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Pension Plan – FAQs

What is Vesting and am I Vested?

Vesting is the accrued benefit of a participant that have become non-forfeitable and generally occurs after five years of Credited Service. Vesting is determined by counting your Credited Services and Non-Covered Services. Before you can receive a pension from the plan, you must be Vested. You may contact the Fund Office for information concerning your Vested status.

What is Past and Future Service?

Future Service Credit is earned for the time you work in a job for which your employer is required to contribute to the Plan. Past Service is work for an employer of the type covered by the Plan which occurs immediately before the first date a required contribution is made by that employee to the Plan, provided the employee earns two years of future service credit. All or part of your Credited Past and Future Service counts towards your eligibility, benefit amounts, and entitlement to benefits.

Am I Eligible for Benefits?

Upon meeting the eligibility requirements of the Pension Plan, a Participant’s accrued benefit is determined under the terms of the Plan expressed in the form of an annual benefit commencing at normal retirement age.

When Do Normal Retirement Benefits begin?

Benefits begin at age 65 or later if you have at least 5 years of Credited Future Service.

What are Unreduced Retirement Benefits?

Benefits that begin between the ages of 62 and 65 if you have at least 5 years of Credited Future Service. Unreduced Retirement Benefits are calculated using the same formula as the Normal Retirement Benefit.

When Do Early Retirement Benefits begin?

These benefits begin between the ages of 55 and 62 if you have at least 60 months of Credited Future Service.

How Much Can I Expect to Receive?

The basis for determining payment to which participants may be entitled is outlined in your Pension Plan Booklet. You may obtain an estimate of benefits by completing a Vesting Inquiry Application, which can be obtained from your Local Union or Pension Office.

How Do I Apply For My Retirement Benefits?

You can apply for benefits after you stop working in any and all aspects of the automotive industry. The application packet is available through the “Forms” section of the website or through your Local Union or Pension Fund Office. Please complete and return the application to the Fund Office 90 days prior to your retirement date to allow sufficient time to process your benefits.

What Are My Options at Retirement?

After the Fund Office calculates your benefits you will be provided with an election form outlining several payment options available to you. All provide you with monthly benefits for life. If you are married, your election form will outline survivor benefits options available to you and your spouse or eligible dependents.

Once I Have Retired Can I Change My Options?

The purpose of the Pension Plan is to accumulate retirement income. Therefore, Participants may not be allowed to borrow against or use Pension Plan contributions except according to the rules outlined in the Plan booklet.

Can I Withdraw Contributions or Borrow Money From the Plan Before Retirement?

The purpose of the Pension Plan is to accumulate retirement income. Therefore, Participants may not be allowed to borrow against or use Pension Plan contributions except according to the rules outlined in the Plan booklet.