• SPD Table of Contents
  1. Introduction
  2. Funding Improvement Plan
  3. Pension Plan Highlights
  4. Beginning Work
  5. Leaving Work
  6. Getting Married or Divorced
  7. Preparing for Retirement
  8. Receiving a Pension
  9. Choosing a Payment Option
  10. Returning to Work
  11. In the Event of Death
  12. Administrative Information
  13. Definitions
  14. Table 1: Early Retirement Pension Reduction Factors for Benefits Accrued on or Before May 31, 2018
  15. Table 1A: Early Retirement Pension Reduction Factors for Benefits Accrued on or After June 1, 2018
  16. Table 2: Deferred Pension Early Retirement Reduction Factors
  17. Table 3: Actuarial Equivalent Reduction Factors for Pension Before Suspension of Benefits

Receiving a Pension

There are five types of pensions available:

• Regular Pension;
• Normal Retirement Age Pension;
• Early Retirement Pension;
• Disability Pension; and
• Deferred Pension.

If you are eligible for more than one type of pension from the Plan, you will receive the pension that provides you the greatest benefit. You may receive only one type of pension from the Plan (excluding a Disability Pension in certain instances).

A number of factors are taken into account in calculating the amount of a pension, such as your age, marital status, the number of Pension Credits you earn before the Contribution Period, and the amount of contributions made to the Fund on your behalf during the Contribution Period.

Regular Pension

You are eligible to retire with a Regular Pension if you:

• Are at least age 62;
• Have at least 10 Pension Credits (including at least one Pension Credit earned during the Contribution Period); and
• Work at least 500 hours in Covered Employment in a calendar year after reaching age 53.

Amount

To calculate the amount of your Regular Pension, an applicable portion of the contributions made on your behalf are multiplied by the multiplier in effect during the period or periods of accrual. If you have a break in Covered Employment or earned past service (service before the Contribution Period), special rules may apply to how your benefit is calculated. Contact the Fund Office for more information. You must have worked at least 500 hours in Covered Employment in an applicable Calendar Year for the multiplier to apply to the portion of contributions made on your behalf for that period of accrual.

Your Normal Retirement Pension will be calculated by adding the amounts in Steps 1 through 5 on the following page.

Step 1: For service between January 1, 1971 and December 31, 1989
Multiply the Contributions required to be paid on your behalf for the following periods times the applicable multiplier:

Step 2: For service between January 1, 1990 and December 31, 1992
Multiply the amount of contributions subject to the multiplier made on your behalf during this period by 4.25% (provided you worked at least 500 hours in Covered Employment in a Calendar Year beginning on or after January 1, 1989)

Step 3: For service between January 1, 1993 and May 31, 2010 (provided you worked at least 500 hours in Covered Employment in a Calendar Year beginning on or after January 1, 1992)

Multiply the amount of contributions subject to the multiplier made on your behalf:

1. before June 1, 2005 by 4.5%; plus
2. on and after June 1, 2005 by 3.5%

Step 4: For service between June 1, 2010 and May 31, 2016 (provided you worked at least 500 hours in Covered Employment in a Calendar Year beginning on or after 1992)
Multiply the amount of contributions subject to the multiplier made on your behalf:

1. before June 1, 2005 by 4.5%; plus
2. on and after June 1, 2005 but before May 31, 2010 by 3.5%; plus
3. on and after June 1, 2010 by 3.0%

Step 5: For service on or after June 1, 2016 (provided you worked at least 500 hours in Covered Employment in a Calendar Year beginning on or after January 1, 1992)
Multiply the amount of contributions subject to the multiplier made on your behalf:

1. before June 1, 2005 by 4.5%; plus
2. after June 1, 2005 but before My 31, 2010 by 3.5%; plus
3. after June 1, 2010 but before May 31, 2016 by 3.0%; plus
4. after June 1, 2016 by 0.5% of all Contributions for Participants other than Fund Office and Union Office employees and 1.25% of all Contributions for Fund Office and Union Office employees.

