Pension - Vesting

Once you achieve Vested Status, you cannot lose your previously earned Credited Service, Benefit Units or benefit accruals and you are entitled to a future benefit from the Pension Plan at Normal Retirement Age (generally age 65) – even if you cease working and never return to work in Covered Employment. You may be entitled to a pension prior to reaching Normal Retirement Age (such as an Early Retirement Pension or Service Pension) if you satisfy that pension’s age and service requirements. The rules used to determine when you achieve Vested Status differ depending on the time period.

On and After July 1, 1996

On and after July 1, 1996, you achieve Vested Status if you have at least one Hour of Service after June 30, 1996 and have at least 5 Years of Credited Service (excluding any Years of Credited Service lost due to a Permanent Break in Service).

Between January 1, 1976 and July 1, 1996

After January 1, 1976 and prior to July 1, 1996, you achieved Vested Status if you had at least 10 Years of Credited Service (excluding any Years of Credited Service lost due to a Permanent Break in Service).

Exception for Non-Bargained Employees: Effective January 1, 1989, if you were a non-bargained Participant with at least one Hour of Service after December 31, 1988, you achieved Vested Status if you had at least 5 Years of Credited Service based solely on non-bargained employment with Contributing Employers.

Between January 1, 1969 and January 1, 1976

Between January 1, 1969 and January 1, 1976, you achieved Vested Status if you earned at least the number of Benefit Units shown below (excluding any Benefit Units lost due to a Permanent Break in Service):

15 Benefit Units of which at least 10 were Contributory Benefit Units; or 25 Benefit Units; or
20 Benefit Units at a time when you were at least 45 years of age; or
15 Benefit Units at a time when you were at least 50 years of age; or
10 Benefit Units at a time when you were at least 55 years of age.

Before January 1, 1969

Prior to January 1, 1969, you achieved Vested Status if you earned at least the number of Benefit Units shown below (excluding any Benefit Units lost due to a Permanent Break in Service):

25 Benefit Units; or
20 Benefit Units at a time when you were at least 45 years of age; or
15 Benefit Units at a time when you were at least 50 years of age; or
10 Benefit Units at a time when you were at least 55 years of age.

Separation From Covered Employment

Although Vested Status entitles you to a future benefit from the Pension Plan, if you incur a Separation from Covered Employment, the amount payable for benefits earned prior to any Separation from Covered Employment will be determined according to the Regular Pension formula in effect at the time the Separation occurred.

You incur a Separation from Covered Employment under the following circumstances:

On and after January 1, 1976. At the end of any two consecutive Calendar Year period in which you fail to work at least 400 Contributory Hours in either one of the two Calendar Years.
Prior to January 1, 1976. At the end of any two consecutive Calendar Years in which you fail to earn at least one-quarter year of Credited Service during the two Calendar Years as a result of Contributory Hours of work.

Exception: Although you may have previously incurred a Separation from Covered Employment, the Separation will be waived if you return to Covered Employment and earn at least five additional Benefit Units.