Pension Plan BenefitTabs™

  • Past Service Credit

    1/12 Credit for each month of Past Service Maximum 15 years prior to:
    June 1, 1961 (Inside Wire Agreement)
    June 1, 1962 (Motor Shop)
    June 1, 1966 (Neon Sign)

     

  • Pension Credit for Future Service

    One Pension Credit for each 1,500 pension credit Hours and 1/12 Credit for each remaining 125 pension credit Hours.

     

  • Credited Service

    1,000 or more Hours of Credited Service earns one Year of Credited Service. See Credited Service Explained.

     

  • Participation/Breaks in Service

     

  • Participation

    First day of Plan Year (Calendar Year) that includes the last day of first 12-month period during which the employee has earned 300 Hours of Pension Credit or 500 Hours of Credited Service.

     

  • Break in Service

    A non-vested Employee incurs a One Year Break in Service in a Plan Year if the Employee fails to complete 500 or more Hours of Credited Service, or fails to earn a total of 300 pension credit Hours in the current and previous Plan Years.

    Grace Periods from Break in Service Rules
    Reciprocity

     

  • Cancellation of Credited Service/Pension Credit - Permanent Break in Service

    Previously accrued Credited Service/Pension Credit will be canceled upon completion of five consecutive One Year Breaks in Service.
     

  • Vesting

     

  • Ten Year Vesting- (Effective 1-1-1976)

    100% Vesting with 10 Years of Pension Credit or Credited Service (or attainment of Normal Retirement Age prior to a Permanent Break in Service)

     

  • Five Year Vesting (Effective 1-1-1998)

    100% Vesting with:

    1. Five years of Credited Service or Pension Credit prior to a Permanent Break in Service; and
    2. One Hour of Covered Employment on or after January 1, 1998.