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Pension

The Pension Fund provides a source of income in retirement for participants.

Frequently asked questions

The entire cost of the Pension Plan is paid by the participating Employers who contribute to the Plan in accordance with collective bargaining agreements and participation agreements. You are not required or permitted to contribute to the fund.

You become a participant in the Tuckpointers Pension Plan, at the earlier of January 1st or July 1st following your accumulation of 500 hours of Covered Employment, within the 12-month period following the first hour you work in Covered Employment.

You earn an hour of Covered Employment for each hour paid in by your Employer.

Your accrued benefit at retirement is based on the number of hours worked in each Calendar Year and the date you retire, or otherwise leave Covered Employment.

For every 50 hours you work in Covered Employment during a Calendar Year in which you work at least 250 hours, you will earn $5.15 toward your monthly accrued benefit.

You may earn accruals for Calendar Years in which you work less than 250 hours only if you work 250 hours or more in the following Calendar Year or retire in that Calendar Year. The number of hours worked in a Calendar Year is not subject to a maximum, which means your annual benefit is not capped at a certain amount. Two examples of monthly benefit accruals are shown below:

Accrued Benefit Example 1

Chris works 2,200 hours in Covered Employment in 2022. His monthly accrued benefit for the year is calculated by dividing 2,200 by 50, rounding the result down to the next whole number, and multiplying that whole number by the current accrual rate, as follows:

(2,200 hours worked ÷ 50 hours) = 44 x $5.15 = $226.60 monthly benefit accrual for 2022.

Accrued Benefit Example 2

Joe works 2,020 hours in Covered Employment in 2022. His monthly accrued benefit for the year is calculated by dividing 2,020 by 50, rounding the result down to the next whole number and multiplying that whole number by the current accrual rate, as follows:

(2,020 hours ÷ 50 hours) = 40 x $5.15 = $206.00 monthly benefit accrual for 2022

The whole numbers, resulting from dividing your annual hours of Covered Employment by 50, are added up from year to year. That total is then multiplied by the accrual rate, currently $5.15, to determine your monthly benefit.

Accrued Benefit at Retirement Example

Chris began participation in the Pension Plan at age 37 in 1998.  He wants to retire in 2023, at age 62 with 26 years of pension credit.  His yearly Pension Credit is as follows:

Your eligibility for benefits is determined by your years of Vesting Service.  You earn one year of Vesting Service based on the hours you have worked in Covered Employment and when they were earned. You are vested and have a non-forfeitable right to your accrued benefit once you earn at least five years of Vesting Service under the Plan.

The type of pension benefit you are eligible to receive depends on your age and years of Vesting Service:

A Normal Retirement Pension may be payable at age 62.

A Temporary Supplemental Pension may be payable if you retire or otherwise leave Covered Employment on or after age 60 but before age 65 with 10 years of Vesting Service.

An Unreduced Early Retirement Pension may be payable as early as age 60 with 30 years of Vesting Service if you work at least 250 hours in Covered Employment in the year in which you retire or in the Plan Credit Year immediately prior to retirement.

An Early Retirement Pension may be payable as early as age 55 with 10 years of Vesting Service.

A Deferred Vested Pension may be payable at age 62 if you leave Covered Employment after earning five years of Vesting Service or as early as age 55 if you leave Covered Employment after earning 10 years of Vesting Service.

A Disability Pension may be payable if you become totally and permanently disabled and have five years of Vesting Service.

A Pre-Retirement Death Benefit may be payable to your surviving spouse or beneficiary, before you retire, if you die after earning five years of Vesting Service.

A Post-Retirement Death Benefit may be payable to your surviving spouse or beneficiary if you die after you retire and are eligible for or are receiving a Normal Retirement, Early Retirement, or Disability Pension.