P E N S I O N
How Benefits Are Determined
Your retirement benefit is determined by a formula that uses the plan’s base retirement pension and your credited years of service and credited hours of service. Your age at the time of retirement can also affect the calculation of your benefit if you retire and have benefit payments begin before normal retirement age.
Base Retirement Pension
As of October 1, 2000, the base retirement pension is $2,025.00 per month. This amount may change in the future.
Credited Years of Service
You receive a credited year of service for each calendar year in which you complete 400 or more credited hours of service. A calendar year is January 1 through December 31.
Credited Hours of Service
Your credited hours equal the hours for which you are paid, including:
v hours you actually work, and
v periods for which you receive back pay.
Credited hours may also include hours for which you are paid when you don’t work, because of vacation, illness, disability, layoff, jury or military duty, or leave of absence. See How Service Is Credited for more information.
How Service Is Credited
If You’re Paid On An Hourly Basis
If you are paid on an hourly basis, your actual hours worked or for which you are paid count toward your credited hours of service. If you are a full-time employee of the Welfare Fund Office or a Container Inspector, you will be credited with 45 hours of service during each week you are employed. If you are a union official or office employee, you will be credited with hours in accordance with Trust Fund documents and
contributions paid by the respective Local or the International.
If You’re Disabled
You may also be credited with gratuitous hours if you are disabled. To be eligible for gratuitous hours, you must have completed at least five calendar years of continuous service, and have worked at least 400 hours in each of the five calendar years.
v If your disability is the result of an on-the-job injury and you are receiving weekly, or other periodic, Workers’ Compensation benefits, you will receive three gratuitous hours for each day you are disabled.
• You will be credited with up to 400 hours in a calendar year, but no more than 1,200 hours will be credited for each injury.
• If you received a lump sum settlement of your Workers’ Compensation benefits, you will not be
considered to be receiving weekly Workers’
Compensation benefits.
v If you are injured on the job but do not receive Workers’ Compensation benefits until a decision is reached later, and as a result, you receive a lump sum representing accrued Workers’ Compensation benefits, you’ll be
credited with gratuitous hours for the time that you weren’t receiving weekly Workers’ Compensation benefits.
• The amount of gratuitous hours credited in this case is equal to the amount of the lump sum Workers’ Compensation payment divided by your weekly compensation rate. The 400-hours-per-calendar-year and 1,200-hours-per-injury maximums still apply.
v If your disability is the result of a non-occupational illness or injury and you are receiving weekly accident and sickness disability benefits through the Welfare Plan, you will receive three gratuitous hours for each day you are disabled and still receive benefits.
• You will be credited with up to 400 hours in a calendar year. Gratuitous hours will be credited for no more than 800 hours each disability period.
Gratuitous hours will no longer be credited to you if you become eligible for retirement under the pension plan, you return to work in the industry, or you die.
If You Leave Your Employer But Return At A Later Date — Breaks In Service
If you leave your employer but return at a later date, you may have a break in service. A break in service occurs if you have less than 400 hours of service in a calendar year.
If you have a break in service and are later reemployed, your credited service before the break in service will be reinstated only if:
v you were vested — meaning you had at least five credited years of service — when you terminated
v your break in service is less than five years or less than your total period of service before the break, whichever is longer.
You will not be considered to have a break in service if you are absent because of a disability, a leave of absence or maternity or paternity leave.
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