Pension Plan
Vesting
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Vesting means that the Pension Credits you have earned cannot be forfeited or lost and you will be eligible for a pension when you meet the age and other requirements. However, vesting does not prevent Breaks in Employment which may cause the value of your Pension Credits to be frozen at the value in effect under the Plan at the time of the Break, instead of the value in effect at retirement. (Refer to Breaks in Employment for rules.)
The following outlines the requirements for vesting. In each case, you must meet the requirement before you have a Permanent Break in Employment.
| Period | Required Credits or Service |
|---|---|
| On or before June 30, 1976 | At least 3 Current Pension Credits or 3,000 hours of Covered Service |
| On or before June 30, 1978 | At least 3 Current Pension Credits, or 3,000 hours of Covered Service, Contiguous Non-Covered Service, or a combination of both
OR At least 2.7 Current Pension Credits; or 2,700 hours of Covered Service, Contiguous Non-Covered Service, or a combination of both – if you later bring the total of your Current Pension Credits to 3, or your hours to 3,000 |
| On or before June 30, 1980 | At least 6 Current Pension Credits; or 6,000 hours of Covered Service, Contiguous Non-Covered Service, or a combination of both
OR At least 5 Current Pension Credits; or 5,000 hours of Covered Service, Contiguous Non-Covered Service, or a combination of both – if you later bring the total of your Current Pension Credits to 6 or your hours to 6,000 |
| On and after July 1, 1980 | At least 10 Current Pension Credits or 10,000 hours of Covered Service, Contiguous Non-Covered Service, or a combination of both |
| For anyone with one Hour of Service after June 30, 1999 | At least 5 Years of Service. A Year of Service is a Plan Year in which the Participant has 1,000 or more Hours of Service. |
| On and after July 1, 1976 | Normal Retirement Age |
Exception: If you are not part of the Local 12 bargaining unit (a Non-Bargained Employee) and you have at least one Hour of Service after June 30, 1989, you will be vested when you have completed 5 Years of Service (a Year of Service, is a Plan Year in which you have 1,000 Hours of Service).