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Pension Plan

 
Pension Eligibility And Amounts

General. This Article sets forth the eligibility conditions and amounts payable for the pensions provided by the Plan. (Eligibility conditions and amounts payable for Employees as defined in Subsection 1.11.b. are set forth in Article 5.) The accumulation and retention of Benefit Units and Credited Service for eligibility are subject to the provisions of Article 6. The pension amounts are subject to reduction on account of the Spousal Pension (Article 7). Entitlement of an eligible Participant to receive pension benefits is subject to the Participant's Retirement and application for a pension, as provided in Article 10.

Eligibility depends in most instances upon Credited Service, which is defined in Sections 6.02 and 6.03, and takes into account credited employment both before and after the Contribution Date. Pension amounts (and in some instances, eligibility) are based on accumulated Benefit Units, as defined in Section 6.04, which also take into account creditable employment both before and after the Contribution Date.

Regular Pension - Eligibility. A Participant who has retired shall be entitled to receive a Regular Pension upon meeting the following requirements:

  1. He or she has attained age 60 and is vested in accordance with Section 6.09, or
  2. He or she has attained Normal Retirement Age as defined in Section 1.17.

For a Participant who retires subject to an Alternative Schedule, a Regular Pension shall not be available until the attainment of Normal Retirement Age and the early retirement provisions under Section 3.05 pertaining to retirement under an Alternative Schedule shall apply.

For a vested Participant who retires subject to the Default Schedule, a Regular Pension is available at age 60 only as to amounts accrued before January 1, 2011. For amounts accrued on or after January 1, 2011, the early retirement provisions under Section 3.05 pertaining to retirement prior to Normal Retirement Age under the Default Schedule shall apply.

Early Retirement Pension -- Eligibility. A Participant who is retired shall be entitled to an Early Retirement Pension upon meeting the following requirements:

  1. He or she has attained age 55 but not yet attained age 60;
  2. He or she has ten Years of Credited Service without a Permanent Break in Service, exclusive, however, of any Credited Future Service earned as a result of Continuous Non-Covered Employment; and
  3. He or she has worked at least 1,400 Contributory Hours after his or her Contribution Date.

Disability Pension -- Eligibility. A totally and permanently disabled Participant shall be entitled to receive a Disability Pension upon meeting the following requirements:

  1. He or she has not attained age 60;
  2. He or she has ten Years of Credited Service without a Permanent Break in Service, exclusive, however, of any Credited Future Service earned as a result of Continuous Non-Covered Employment; and
  3. He or she has, as a result of actual work in Covered Employment, earned at least two quarters of Credited Future Service in the two consecutive Calendar Years prior to or including the Calendar Year in which he or she became disabled from working in the Resilient Floor Covering Industry.

In accordance with the Rehabilitation Plan, the Disability Pension is discontinued as of January 1, 2011 and shall not be available to any Participant who becomes totally and permanently disabled, as determined under the Plan, on or after such date. The Disability Pension shall continue for any Participant who applied for a Disability Pension as of January 1, 2011 and is entitled to such Disability Pension in accordance with the terms of the Plan.

Service Pension -- Eligibility.

  1. A Participant who has retired shall for benefits accrued prior to September 1, 2005 be entitled to receive a Service Pension upon meeting all of the following requirements:
    1. He or she has not yet attained age 60;
    2. He or she has at least 25 Years of Credited Service without a Permanent Break in Service exclusive of any Credited Service earned in Continuous Non-Covered Employment (Service Credit earned under a Related Plan shall not be counted toward meeting this requirement for a Service Pension, the provisions of Section 4.05, notwithstanding);
    3. He or she had not previously been in receipt of an Early Retirement Pension; and
    4. Contributions of $0.50 per hour or more had been made for at least six months for the retired Participant's Bargaining Unit.

    A Participant who retires and receives a Service Pension with respect to his benefits accrued prior to September 1, 2005 must also concurrently receive any benefits accrued between September 1, 2005 and his or her Pension Effective Date.
  2. A Participant who has retired shall for benefits accrued on or after September 1, 2005 be entitled to receive a Service Pension upon meeting all of the following requirements:
    1. He or she is at least age 50 but has not yet attained age 60;
    2. He or she has at least 25 Years of Credited Service without a Permanent Break in Service exclusive of any Credited Service earned in Continuous Non-Covered Employment (Service Credit earned under a Related Plan shall not be counted toward meeting this requirement for a Service Pension, the provisions of Section 4.05, notwithstanding);
    3. He or she had not previously been in receipt of an Early Retirement Pension; and
    4. Contributions of $2.50 per hour or more had been made for at least six months for the retired Participant's Bargaining Unit.
  3. Notwithstanding the above, a Participant who has retired and is subject to an Alternative Schedule shall be entitled to receive a Service Pension upon meeting one of the following requirements, provide he or she had not previously been in receipt of an Early Retirement Pension:
    1. Has accrued at least 60,000 Hours of Service that constitute Credited Service;
    2. Is at least age 55 but has not yet attained age 62 and has accrued at least 54,000 Hours of Service that constitute Credited Service; or
    3. Is at least age 62 but has not yet attained age 65 and has accrued at least 45,000 Hours of Service that constitute Credited Service.

