Summary Plan Description
Retirement Benefits Provided By The Pension
The Plan provides for the payment of Normal Retirement Benefits to you if you retire
after reaching age 60 and you meet all of the eligibility requirements.
Definition Of Normal Retirement Age
Normal Retirement Date is the later date of (1) the attainment of age 60, and (2) the
completion of 10 Years of Participation in the Plan since your last Break-in-Service Date;
or if you are not covered under a collective bargaining agreement not earlier than the
completion of 5 Years of Participation since your last Break-in-Service date; or if you
earned service on or after January 1, 1997, the completion of 5 Years of Participation
since your last Break-in-Service date; or if you earned service on or after January 1,
1999, the completion of 3 Years of Participation since your last Break-in-Service date.
You are eligible for the receipt of the Normal Retirement Benefit when you reach your
Normal Retirement Age.
Once you reach Normal Retirement Age, you are entitled to retire and receive your
benefits. You are not required to retire; however, benefit payments will not begin until
you retire. Please note that you are not permitted to receive pension benefits if you are
employed in "Suspendible
Employment" as explained at page 59.
Computation Of Benefit
You can estimate the amount of Normal Retirement Benefit you will receive each month
after you retire by following these steps:
1. Estimate the number of Years of Credited Service you will have earned at the time of
your Normal Retirement Date. You can find out the amount of Credited Service you have
earned by making a written request to the Fund Office.
2. Determine your Employer's last weekly contribution rate. The weekly contribution
rate paid by your Employer determines the amount of the Unit Multiplier utilized to
calculate your benefit. Turn to Tables 1
through 6 and look for your Employer's last Contribution Rate Schedule. If your
Contribution Rate Schedule is not listed on the Tables, the Fund Office will provide you
with your Contribution Rate Schedule upon written request.
It is important to determine whether you retire under a contract negotiated before or
after October 1, 1979. The date of October 1, 1979 is critical because on that date the
Trustees adopted an amendment to the Plan which changed the rules for Unit Multipliers for
Future Credited Service in order to eliminate deficits in all Contribution Rate Schedules
for contracts negotiated after October 1, 1979. The deficit reduction program Unit
Multipliers are provided at Tables 5 and 6.
The Fund Office will provide you further information concerning the deficit reduction
program upon written request.
3. Find your Unit Multiplier for Normal Retirement Benefits by referring to Tables 1 through 6. If your Unit
Multiplier is not listed on the Tables, the Fund Office will provide you with your Unit
Multiplier upon written request.
4. Multiply your Unit Multiplier, as determined in Step 3, by your Credited Service.
This is your estimated monthly benefit which will be paid to you each month for the rest
of your life. The amount of your benefit may be reduced by the 2% penalty
explained at page 14, if applicable.
5. The Plan automatically provides that you will receive the Qualified
Joint and Survivor Benefit when you retire. The Plan further provides
that if you wish to waive the Qualified Joint and Survivor Benefit,
your spouse must agree to the waiver, in writing, which is notarized,
on a form provided by the Fund Office. Under this benefit, your monthly
benefit will be reduced, but if you should die before your spouse, your
spouse will receive 50%, 75% or 100%, depending upon the Option chosen,
of the benefit payable to you for the remainder of his or her life.
This benefit is explained in the Section entitled "Qualified
Joint And Survivor Benefit" at page 43.
Assume that you estimate that you will have earned 20 Years Of Credited Service when
you retire at age 60 (your Normal Retirement Age) in 1999, and that your Unit Multiplier
is $35. Multiplying 20 Years of Credited Service by the Unit Multiplier of $35 results in
the monthly lifetime benefit of $700.
Assume that your Employer contributed at the National Master Freight Level contribution
rate schedule on your behalf, and you estimate that you will have earned 20 continuous
Years of Credited Service when you retire at age 60 on January 1, 1999. Multiplying 20
Years of Credited Service by the Unit Multipliers (for the stated time periods) stated on Table 3, results in the monthly
lifetime benefit of $1,531.50.
These examples assume that you and, if married, your spouse, waived all Survivor
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