Step 6: Add the amounts calculated in Steps 1, 2, 3, 4, and 5 above. Note that this amount may be reduced if you receive your benefit before age 62.

Normal Retirement Age Pension

You are eligible for a Normal Retirement Age Pension if you are an active Employee and have attained Normal Retirement Age, regardless of your Pension Credits or Years of Vesting Service. Normal Retirement Age is the later of:

• Age 65; or

• Your age after age 65 on the fifth anniversary of your participation in the Plan or the tenth anniversary of participation in the Plan if you do not complete one or more Hours of Service after December 31, 1987.

To be considered an active Employee, you must have 500 Hours of Work in Covered Employment in the year you obtain Normal Retirement Age or a subsequent year before a permanent break in service.

To qualify for this benefit, you must be actively engaged in Covered Employment when you reach Normal Retirement Age—that is, you must repair any one-year breaks in service. Refer to page 8 for information on how to repair one-year breaks in service.

Amount

The amount of the pension will be determined in the same way as the Regular Pension (see page 18).

Early Retirement Pension

Your Early Retirement Pension is reduced since you are likely to receive more monthly payments over the course of your lifetime.

You are eligible to retire with an Early Retirement Pension if you:

• Are at least age 55; and

• Earned at least 10 Pension Credits (including at least one Pension Credit earned during the Contribution Period).

• Worked at least 500 hours in Covered Employment in a calendar year that began after you reach age 53.

Amount

If you work at least 500 hours in a calendar year on or after January 1, 1994 and you retire after January 1, 1996, your Early Retirement Pension is the amount of your Regular Pension payable at age 62. The early retirement reduction does not apply if you retire before age 62 but after age 60 to benefits you earned prior to June 1, 2018. The benefit you earned on and after June 1, 2018 will be reduced by a certain percentage from age 55 to 57 and a different percentage from age 58 through age 62.

Reduction – Benefits Accrued Prior to June 1, 2018

For all benefits earned prior to June 1, 2018, the early reduction is 4% for each full year you are younger than age 60 when you retire or 1/3 of 1% for each month you are younger than age 60. For example, if you retire at age 55 and 6 months, you are 54 months short of age 60 (or 4.5 years short). Your reduction percentage would be calculated as:

Reduction Percentage: 4.5 X 4% = 18%

Your benefit earned prior to June 1, 2018 would be reduced by 18% for early retirement.

Note: the maximum early retirement reduction is 20% at age 55.

Reduction – Benefits Accrued on or after June 1, 2018*

For all benefits earned on or after June 1, 2018, the early reduction is 4% for each full year you are younger than age 62 (from age 57) and 5% per year from age 57 to age 55. For example, if you retire at age 55 and 6 months, your reduction would be:

Age 55 and 6 months: 5 years (or 60 months between age 62 and age 57) plus 1.5 years (or 18 months between age 55 and 6 months and age 57).

The reduction is: (4% X 5) plus (5% X 1.5) = 20% + 7.5% = 27.5%

Your benefit earned on or after June 1, 2018 would be reduced by 27.5% for early retirement.

Note: the maximum early retirement reduction is 30% at age 55.

* This early reduction formula for benefits earned on and after June 1, 2018, only applies until the Plan’s Actuary certifies that the Plan’s Funding Percentage is 90% or higher, at which point the previous Early Retirement Pension reduction formula will be reinstated prospectively, unless the Trustees elect to amend the Plan to institute a different result.

Example 1:

Mark retires at age 55 with at least 10 Pension Credits. Mark’s accrued pension prior to June 1, 2018 is $2,500 and his accrued pension earned on or after June 1, 2018 is $1,500.

* May be further reduced for form of payment other than a Single Life Annuity.

Example 2:

John retires at age 60 with at least 10 Pension Credits. John’s accrued pension prior to June 1, 2018 is $3,500 and his accrued pension earned on or after June 1, 2018 is $1,500.

* May be further reduced for form of payment other than a Single Life Annuity.

