Pension Plan – Vesting
Once you are Vested, you are entitled to a future pension benefit from the Plan – even if you stop working in Covered Service and do not return prior to retiring. In other words, you cannot incur a Permanent Break in Service that would otherwise cause you to lose your previously earned Credit Service or benefit accruals. The different ways in which you become Vested are described below.
Vesting Based on 5 Years of Credited Service
You are Vested if you have at least five Years of Credited Service (of which at least 24 months is Credited Future Service) provided you also satisfy one of the following conditions:
- You have earned more than one Hour of Service on or after January 1, 1997, or
- If you accrued benefit is not based on work under a Pension Agreement and you have at least one Hour of Service on or after January 1, 1989.
Vesting Based on 10 Years of Credited Service
If you do not satisfy the “5-year vesting rule”, you are Vested if you have at least 10 Years of Credited Service (of which at least 24 months is Credited Future Service).
Vesting Based on Attaining Normal Retirement Age
You are also considered fully Vested when you attain your Normal Retirement Age. Your Normal Retirement Age is the later of:
- The date that you attain age 65; or
- The date that you reach the fifth anniversary of the date that you commenced participating in the Plan provided that you are a Participant on or after that date. Note that anniversaries of participation occurring prior to a Permanent Break in Service are not counted.
If you do not satisfy the “5-year or 10-year vesting” rules, but have at least 24 months of Credited Future Service, you become partially vested based on the following schedule:
|Credited Service||Vested Percentage|