Retirement Benefits
Retirement Benefits are available to eligible Participants who have retired from the electrical industry. There are two types of Retirement Benefits: Normal Retirement Benefit and Early Retirement Benefit.
An Early Retirement Benefit is available to an eligible Participant who is between the ages of 60 and 64. There are two kinds of Early Retirement Benefits: Early Retirement and Reduced Early Retirement. The kind of Early Retirement Benefit a Participant is eligible for depends on age, Effective Date and the number of years a Participant has been out of Covered Employment.
Normal Retirement Benefit
You are eligible to receive a Normal Retirement Benefit when you meet the requirements in either A or B below:
A
OR
B
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You are not Vested, and
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You are age 65 or older, and
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You are retired from the electrical industry, and
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You have retained Pension Credits.
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Early Retirement Benefit
You are eligible to receive an Early Retirement Benefit, when you meet the following requirements:
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You are Vested, and
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You are age 62, 63, or 64, and
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You are retired from the electrical industry, and
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You have worked for a Covered Employer for 300 or more hours in any of the seven calendar years immediately before your Effective Date.
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Reduced Early Retirement Benefit at Age 60 or 61
You are eligible to receive a Reduced Early Retirement Benefit at age 60 or 61 when you meet the requirements in either A or B below:
A
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You are Vested, and
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You are age 60, and
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You are retired from the electrical industry, and
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You have worked for a Covered Employer for 300 or more hours in any of the five calendar years immediately before your Effective Date.
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OR
B
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You are Vested, and
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You are age 61, and
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You are retired from the electrical industry, and
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You have worked for a Covered Employer for 300 or more hours in any of the six calendar years immediately before your Effective Date.
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Retirement Options
There are two options available for you to choose how to receive your benefit amount: Lifetime and Joint and Survivor. Which options are available to you will depend on your marital status when you apply for a benefit.
If you are not married when you apply for a Retirement Benefit, you will receive your benefit as the Lifetime Option. However, if you are married when you apply, you will receive your benefit as the Joint and Survivor Option unless you elect with your spouse’s consent to receive your benefit as the Lifetime Option.
What Is the Lifetime Option?
The Lifetime Option provides you with a monthly benefit for your lifetime only. At your death, no benefit is paid to your spouse.
What Is the Joint and Survivor Option?
The Joint and Survivor Option has two benefits. The Joint Benefit provides you with a reduced monthly benefit for your lifetime. At your death, the Survivor Benefit provides your spouse with a lifetime monthly benefit that is 50% of the amount you were receiving.
The Joint and Survivor Annuity Benefit provides you with a reduced monthly benefit for your lifetime and at your death provides your spouse with a further reduced monthly benefit for your spouse’s lifetime.
If you are married when you apply for a benefit, you will receive your benefit as the Joint and Survivor Option unless you elect with your spouse’s consent to receive your benefit as the Lifetime Option.
For more information about the Joint and Survivor Option, see the Summary Plan Description.
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