Disability Pension

If you are totally and permanently disabled, you may retire with a Disability Pension if you:

• Are under age 55;
• Have earned at least 5 Pension Credits;
• Worked in Covered Employment for at least 500 hours during the current or immediately preceding calendar year in which you became totally and permanently disabled; and
• Have received a determination that you are eligible for a disability benefit from the Social Security Administration, or the Trustees determine that you are totally and permanently disabled and are unable to work in the construction industry.

You are considered to be totally and permanently disabled if:

• Your disability is permanent and continuous for the rest of your life; and
• The disability prevents you from engaging in work as an electrician or in electrical construction, maintenance, or any other type of work covered by a Collective Bargaining Agreement.

You must complete an application to receive your Disability Pension and submit it to the Trustees. The Trustees will approve or deny your application. Unless an extension applies, the Trustees will inform you of their initial decision within 45 days of the date your written application is received.

This initial decision timeframe may be extended for up to two periods of 30 days each, if extra time is needed due to circumstances beyond the Plan’s control (for example, there is a delay in receiving medical information from the physician of other provider). You will be notified before the end of the initial 45-day period that the Plan has to make a decision if the first extension of time is need and before the end of the first extension period if the second extension period is needed.

If additional information is needed from you, the Trustees will request it from you in writing within the initial 45-day period. You then have 45 days to provide the requested information and the 45-day period that the Trustees have to make a decision will be suspended until the day the requested information is provided or on the last day of the 45-day period in which you had to provide the requested information. If you do not provide the requested information, your application for a Disability Pension (or any retroactive termination of a Disability Pension) is denied within 30 days of your deadline.

If the Trustees deny your application for any reason, you have the right to appeal their decision. See page 14 for more information on how to file an appeal.

If your disability results from drug addiction, chronic alcoholism, intentional self-inflicted injury, or a criminal act that you commit, you will not be entitled to a Disability Pension.

You shall be required to submit to an examination by a physician or selected physicians as required by the Board of Trustees. After your Disability Pension begins, you may also be required to have periodic medical examinations.

In place of a medical examination, the Trustees may also accept a determination by the Social Security Administration that you are entitled to a Social Security disability benefit as proof of disability. If the Social Security Administration determines that you are no longer eligible for a disability award, you are required to immediately notify the Fund Office. If you do not notify the Fund Office, you may be determined as no longer disabled, and your Disability Pension payments may stop as of the day the Social Security Administration found that you were no longer disabled. The Board of Trustees is the sole judge of the determination of total and permanent disability.

If you receive any earnings from any employment or gainful pursuit, you must report the earnings within 15 days after the end of the month in which the earnings were made. If you do not report the earnings in a timely manner, you may be disqualified from benefits for 12 months in addition to the months in which you had earnings from employment or gainful pursuit.

Amount

The Disability Pension under the Plan is an auxiliary benefit. This means that benefit is not part of your accrued benefit and it is paid as a single life annuity until you reach your early retirement age provided you remain disabled. If you remain disabled at your early retirement age, your Disability Pension ceases and you become eligible for an Early Retirement Pension. The Early Retirement Pension is payable in the normal form of payment of a single life annuity if you are unmarried or the 50% Participant and Spouse Pension if you are married, unless you elect an optional form of payment. If you are no longer disabled, your Disability Pension ceases and you may return to Covered Employment, resume accruing Pension Credits, and apply for another pension under the Plan when you meet the eligibility requirements.

The amount of the Disability Pension is:

• Before age 45, the monthly Disability Pension is $200.
• Between ages 45 and 55, the monthly Disability Pension will be the greater of the amount you could have received as an Early Retirement Pension or $500 payable as a single life annuity until you attain age 55.
• After age 55, your Disability Pension ends and you become eligible for an Early Retirement Pension. At age 55, you may elect any form of pension payment as described on page 21.

