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Pension Plan

 
Partial Pensions

Purpose. Partial Pensions are provided under this Plan for Employees who would otherwise lack sufficient service credit to be eligible for any pension because their years of employment were divided between different pension plans or, if eligible, whose pensions would be less than the full amount because of such division of employment. To provide such Partial Pensions, this Plan is signatory to the "Reciprocal Agreement for Joint Industry Pension Funds of all District Councils and Local Unions Affiliated with the International Union of Painters and Allied Trades." Wherever referred to in this Article, "signatory plans" shall mean plans that are signatory to that Agreement.

Recognized Pension Credits. For purposes of this Plan, the term "Pension Credits" shall mean those periods of service during which credit is granted for benefit accrual purposes. Pension Credits shall not necessarily cover periods for which a plan grants credit for vesting purposes under ERISA. Pension Credits accumulated and maintained by an employee under this Plan shall be recognized by the other signatory plans. Pension Credits under each plan shall be based on the rules in effect in that plan at the time the employment occurred.

Total Pension Credit. The Pension Credit granted under this Plan and other signatory plans together comprise the Employee's total Pension Credit. In no case will more than one (1) year of Pension Credit be counted for any twelve (12) consecutive calendar months.

Combined Service Credit. If an Employee has, in a Calendar Year, worked under two (2) or more plans and accumulated fractional years of Pension Credit which together add up to more than one (1) year of credit for that Calendar Year, then the Pension Credit recognized under all plans shall be limited to one (1) year. Pension Credit will first be counted under the plan to provide the highest benefit level. The other plan(s) shall count as Pension Credit the necessary fractional year(s), in a declining benefit level order, which will bring the total to exactly one (1) year of Pension Credit for the employee.

Eligibility. An employee shall be eligible for a Partial Pension under this Plan upon satisfying all of the following requirements:

  1. He or she would be eligible for any type of pension under this Plan if his or her total Pension Credits were treated as service under this Plan; and
  2. He or she has, under each of the signatory plans, in which he or she has credited service, at least one (1) year of Future Service Credit (prior to June 30, 1982, two (2) years of Future Service Credit with this Plan); and
  3. In the case of an employee applying for a pension based on disability, he or she is able to meet the definition of disability in this Plan; and
  4. In the case of an employee applying for a pension based on age, he or she meets the minimum age requirements in this Plan.

Breaks in Service. In applying the rules of this Plan with respect to cancellation of Pension Credits, any Pension Credit earned during a period in which the employee worked in the jurisdiction of another signatory plan, shall be considered in determining whether there has been a Permanent Break in Service. However, once an employee has left the coverage of all the signatory plans, the determination as to whether he or she has a Permanent Break in Service under each signatory plan shall be determined by each plan based solely on the vesting service earned under that plan, not on the combined Pension Credit.

Election of Pensions. If an employee is eligible for more than one type of pension under this Plan, he or she shall be entitled to select the type of pension he or she is to receive.

Partial Pension Amount. The amount of the Partial Pension payable under this Plan for which an employee qualified shall be the benefit amount he or she accrued under this Plan during the period he or she earned the Pension Credit.

Payment of Partial Pensions. The payment of Partial Pension shall be subject to all of the conditions contained in this Plan applicable to other types of pensions.

Other Benefits. The obligation of each of the signatory plans is limited to pension benefits, including Surviving Spouse Pensions after Retirement payable as a result of election of a Spousal Pension or guaranteed period payments and benefits to surviving Spouses under Section 7.05. This "Partial Pensions" provision shall not apply to any pre-retirement death benefits except the Surviving Spouse Pension under Section 7.05. Other benefits provided by any of the plans, after retirement, such as lump-sum death benefits, level income of lump-sum options, health benefits, etc., are not covered by this provision. However, nothing in this provision shall prohibit any plan(s) from providing such benefits in accordance with its own rules and regulations.

Benefit Increases. If an employee leaves the jurisdiction of one of the signatory plans and the benefit level in that plan is later increased, benefits from that plan shall be computed at the benefit level in effect at the time the employee last earned Pension Credits under that plan.

Application Procedure. The plan under which an employee first makes application for the benefits shall initiate the processing of a Partial Pension with the other signatory plans based upon information supplied by the employee as to where he or she worked. Each plan agrees to provide the other plans with complete data, certified by an authorized administrator or plan employee, in order to process Partial Pensions promptly.

References to specific section(s) of the Plan can be found in the Official Plan Document under Plan Documents on this website.

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