Four types of pensions are available under the Plan:
•Early retirement pension
Electrical Workers Local No. 26 Pension Trust Fund provides you with a vested monthly benefit, payable upon your retirement and continuing for your lifetime, with the option of survivor(s) benefits under certain circumstances. You will be fully vested in the Plan after you earn five Years of Vesting Service.
The chart below gives you a brief summary of the Pension Plan and more detailed information follows in the following sections of this SPD. We encourage you to read this important information and contact the Fund Office if you have any questions.
|How Benefits are Paid||Generally, if you are married, you will receive your benefit in the form of a Joint & Survivor Pension. If you are not married, you will receive a Lifetime Pension with 60 Months Guaranteed.|
|Survivor(s) Benefits||A benefit may be paid to your surviving spouse or other designated beneficiary under certain circumstances if you die after you’re vested.|
|Benefit Formula||The Fund office will calculate your benefit by multiplying your Benefit units by the applicable Benefit rates.|
|Benefit Units and Benefit Hours of Service||Generally, you will be granted one Benefit unit for each year of full time employment during your participation in the Plan.|
|Vesting||You will become become 100% fully vested in the Plan after you earn five Years of Vesting Service. Once you are fully vested, you have earned the non-forfeitable right to receive Plan benefits upon your retirement.|
|Active Participant||If you work in covered employment, you begin participating on the first day you work on a job for which contributions are required to be made. You continue to be an Active Participant, as long as you work a minimum of 400 hours per year.|
|You do not contribute to the Plan—your employer contributes on your behalf.|
|Work After Retirement||As long as you are not receiving a disability Pension and you are not working in Prohibited Employment for 40 or more hours per month, you may work without affecting your pension benefit. Further, once you reach age 70.5, you may work in any employment without affecting your pension benefit.|
On July 1, 1961, the Electrical Workers Local No. 26 Pension Trust Fund was established as the result of the Collective Bargaining Agreement between the District of Columbia Chapter, National Electrical Contractors Association and Local Union No. 26, IBEW, AFL-CIO. On written request, copies of the Collective Bargaining Agreement are available from the Fund Office or the Local Union.