    The service requirement under Subsections (1), (2) and (3) above must be exclusive of any Hours of Service constituting Credited Service prior to any Permanent Break in Service and exclusive of any Credited Service earned in Continuous Non-Covered Employment (Service Credit earned under a Related Plan shall not be counted toward meeting this requirement for a Service Pension, the provision of Section 4.05, notwithstanding).
  4. For a Participant who retires on or after January 1, 2011 subject to the Default Schedule, the Service Pension shall be available under the terms described in Subsections 3.12.a. and 3.12.b. only as to amounts accrued before January 1, 2011. Such Participant may continue to accrue Years of Credited Service on and after January 1, 2011.
  5. Notwithstanding the above, if a Participant (i) stops working in the Resilient Floor Covering Industry prior to December 1, 2010, (ii) is within 1 year of earnings 25 Years of Credited Service and (iii) otherwise meets the requirements under Section 3.12.a. and/or b. above, such Participant shall be entitled to a Service Pension in accordance with subsection a. and/or b., provided he or she applies for such Service Pension on or after April 1, 2010 and before December 1, 2010.

Special Service Pension - Eligibility. A Participant who retired on or after January 1, 1997 shall be entitled to receive a Special Service Pension for benefits accrued prior to September 1, 2005 upon meeting the following requirements:

  1. He or she has at least 30 Years of Credited Service without a Permanent Break in Service exclusive of any Credited Service earned in Continuous Non-Covered Employment (Service Credit earned under a Related Plan shall not be counted toward meeting this requirement for a Special Service Pension, the provisions of Section 4.05 notwithstanding); and
  2. He or she has not previously received any type of pension under the Plan. (This requirement shall not apply to a Disability Pensioner who recovers from his or her disability and reenters Covered Employment before age 55).

A participant who retires and receives a Special Service Pension for benefits earned before September 1, 2005 must also concurrently receive any benefits accrued between September 1, 2005 and his or her Pension Effective Date.

For a Participant who retires subject to an Alternative Schedule, a Special Service Pension shall not be available as to any amounts accrued under the Plan. For a Participant who retires on or after January 1, 2011 subject to the Default Schedule, the Special Service Pension shall be available under the terms described in this Section 3.14 notwithstanding the Rehabilitation Plan, and such Participant may continue to accrue Years of Credited Service on and after January 1, 2011 for purposes of earning a Special Service Pension.

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.
Eligibility And Pension Benefits For Corporate Contributing Employers And Their Non-Bargained Employees

Purpose. This Article sets forth the requirements for eligibility and amounts payable for pensions provided by this Plan for Employees described in Section 1.11.b. Except as specifically covered in this Article 5, all other provisions of this Plan shall apply.

Eligibility. To be eligible for any benefits provided by this Plan based on Benefit Units earned and/or Contributions made on his or her behalf while a Section 1.11.b. Employee, a Participant must have at least two Years of Contributory Credited Service based on hours worked as a Section 1.11.b. Employee.

Exception. A Regular Pension at Normal Retirement Age and a Surviving Spouse Pension as provided by Section 7.05 are payable based on the Benefit Units earned and/or Contributions made on a Participant's behalf while a Section 1.11.b. Employee regardless of the number of Years of Contributory Credited Service he or she earned as a Section 1.11.b. Employee.

Level Income Option

Purpose. In lieu of the pension otherwise payable, a Participant entitled to a Regular or Early Retirement Pension may elect a Level Income Option in accordance with which he or she will receive a higher monthly amount for each month before the month in which he or she attains age 62 or 65, according to the age at which he or she expects to receive his or her Social Security Benefit, and reduced thereafter. The adjustment will be determined in such a way as to provide a pension before age 62 or 65, as nearly equal as possible to his or her combined retirement income after that age.

The Level Income Option is not available to a Pensioner in receipt of a Spousal Pension.

The Level Income Option is not available for benefits accrued on and after January 1, 1997.

Amount of the Level Income Option.

  1. The amount by which such a Participant's pension may be increased until age 62 or 65 for each $10 by which the increased pension is to be reduced thereafter shall be in accordance with the following table:
    Age Increased Pension Effective Age Reduced Pension Effective
      62 65
    55 $5.25 $3.85
    56 $5.73 $4.20
    57 $6.26 $4.58
    58 $6.84 $5.01
    59 $7.50 $5.49
    60 $8.24 $6.03
    61 $9.06 $6.64
    62 - $7.32
    63 - $8.10
    64 - $8.99
  2. If the first month for which the Level Income Option is payable does not coincide with the month of the Participant's birthday, the appropriate factor shall be determined from the above table on a pro rata basis, taking into account the number of completed months since the Participant's last birthday.
  3. Payment of the Level Income Option shall be subject to the following conditions:
    1. The Participant must have elected the Level Income Option in writing, in a form prescribed by the Trustees and filed with the Trustees, before the first month for which the pension is payable.
    2. The Option may not be revoked once benefit payment in the optional form has commenced.
    3. If the adjustment described above would reduce the monthly amount payable after age 62 or 65 to less than $20 a month, it shall not be applied and in such event, the benefit amount payable before age 62 or 65 shall be adjusted so that the benefit payable to the Participant on and after attainment of age 65 shall be at least $20 a month.
    4. The Option shall in no event be less than the Actuarial Present Value of a straight life annuity.

Level Income Option No Longer Available under Rehabilitation Plan. For a Participant who retires subject to an Alternative Schedule or to the Default Schedule, the Level Income Option shall not be available as to any amounts accrued under the Plan.

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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