Pension Eligibility

ELIGIBILITY FOR A NORMAL PENSION:

If you are age 65 or older, and have at least 5 years of Future Service Credits or have reached the 5th anniversary of your participation in the Plan and you have not incurred a Break in Service, you will meet the eligibility requirements for a Normal Pension. You will also become Vested if you reach “Normal Retirement Age” while you are an active participant. “Normal Retirement Age” is the later of age 65 or the fifth anniversary of the date you became a participant in the Plan.

ELIGIBILITY FOR AN EARLY PENSION:

If you are age 60 but not 65 and have at least 15 years of service credits, at least 5 of which are Future Service Credit, you will meet the eligibility requirements for an Early Pension. Should you retire between ages 60 and 62, your accrued monthly benefit will be reduced by ½% for each month you are less than age 62. Your benefit will not be reduced if you are age 62 or older. The maximum reduction for an Early Pension is 12%.

What happens if I become disabled?

Effective July 1, 1999, you will meet the eligibility requirements for a Disability Pension if you have at least 10 years of service credits and have been awarded Social Security Disability benefits. Your pension will be calculated as though you are age 65. The effective date of your pension will be the date of your entitlement to disability benefits from the Social Security Administration. Your pension benefit will be paid retroactively to the date of your entitlement provided that you apply for this benefit from the Metal Trades Branch Pension Plan within 90 days from the date of the SSA (Social Security Administration) Award.

You are entitled to a Disability Pension only while you continue to receive Social Security disability benefits, so you must notify the Fund Office if such benefit is discontinued. The Trustees require reasonable proof of your continued disability, such as a copy of the most recent Social Security Disability check or, if the SSA benefit is electronically transferred to a bank, a copy of the wire-advice or bank statement. To verify continued receipt of SSA disability benefits, the Fund Office conducts a disability audit on an annual basis.