Pension Eligibility

ELIGIBILITY FOR A NORMAL PENSION:

If you are age 65 or older and have at least ten (10) Pension Credits, at least five (5) of which are Future Service Credits or have reached the 5th anniversary of your participation in the Plan and you have not incurred a Break in Service, you will meet the eligibility requirements for a Normal Pension. You will also become Vested if you reach “Normal Retirement Age” while you are an active participant. “Normal Retirement Age” is the later of age 65 or the fifth anniversary of the date you became a participant in the Plan.

ELIGIBILITY FOR AN EARLY PENSION:

If you are age 60 but not 65 and have at least 15 years of service credits, at least five (5) of which are Future Service Credit, you will meet the eligibility requirements for an Early Pension. Should you retire between ages 60 and 62, your accrued monthly benefit will be reduced by one half of 1% (.5%) for each month prior to your 62nd birthday. Your benefit will not be reduced if you are age 62 or older. The maximum reduction for an Early Retirement Pension is 12%.

What happens if I become disabled?

You will meet the eligibility requirements for a Disability Pension if you have at least ten (10) years of service credits, at least two (2) of which are Future Service Credits, and you applied for and received a Social Security Administration Award Certificate, also known as a “Notice of Award”, entitling you to disability insurance benefit payments.

If you are eligible, your Disability Pension will be calculated as though you are age 65. The effective date of your pension will be the date of your entitlement to disability benefits from the Social Security Administration (SSA) indicated on your Notice of Award.

You are entitled to a Disability Pension only while you continue to receive Social Security disability benefits, so you must notify the Fund Office if such benefit is discontinued. The Trustees require reasonable proof of your continued disability, such as a copy of the most recent Social Security Disability check or, if the SSA benefit is electronically transferred to a bank, a copy of the wire-advice or bank statement. To verify continued receipt of SSA disability benefits, the Fund Office conducts a disability audit on an annual basis. 

If you applied for this benefit from the Metal Trades Pension Plan within 90 days of the receipt of your SSA ”Notice of Award” letter, your pension benefits will be paid retroactively to the date you became entitled to Social Security disability benefits, as indicated on the award letter. If your application is not made within 90 days of the receipt of your “Notice of Award,” Disability Pension payments will begin on the first of the month following the receipt of a valid application.