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Pension Plan

 
Service

ACCUMULATION OF BENEFIT UNITS & YEARS OF CREDITED SERVICE, BREAKS IN SERVICE, AND VESTING REQUIREMENTS

The purpose of this Article is to define the basis on which Participants accumulate Benefit Units and Years of Credited Service and to define the basis on which accumulated Benefit Units, Years of Credited Service and accrued benefits may be canceled. This Article also describes the basis upon which a Participant attains vested status.

Years of Credited Service Prior to the Contribution Date.

  1. A Participant shall be entitled to Credited Service for the period prior to his or her Contribution Date on the basis of employment in the geographical jurisdiction of the Union of the type for which Contributions are made to the Pension Fund. A Participant shall be entitled to a Year of Credited Service for each Calendar Year in which he or she was so employed for at least 1,400 hours or more. If a Participant was so employed and worked less than 1,400 hours but at least 350 hours in a Calendar Year, he or she shall receive one quarter of a Year of Credited Service for each full 350 hours he or she worked in such employment.
  2. It is recognized that it may be difficult or impossible for many Employees to obtain verification of their employment in past years. Accordingly, a presumption is created that an Employee was engaged in Covered Employment throughout the period of his or her membership in the Union or its predecessor, and may be given a Year of Credited Service for each calendar year prior to his or her Contribution Date during which he or she was a member of the Union or its predecessor.
  3. A Participant who worked in Covered Employment at the Resilient Floor Covering Pension Fund Office on or after January 1, 2001 shall be eligible for Credited Service for periods prior to his or her Resilient Floor Covering Pension Fund Office employment, during which time he or she was employed by an administrative office performing administrative services on behalf of the Fund. The amount of such Credited Service shall be determined in accordance with Subsection a. above.

Years of Credited Service After the Contribution Date.

  1. A Participant shall receive Credited Service for Hours of Service in Covered Employment between the Contribution Date and January 1, 1976, in accordance with the following schedule:
    Hours of Service in Calendar Year Credited Service
    Less than 350 hours None
    350 to 699 hours 1/4
    700 to 999 hours 2/4
    1000 hours or more One Year
  2. A Participant shall receive Credited Service for Hours of Service in Covered Employment after January 1, 1976 in accordance with the following schedule:
    Hours of Service in Calendar Year Credited Service
    Less than 500 hours None
    500 to 749 hours 2/4
    750 to 999 hours 3/4
    1000 hours or more One Year
    If a Participant works for a Contributing Employer in Continuous Non-Covered Employment, his or her Hours of Service in such Continuous Non-Covered Employment after December 31, 1975 (or after the Contribution Date, if later) shall be counted in accordance with the above schedule toward a Year of Credited Service. If the Participant does not work sufficient Hours of Service for Contributing Employer(s) to earn a full Year of Credited Service in a Calendar Year, he or she shall not be entitled to any portion of a Year of Credited Service for Hours of Service in Continuous Non-Covered Employment.
  3. A Participant will be entitled to Credited Service for any period after his or her Contribution Date during which he or she was employed in work for which Participants with a later Contribution Date are granted Credited Service in accordance with Section 6.02.
  4. Exceptions: A Participant shall not be entitled to Credited Service for the following:
    1. Years preceding a Permanent Break in Service, as defined in Subsection 6.07.a. for periods prior to January 1, 1976; and
    2. Years preceding a Permanent Break in Service, as defined in Subsection 6.07.c. and 6.07.d. for periods beginning on or after January 1, 1976.
    3. Beginning September 1, 2005, for any Employer Contributions received on behalf of any Participant, if the minimum contribution rate for journeymen in the Participant’s Bargaining Unit covering his or her geographical area, is not at least $2.50 per hour. These hours will be applied to Vesting only, as set forth in Section 6.09.

Benefit Units.

  1. Non-Contributory Benefit Units Earned Before the Contribution Date. A Participant shall receive one Non-Contributory Benefit Unit (or portion thereof) for each Year of Credited Service (or portion thereof) to which he or she is entitled under Section 6.02.
  2. Contributory Benefit Units Earned Between the Contribution Date and January 1, 1976. A Participant shall receive one Contributory Benefit Unit (or portion thereof) for Contributory Hours worked between the Contribution Date and January 1, 1976, according to the following schedule:
    Contributory Hours Worked in Calendar Year Contributory Benefit Units
    Less than 350 hours None
    350 to 699 hours 1/4
    700 to 1,049 hours 2/4
    1,050 to 1,399 hours 3/4
    1400 hours or more One
    For Contributory Hours worked between January 1, 1962 and January 1, 1976, a Participant age 60 or older will receive one quarter of a Contributory Benefit Unit for each 350 Contributory Hours whether or not all of such 350 Contributory Hours were worked within one Calendar Year. In no event, however, shall a Participant receive more than one full Contributory Benefit Unit in any one Calendar Year.
  3. Contributory Benefits Units Earned After January 1, 1976 and Before January 1, 1997. A Participant will receive Contributory Benefit Units (or portions thereof) for Contributory Hours worked after January 1, 1976 and before January 1, 1997, according to the following schedule:
    Contributory Hours Worked in Calendar Year Contributory Benefit Units
    Less than 500 hours None
    500 to 599 hours 5/14
    600 to 699 hours 6/14
    700 to 799 hours 7/14
    800 to 899 hours 8/14
    900 to 999 hours 9/14
    1000 to 1,099 hours 10/14
    1,100 to 1,199 hours 11/14
    1,200 to 1,299 hours 12/14
    1,300 to 1,399 hours 13/14
    1,400 or more hours One
    If a Participant earns a Year of Credited Service in a Calendar Year after December 31, 1975, and works less than 500 Contributory Hours, he or she shall be credited with a prorated portion of a full Benefit Unit, in the ratio which his or her Contributory Hours of work bear to 2,000 hours. However, such portion of a Benefit Unit cannot be used to determine eligibility for a Service Pension.
  4. Other Benefit Units Earned After the Contribution Date. A Participant will be entitled to Non-Contributory Benefit Units for any period after his or her Contribution Date during which he or she was employed in work for which Participants with a later Contribution Date are granted Non-Contributory Benefit Units. The number of Benefit Units granted on this basis will be determined in accordance with Subsection 6.04.a.
  5. Exception: A Participant shall not be entitled to Benefit Units for the following periods:
    1. For the period preceding a Permanent Break in Service as defined in Subsection 6.07.a. for periods prior to January 1, 1976; and
    2. For the period preceding a Permanent Break in Service, as defined in Subsections 6.07.c. and 6.07.d.

Separation from Covered Employment.

  1. A Participant will be deemed to be Separated from Covered Employment after June 1, 1976 at the end of any two-consecutive-Calendar-Year period in which he or she does not work at least 500 Contributory Hours in one Calendar Year.
  2. A Participant will be deemed to have Separated from Covered Employment before June 1, 1976 if he or she failed to earn one quarter of Credited Future Service as a result of Contributory Hours of work, in any two-consecutive-Calendar-Year period.

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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