HEAT & FROST INSULATORS AND

ALLIED WORKERS LOCAL 47

RETIREMENT TRUST FUND

 

 

How will I become a Participant?

 

You will become a Participant on the first (1^st) day the you actually perform work for an Employer or for the Union for which contributions are required to be made on your behalf to the Retirement Trust Fund.

 

 

What is the Plan Year?

 

The Plan Year is any twelve (12) month period beginning January 1 and ending December 31.

 

 

How do I become entitled to Benefits?

 

To be entitled to Pension Benefits, a Participant must become vested.

 

 

What is vesting?

 

A Participant will become vested in his Pension Benefits  when he has accrued at least ten (10) years of Vesting Service prior to January 1, 1999 or five (5) year of Vesting Service thereafter without a Break in Service.

 

 

What is a year of Vesting Service?

 

A year of Vesting Service is accrued by a Participant for each Plan Year on and after June 1, 1976 that the Participant complete 1000 Hours of Service for one or more Employers or the Union and effective January 1, 1995, that the Participant completes 800 Hours of Service for one or more Employers or the Union.

 

 

What is a Year of Credited Service?

 

A Year of Past Credited Service is granted to working member of Bargaining Unit on July 1, 1956 for each year since 1937 in which the Participant worked 1600 hours.  Partial Credit is granted if the Participant worked at least 400 hours but less than 1600 hours.

 

A Year of Future Credited Service is granted for hours worked between July 1, 1956 and June 1, 1976.  A Year of Future Credited Service is granted based upon Hours of Service after June 1, 1976.  Please refer to the Summary Plan Description for a detailed explanation of the hours requirements.

 

 

When can I retire?

 

You can retire when you meet the eligibility requirements for Retirement.  In general, you can retire under the Normal Retirement Provisions if you have attained age 62 and have completed ten (10) years of Vesting Service prior to January 1, 1999 or five (5) years of Vesting Service after that date.  You can retire under the Early Retirement Provisions if you have attained age 57 and have completed fifteen (15) years of Vesting Service.  Please note that the Pension Benefits payable under the Early Retirement Provisions are reduced from age 62 for the early commencement of this Benefit.  Additional forms of Early Retirement Benefits are available.  Please refer to the Summary Plan Description for further information.

 

 

Can I receive a cash distribution?

 

No.  The Retirement Trust Fund was established to pay monthly Pension Benefits to eligible Participants for the remainder of their life after retirement.

 

 

Are  there any other benefits payable from the Retirement Trust Fund?

 

Yes.  The Retirement Trust Fund also provides Permanent and Total Disability Benefits, Vested Deferred Retirement Benefits and Death Benefits.