Normal Retirement
Normal retirement means a Termination of Covered Employment of a Participant (except termination by death) occurring (i) on or after the last day of the month in which the Participant attains age sixty (60) and (ii) during a Plan Year in which the Participant completes 435 or more Hours of Service in Covered Employment or in the first sixty (60) days following such a Plan Year.
Retirement is based upon benefit years earned over the course of your working career. Benefit Year means attaining 1600 hours of covered employment in a calendar year. Benefit Years may be earned on a partial basis in tenths of a year. 480 hours in any year is the minimum required and this provides 0.3 (3 tenths) of a benefit year.
For the years 1963-1977 benefit years are paid at $15.00 per year of service.
For the years 1978-2003 benefit years are paid at $42.00 per year of service.
Retirement is based upon benefit years earned over the course of your working career. Benefit Year means attaining 1600 hours of covered employment in a calendar year. Benefit Years may be earned on a partial basis in tenths of a year. 480 hours in any year is the minimum required and this provides 0.3 (3 tenths) of a benefit year.
For the years 1963-1977 benefit years are paid at $15.00 per year of service.
For the years 1978-2003 benefit years are paid at $42.00 per year of service.
For example:*Please remember that these are examples and each persons pension is subject to variables so please contact the Plan office for your correct total.
Joe worked in 1972,73,74,77 and earned a benefit (1600 hours) in each of these years.
He also worked in 1981,82,84 92,93,94,96,98,99,2001,02,03 earning a benefit (1600 hours) each year.
His total pension would be:
4 years @ $15.00 = $60.00 12 years @ $42.00 = $504.00
Total = $564.00 per month
