FAQ Pension

What does 'vested' mean?

The rule currently in effect requires that you earn 5 years of vesting credit to become eligible for a vested benefit. (The vesting rule was different in the past, so please check with the Fund Office if you have not earned a pension credit since 1998.) You earn a vesting credit the same way you earn a pension credit, by meeting an earnings threshold during a calendar year. Currently that threshold is $35,000.

If you are vested, you cant lose pension credits that you have earned, and you have a non-forfeitable right to a pension benefit. This is important because the Pension Plan has rules regarding breaks-in-service which could result in the loss of pension credits prior to a permanent break in service if you are not vested.

Please see the Pension Plan SPD or call the Fund Office at (212) 247-5225 if you have any questions about your vested status or regarding any breaks in service.

When can I retire?

There are several types of retirement, including Normal (age 65), Early (age 60-64), 30-Year (age 55-59), Disability, and Vested. For details regarding the eligibility and benefit calculations for each of these types of pension benefit, please see the Retirement Types page in the Pension section.

What are my pension benefit choices?

The amount of your pension benefit is calculated by adding the values of each of your earned pension credits. That represents the maximum benefit that would be paid to you under a normal pension at age 65.

There are choices that you can make that will reduce the amount of your monthly pension payment. The first would be to elect an early retirement before age 65. Since your benefit is projected to be paid over a longer period of time, an actuarial reduction is made to your normal monthly benefit.

Another choice you can make would be to elect a "Joint and Survivor" (J&S) benefit. The advantage of a J&S benefit is that your beneficiary will receive a lifetime benefit after your death. The J&S benefit can be 50%, 75% or 100% of your benefit at the time of your death. Again, since the benefit is projected to be paid out over a longer period of time than your lifetime, an actuarial reduction is made to your normal monthly benefit.

When you are preparing to retire, the Fund Office will give you a benefit estimate based on your projected retirement date that shows you the relative values of your retirement options. For more information regarding those options, please see the "Pension Benefit Options" page.

May I work after I retire?

After you retire, you must follow the Plan rules outlined below regarding any post-retirement employment in Local No. One's jurisdiction ("disqualifying employment"). You must notify the Fund Office of ANY post-retirement employment by registered or certified mail within 15 days of the employment, so that a determination can be made as to whether it is "disqualifying employment." You may also request an advance determination from the Fund Office.

If your pension benefit is suspended for engaging in disqualifying employment, the suspension period will be the month in which the employment took place and the following six months. All disqualifying employment MUST be reported to the Fund Office. If you fail to inform the Fund Office about the disqualifying employment, the suspension may be extended for up to 12 months after the month of the disqualifying employment.

  • If you are retired and not yet age 60, you may not engage in work within the jurisdiction of Local No. One.
  • If you are retired and are age 60 to 64, you may only work up to 4 days or shifts per calendar month.
  • If you are retired and are age 65 to 70-1/2, you may only work up to 7 days or shifts per calendar month.
  • If you are retired and are age 70-1/2 or more, there are no work restrictions.

For more information regarding post-retirement employment, please see the Employment After Retirement page in the Pension section.

How can I designate a beneficiary(ies)?

Please fill out a beneficiary designation form located on the Pension Forms page and return it to the Fund Office. If you are married and are naming a primary beneficiary other than your spouse, you will also need to complete the spousal waiver form also located on the Pension Forms page.


    Please note that nothing on this
    website is intended to interpret, extend or change in any way the provisions expressed in the Summary Plan Description and any other Plan documents. If you have any questions regarding your particular situation, please contact the Fund Office.

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