Pension Plan Benefit Summaries
You need to be 62 or over for this form of pension
Service & Other Requirements
- 3 Pension Credits or 3,000 hours on or before June 30, 1978 and before a Permanent Break in Employment; or
- 6 Pension Credits or 6,000 hours before a Permanent Break in Employment; or
- Vested with 10,000 hours, or 5 Years of Service before a Permanent Break in Employment, including one Hour of Service covered by the Plan after June 30, 1999.
Your Regular Pension benefit is calculated as a monthly payment of $58 multiplied by your Current Pension Credits. For hours worked on or after 6/1/1960, you earn 1/1000 Current Pension Credit for each hour in a Plan Year (adjusted if you worked for an Employer contributing at less than the then-current master rate). Example: 600 Hours equals 0.6 Credit; 1,000 Hours equals 1.0 Credit; 1,500 hours equals 1.5 Credits.
For Retirements or Breaks in Employment prior to 7/1/2007, the benefit accrual formula uses amounts lower than $58 per Credit; you can see the various amounts in this Table.