If you die before reaching age 55, your surviving spouse will be entitled to receive a Pre-Retirement Surviving Spouse Pension, upon applying for such benefit. The benefit is calculated as if you had lived to age 55 and then Retired on a 50% Participant and Spouse Pension. For more information about the Pre-Retirement Surviving Spouse Pension, see page 40.

When Payments Begin

The Disability Pension will begin on the first day of the sixth month following the month in which you are totally and permanently disabled.

If your application for a Disability Pension is filed after the month you became totally and permanently disabled, you will be entitled to retroactive payments for the months the benefit was first payable to the date of application but not more than 12 months.

Deferred Pension

If you leave Covered Employment before your pension payments begin, you may be eligible for a Deferred Pension.

If you leave Covered Employment, you may be eligible for a Deferred Pension. The Plan offers this type of benefit so that you can leave Covered Employment and begin receiving pension payments later when you retire. This is called a deferral of benefit payments.

You are eligible for a Deferred Pension if you have at least 5 Years of Vesting Service on or after June 1, 1976.

• This benefit is payable at your Normal Retirement Age, (generally age 65) for a Bargained Participant who leaves Covered Employment after January 1, 1996, and age 62 for a Non-Bargained Participant who leaves Covered Employment after January 1, 1995, but may be payable as early as age 55 if you meet the following requirements for an Early Retirement Pension: you are at least age 55; and you earned at least 10 Pension Credits (including at least one Pension Credit earned during the Contribution Period).

Amount

The monthly amount of the Deferred Pension is calculated like a Regular Pension based on the contribution percentage in effect when you left Covered Employment. However, if you receive your deferred Pension before age 65 for a Bargained Participant and age 62 for a Non-Bargained Participant, your Regular Pension will be reduced for early retirement based on the number of years and months you are younger than age 65 or age 62, as applicable, as shown in Table 1A on page 56 (the reduction is approximately 6% per year).

For Bargained Employees: To determine the monthly Deferred Pension you are eligible to receive, calculate your Regular Pension payable at age 65 (based on when you left Covered Employment) and multiply that amount by the applicable vesting percentage shown on the following chart.

If you have reached Normal Retirement Age, or you have reached age 55 and you have at least 10 Pension Credits, including at least one Pension Credit earned during the Contribution Period, as of the date you left Covered Employment, you may elect to start collecting your Deferred Pension before age 65.

If you elect to start collecting your Deferred Pension before age 65, your Deferred Pension amount will be reduced by a factor from Table 1 (page 55) according to the number of years and months you are younger than age 65 on your Annuity Starting Date.

For Non-Bargained Employees

For Non-Bargained Employees who leave Covered Employment on or after January 1, 1995, and work at least 500 hours in Covered Employment in a calendar year on or after January 1, 1994, the Deferred Pension amount is the amount of the Regular Pension payable at age 62 based on the date you left Covered Employment. If you meet the requirements for an Early Retirement Pension (see page 21), you may receive a benefit before age 62. However, your payments will be reduced for early retirement in accordance with Table 1A on page 56 for the number of years and months your pension starts before age 62.

Note: If you left Covered Employment before January 1, 1989, please contact the Fund Office for more information.

The amount of your Deferred Pension depends on when you earned your benefit.

• If you earned some or all of your Deferred Pension before January 21, 2016, and you have reached age 55 and have at least five Years of Vesting Service: You may elect to start collecting your pension at age 60 without reduction, or at any time before you reach age 60 with a reduction. If you elect to begin collecting your Deferred Pension before you reach age 60, the pension amount will be reduced by a factor from Table 1 (page 55) according to the number of years and you are younger than age 60 on your Annuity Starting Date.
• If you earned some or all of your Deferred Pension on or after January 21, 2016, and you have reached age 55 and have at least 10 Years of Vesting Service: You may elect to start collecting your pension at age 60 without reduction, or at any time before you reach age 60 with a reduction. If you elect to begin collecting your Deferred Pension before you reach age 60, the pension amount will be reduced by a factor from Table 1A (page 56) according to the number of years and you are younger than age 60 on your Annuity Starting Date.

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