Example #B1: Suppose you have earned 13 credits, 5 of these before March 31, 2009, 6 between April 1, 2009 and March 31, 2015, and 2 after March 31, 2015. Your accrued benefit at December 31, 2016 would be $205.00 ($41.00 times 5 credits) plus $300.00 ($50.00 times 6 credits) plus $80.00 ($40.00 times 2 credits), for a total of $585.00 per month. Break in Service prior to 2017 was 300 hours in a plan year (400 prior to April 1, 2009). Some grace periods were allowed. Credits are used to determine the amount of your benefit through December 31, 2016. The amount of credit you earn depends upon the number of hours you work in covered employment in a period. The service you earned from April 1, 1968 through June 30, 1975 is the same as your from July 1, 1975, through December 31, 2016 are earned according to credits. Credits the following table: 7/1/1975 to 3/31/2009 4/1/2009 to 12/31/2016 in Plan Year Credits Hours in Plan Year Credits Under 400 0.00 Under 300 0.00 400 799 0.25 300 699 0.25 – – 800 1,199 0.50 700 1,099 0.50 – – 1,200 1,599 0.75 1,100 to 1,499 0.75 – 1,600 1,999 1.00 1,500 or more 1.00 – 3/31/1999, 2,000 or more extra 0.25 for each 400 hours over 2,000 Some available for 4/1/1999 through 3/31/2002. “carryover” retirement age is age 55 or the age at which you are credited with 15 years of service, whichever is later. Past Service Credits: Past service credits are to former 953 participants for employment prior to April 1, 1971, based on the Local 953 plan in effect before July 1, 1975. Plan Year was April 1 through March 31. April 1, 2016 through December 31, 2016 was a short plan year. is used to determine vesting and your eligibility for benefits. from July 1, 1975 Service Service through December 31, 2016 is on the following table: Hours in the Plan Year Years of Service Less than 400 0 400 799 0.25 – 800 999 0.50 –
Example #B1: Suppose you have earned 13 credits, 5 of these before March 31, 2009, 6 between April 1, 2009 and March 31, 2015, and 2 after March 31, 2015. Your accrued benefit at December 31, 2016 would be $205.00 ($41.00 times 5 credits) plus $300.00 ($50.00 times 6 credits) plus $80.00 ($40.00 times 2 credits), for a total of $585.00 per month. Break in Service prior to 2017 was 300 hours in a plan year (400 prior to April 1, 2009). Some grace periods were allowed. Credits are used to determine the amount of your benefit through December 31, 2016. The amount of credit you earn depends upon the number of hours you work in covered employment in a period. The service you earned from April 1, 1968 through June 30, 1975 is the same as your credits. Credits from July 1, 1975, through December 31, 2016 are earned according to the following table: 7/1/1975 to 3/31/2009 4/1/2009 to 12/31/2016 in Plan Year Credits Hours in Plan Year Credits Under 400 0.00 Under 300 0.00 400 – 799 0.25 300 – 699 0.25 800 – 1,199 0.50 700 – 1,099 0.50 1,200 – 1,599 0.75 1,100 to 1,499 0.75 1,600 – 1,999 1.00 1,500 or more 1.00 2,000 or more 3/31/1999, extra 0.25 for each 400 hours over 2,000 Some “carryover” available for 4/1/1999 through 3/31/2002. retirement age is age 55 or the age at which you are credited with 15 years of service, whichever is later. Past Service Credits: Past service credits are to former 953 participants for employment prior to April 1, 1971, based on the Local 953 plan in effect before July 1, 1975. Plan Year was April 1 through March 31. April 1, 2016 through December 31, 2016 was a short plan year. Service is used to determine vesting and your eligibility for benefits. Service from July 1, 1975 through December 31, 2016 is on the following table: Hours in the Plan Year Years of Service Less than 400 0 400 – 799 0.25 800 – 999 0.50
Pension%20SPD%202017%20Final.docx