Overview Of Plan
Participation and Vesting
Participation
By working for a Union contractor contributing to the Pension Plan on your behalf (referred to as “Working in Covered Employment”), you are automatically enrolled as a Participant in the Pension Plan and immediately start to accrue credits towards a vested pension benefit.
How You Earn a Vested Pension Benefit
If you are working steadily in Covered Employment, you will normally become vested for a pension after working for five consecutive fiscal years (June 1 to May 31). Once vested, your accrued pension benefit can never be forfeited. The amount of your accrued pension increases as you continue to work in Covered Employment because it is based, on the number of Pension Credits you earn and the applicable pension rate that is applied to your earned Pension Credit Years, this rate is periodically increased by the Trustees.
You can also earn Bonus Credits that increase the amount of your pension benefit by working a certain number of hours over the minimum number necessary to earn a Pension Credit. Your Pension Credit Report gives full details on your vesting status and accrued pension benefit, it is recommended that you annually request a copy from the Pension Fund Office.
Retirement
A Participant who has retired from work in the plumbing trade may apply for a full unreduced pension upon attaining 60 years of age. When you stop working in the plumbing trade for any reason and at any age you should notify the Pension Fund Office as soon as possible.
Source of Contributions
Contributions to the Plan are made by Employers in accordance with the Chicago Journeymen Plumbers’ Local 130, U.A. Collective Bargaining Agreement.
Fiscal Year
The Plan’s fiscal and record keeping year begins on June 1st and ends on May 31st.
