Pension                                                                         

The Iron Workers District Council of Southern Ohio & Vicinity Pension Plan (the Pension Plan or Plan) is design to provide some of your retirement.

Your pension benefit can be a significant part of your retirement income. The amount of your pension benefit is generally based on the number of years you work for an Employer that contributes to the Plan on your behalf. Generally, the longer you work for a Contributing Employer, the greater your pension.

The Plan offers:

• Pension at various retirement ages;
• Different ways in which your pension can be paid;
• Disability benefits; and
• Death Benefits.

This web site will give you an overview of the Pension Plan and provide you with information to make decisions about your retirement. A glossary is included to define terms used throughout this site and the Summary Plan Description (S.P.D.). If you are married, share this information with your spouse. Contact the Pension Trust Office if you have any questions about the Pension Plan.

This information has been prepared for active Participants of the Iron Workers District Council of Southern Ohio & Vicinity Pension Plan. If there is a discrepancy between this information and the legal Plan Document that establishes the Plan, the legal Plan Document will govern. The Trustees have the sole authority to make final determinations regarding any application for benefits, the interpretation of the Plan, and any administrative rules adopted by the Trustees. The Trustees reserve the right to change, modify, or discontinue all or part of the benefits of the Plan at any time by action or amendment.

PENSION PLAN HIGHLIGHTS

Becoming A Participant

Earning Vesting And Pension Credits

Vesting Service

• Determines your right to a pension.
• Generally, you earn one year of vesting service for each Calendar Year in which you work at least 1,000 hours in Covered Employment, which may include certain periods of non-Covered Employment.
• You become vested once you complete five years of vesting service, earn five pension credits, or reach Normal Retirement Age while still a Participant.

Pension Credits

• Pension credits are used to calculate your pension benefit.
• Pension credits include pension credits earned before and during the Contribution Period, if applicable.
• Generally, you earn pension credits based on the number of hours you work. For employment after January 1, 2006, you earn 1/100th (0.01) of a pension credit for each 15 hours of Service in Covered Employment in a Calendar Year (up to a maximum of one pension credit per Calendar Year (January 1 – December 31).

Receiving A Pension When You Retire

• A Regular Pension is available as early as age 62 if you have at least five pension credits.
• A 30 and Out Service Pension is available as early age 55 if your pension credits earned before January 1, 2005, plus years of vesting service earned after January 1, 2005, equal at least 30.
• A 100 and Out Service Pension is available as early age 58 if your age plus pension credits equal at least 100.
• An Early Retirement Pension is available as early as age 55 if you have 15 pension credits.
• A Disability Pension, is available if you become totally and permanently disabled and you have at least:
  •   30 pension credits; or
  •   5 pension credits (or years of vesting service) and qualified for a Social Security Disability benefit.
• A Deferred Pension is generally available at age 62 if you leave Covered Employment and you are vested. A Deferred Pension may be taken as early as age 55 with 15 pension credits.
• A Pro Rata (Partial) Pension may be available if you have Service under this Plan and under another iron workers' pension plan.

Choosing How Your Pension Is Paid

• If you are not married, your pension is generally paid as a Life Annuity. If you are married, your pension is generally paid as a 50% Husband-and-Wife Pension; however, you may elect an optional form of payment with your spouse’s consent.
• The Plan also offers these optional forms of payment: 50%, 75%, or 100% Joint-and-Survivor Option and a Level Income Option, which provides you with a level income before and after Social Security payments begin. Depending on the payment option you choose, you may need your spouse’s consent.
• If the total value of your benefit is $5,000 or less, you will receive your benefit as a lump-sum payment. However, if the value of your benefit is $1,000 or more but less than $5,000, you must elect if you want payment to be made directly to you or rolled over into an eligible retirement plan.

In The Event Of Your Death

• If you die before your pension payments begin, one of the following benefits may be available to your spouse or dependent child:
•  Pre-retirement Surviving Spouse Benefit; or
•  Pre-retirement Death Benefit.
• If you die after your pension payments begin, the Plan offers a Postretirement Death Benefit. Also, if you were receiving your pension in the form of a:
• 50% Husband-and-Wife Pension, your spouse will receive 50% of the amount you were receiving for the rest of his or her lifetime.
• Life Annuity, and you had not received 60 monthly payments before your death, your Beneficiary will receive the remainder of the 60 monthly payments. If at least 60 monthly payments were made before your death, no further benefits are payable.
• 50%, 75%, or 100% Joint-and-Survivor Option, your Beneficiary will receive 50%, 75%, or 100% (as applicable) of the amount you were receiving for the rest of his or her lifetime.
• Level Income Option, and you had not received 60 monthly payments before your death, your Beneficiary will receive the remainder of the 60 monthly payments in an amount based on your pension and the number of payments received before your death (see page __ for more information). If at least 60 monthly payments were made before your death, no further benefits are payable.
• Lump-sum payment, no further benefits are payable.