Twenty-Five Year Pension (Unreduced)

Fifteen Year Pension (Reduced)

Deferred Pension

Disability Pension

Death Benefits After Retirement

Death Benefits Before Retirement
 

 
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A Regular Pension is payable at age 65 if you have at least 10 Pension Years.

The monthly amount of the Regular Pension can be as high as $76.00 for each pension credit you earn.  Beginning in 2002, participant's could earn more than one pension credit in a calendar year.  As of January 1, 2001 and later one tenth of a pension credit is granted for each 100 hours you work in a calendar year.  For instance, if you work 1,800 hours in a calendar year, you are credited with 1.8 pension credits for that year. 

Example.  You retire at age 65 with 40 pension credits.  You qualify for a Regular Pension of $3,040 per month (40 credits x $76 = $3,040). 

A Twenty-Five Year Pension (Unreduced) is payable if:

• you are at least age 60 at the time of retirement,
• you have at least 25 Pension Years, and
• you work at least 750 hours in a 12 month period within 3 years of retirement

The monthly amount of the Pension is the same as the amount of the Regular Pension.  There is no reduction for early retirement if you are younger than age 65 when you qualify for this pension.

Example. You retire at age 61 with 35 pension years and 40 pension credits.  You worked at least 750 hours in a 12 month period within 3 years of your retirement date. You would qualify for an Unreduced 25 Year Pension of $3,040 (40 credits x $76 = $3,040).

All examples shown above use an accrual rate of $76 per pension credit, your actual accrual rate may vary based upon your work history.

A Fifteen Year Pension (Reduced) is payable between ages 62 and 65 if you have at least 15 Pension Years.

The monthly amount of the Fifteen Year Pension is the amount of the Regular Pension reduced by ½ of 1% for each month you are younger than age 65. 

Example.  You retire at age 62 with 20 Pension Years and 25 pension credits. You qualify for an Fifteen Year Pension of $1,558 per month (rounded).  To calculate: 

• figure Regular Pension ($76 x 25 credits = $1,900 per month);
     

• figure amount of Early Retirement reduction based on number of months before age 65 that you retire (36 months x ½ of 1% = 18%);
   

• reduce Regular Pension ($1,900) by Early Retirement reduction (18%) resulting in Early Retirement Pension of $1,558.00 (rounded). 

A Deferred Pension is payable at age 65 if you have at least 5 years of vesting service and you are an active Participant working in Covered Employment or you have 10 Pension Years and are not eligible for a Regular Pension, Twenty-Five Year Pension, Fifteen Year Pension or Disability Pension.

Example.  You retire at age 68 with 10 pension credits.  You qualify for a Deferred Pension of $760 per month (10 credits x $76 = $760). 

A Disability Pension is payable at any age if you are totally and permanently disabled from working as a pipe fitter and you: 

• have at least 15 Pension Years, and  

• worked at least 1,000 hours during the 36 month period immediately preceding the date you became disabled. 

The monthly amount of the Disability Pension is equal to 82% of your Regular Pension amount. 

Death Benefits After Retirement 

•  50% Husband-and-Wife Pension.  The 50% Husband-and-Wife Pension provides that, upon your death, 50% of your monthly benefit will be paid to your surviving spouse for life.  This is the automatic form of payment unless you elect the 75% or 100% Husband-and-Wife Pension. 

Example.  You retire with a Pension of $3,500 per month.  When you die, your spouse will receive a monthly benefit of $1,750 per month. 

• 75% Husband-and-Wife Pension (Optional).  The 75% Husband-and-Wife Pension provides that, upon your death, 75% of your monthly benefit (adjusted for the 75% Husband-and-Wife form of payment) will be paid to your surviving spouse for life.   

Example.  Your spouse is one year younger than you.  Your Regular Pension amount is $3,500 per month.  However, because you are married and you are taking the 75% Husband-and-Wife Pension, your Pension is reduced to $3,318.00 per month.  When you die, your spouse will receive a monthly benefit of $2,489.00. 

The amount of reduction depends on how much older or younger you are in relation to your spouse. 

• 100% Husband-and-Wife Pension (Optional).  The 100% Husband-and-Wife Pension provides that, upon your death, 100% of your monthly benefit (adjusted for the 100% Husband-and-Wife form of payment) will be paid to your surviving spouse for life.   

Example.  Your spouse is one year younger than you.  Your Regular Pension amount is $3,500 per month.  However, because you are married and you are taking the 100% Husband-and-Wife Pension, your Pension is reduced to $3,136.00 per month.  When you die, your spouse will receive a monthly benefit of $3,136.00. 

The amount of reduction depends on how much older or younger you are in relation to your spouse. 

Death Benefits Before Retirement 

• A Pre-Retirement Surviving Spouse Pension is payable to your spouse if you die with at least 15 Pension Years or you had 10 pension years and were at least age 65. The benefit starts the month following your death and pays your spouse 50% of the full, “straight-life” Pension based on your number of pension credits at the time of your death, with no reduction for age if you were younger than age 65. 

•  If you are vested but the Pre-Retirement Surviving Spouse Pension is not payable upon your death (for instance, if you had less than 15 Pension Years), a Pre-Retirement Surviving Spouse Pension is payable to your surviving spouse at the earliest time you could have retired had you lived.