Pension Credits | | |
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Past Service Credit |
1/12 Credit for each month of Past Service
Maximum 15 years prior to:
June 1, 1961 (Inside Wire Agreement)
June 1, 1962 (Motor Shop)
June 1, 1966 (Neon Sign)
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Pension Credit for Future Service |
One Pension Credit for each 1,500 pension credit Hours and 1/12 Credit for each remaining 125 pension credit Hours. |
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Credited Service |
1,000 or more Hours of Credited Service earns one Year of Credited Service. See Credited Service Explained. |
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Participation/Breaks in Service | | |
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Participation |
End of Plan Year (Calendar Year) during which you earn 300 Hours of Pension Credit or 500 Hours of Credited Service. |
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Break in Service |
A non-vested Employee incurs a One Year Break in Service in a Plan Year if the Employee fails to complete 500 or more Hours of Credited Service, or fails to earn a total of 300 pension credit Hours in the current and previous Plan Years.
Grace Periods from Break in Service Rules
Reciprocity
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Cancellation of Credited Service/Pension Credit - Permanent Break in Service |
Previously accrued Credited Service/Pension Credit will be canceled upon completion of five consecutive One Year Breaks in Service. |
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Vesting | | |
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Ten Year Vesting- (Effective 1-1-1976) |
100% Vesting with 10 Years of Pension Credit or Credited Service (or attainment of Normal Retirement Age prior to a Permanent Break in Service) |
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Five Year Vesting (Effective 1-1-1998) |
100% Vesting with:
- Five years of Credited Service or Pension Credit prior to a Permanent Break in Service; and
- One Hour of Covered Employment on or after January 1, 1998.
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