YOUR PENSION PLAN
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Plan Overview
Learn about your pension benefits.
| Normal | Early Retirement | Deferred | Disability | |
|---|---|---|---|---|
| Worker Status | Active Local 26 Member | Active Local 26 Member | Terminated Local 26 Member | Totally and Permantly Disabled |
| Age Requirement | >= 62 Years of Age or "Rule of 85" | > = 55 Years of Age and < 62 Years of Age | Refer to Normal/Early Retirement Type | n/a |
| Vesting Requirement | 5 Years | 15 Years | refer to Normal/Early Retirement Type | 5 Years |
| Benefit Payment Options | 60 Months Guaranteed Benefit Joint & Survivor 80% Benefit Qualified Optional Survivor Annuity 75% | 60 Months Guaranteed Benefit Joint & Survivor 80% Benefit Qualified Optional Survivor Annuity 75% | 60 Months Guaranteed Benefit Joint & Survivor 80% Benefit Qualified Optional Survivor Annuity 75% | 60 Months Guaranteed Benefit Joint & Survivor 80% Benefit Qualified Optional Survivor Annuity 75% |
| Benefit Calculation Subject to Past Benefit Rates? | NO | YES | YES | NO |
| Bonus Credits Available for Delayed Retirement | YES | NO | NO | NO |
| Benefit Rate Subject to Calculation Reduction? | NO | YES | refer to Normal/Early Retirement Type | NO |
| Lump Sum Bonus Eligible | YES with 15 Years Vesting | NO | NO | YES with No Vesting Requirement |
| Lump Sum Bonus Benefit | $2,500 | n/a | n/a | $1,500 |
| Hardship Loans/Withdrawals | NO | NO | NO | NO |
| Death Benefit | Pre-Retirement: YES Post-Retirement: Balance of Payment Plan | Pre-Retirement: YES Post-Retirement: Balance of Payment Plan | Pre-Retirement: YES Post-Retirement: Balance of Payment Plan | Pre-Retirement: YES Post-Retirement: Balance of Payment Plan |
| Current Benefit Rates for Retirements After August 1, 2021: | ||||
| "A" Journeyman Monthly Benefit Rate | $95.00/pension credit | $95.00/pension credit | Rate Effective at Termination Date | $95.00/pension credit |
| Residential Wireman Monthly Benefit Rate | $29.00/pension credit | $29.00/pension credit | Rate Effective at Termination Date | $29.00/pension credit |
| Teledata Monthly Benefit Rate | $29.00/pension credit | $29.00/pension credit | Rate Effective at Termination Date | $29.00/pension credit |
| Past Monthly Benefit Rates | refer to SPD/SMMs | refer to SPD/SMMs | refer to SPD/SMMs | refer to SPD/SMMs |