 |
DISABILITY RETIREMENT BENEFIT
Currently, the Disability Retirement Benefit is not available to Participants whose benefits are subject to the terms of the Rehabilitation Plan. However, Participants currently receiving Disability Retirement Benefits continue to do so, unless they recover from their disabling condition and are no longer considered Totally Disabled. The availability of any new Disability Retirement Benefit to a Participant whose Disability Retirement Benefit previously ceased will be based on the terms of the Plan (including any Rehabilitation Plan) in effect when he or she again becomes disabled.
Eligibility
You are eligible for a Disability Retirement Benefit if you are Totally Disabled and you:
- Have not yet attained age 62; and
- Have at least five Years of Credited Service; and
- Your disability occurred and originated while you were employed by an Individual Employer prior to that Employer ceasing to be required to make contributions on your behalf to the Plan or within twelve months of that Employer ceasing to be required to make such contributions.
If you are receiving a Disability Retirement Benefit, you will continue to do so provided that you remain Totally Disabled.
“Total Disability” Defined
“Total Disability” means a total disability as determined by the Social Security Administration for purposes of eligibility for Title II disability benefits. Total Disability shall cease on the earlier of:
- The last day of the month determined by the Social Security Administration to be the last month in which you are disabled, or
- The last day of the month in which the Participant returns to substantial gainful employment. The Trustees may at any time, or from time to time, require evidence of continued entitlement to a Social Security Disability Benefit as a condition for continuing to pay a Disability Retirement Benefit.
Amount
Your Disability Retirement Benefit is calculated in the same way as a Normal Retirement