PENSION BENEFITS

To be vested in the pension plan, you need to earn 5 credits. You must be vested to receive any type of pension benefit.

Earning Pension Credits:

  • 1,000 hours in a calendar year = 1 pension credit
  • 750 hours in a calendar year = 3/4 pension credit
  • 500 hours in a calendar year = 1/2 pension credit
  • 250 hours in a calendar year = 1/4 pension credit

If you go 5 consecutive years without earning a credit or partial credit and are not vested, you will forfeit all your hours/credits accumulated before the break.

Pension Benefit Calculation

The gross amount of your monthly pension benefit is calculated in one of two ways, with the higher benefit automatically awarded:

  • The number of pension credits multiplied by $74 or
  • The total number of hours worked multiplied by $0.064

*Note: The benefit amount can be adjusted for spousal options, early retirement, retiree insurance, and taxes.

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