This section modified by a Plan Communication.
A. Inside Wiremen Benefits
- For Participants under the Inside Wire Agreement, including Alumni Participants covered under Subscription Agreements (see Section 3.A.), who retire on or after January 1, 2007 and worked a minimum of 3,000 hours since January 1, 2003, your basic monthly benefit for EACH FULL Future Service Pension Credit is $175.00. The value of each year of Pension Credit earned, however, will depend on your satisfying the minimum Pension Credit hours requirement as shown on the Inside Wire Comparison Benefit Table on the following page. For example, even though you may retire on or after January 1, 2007, if you earned at least 3,000 hours of Pension Credit since January 1, 2002, but failed to do so since January 1, 2003, your accumulated Future Service Pension Credit will be calculated at $170.00 per credit. Regardless of when you retire the value of each year of Pension Credit will depend upon the date you last accumulated a minimum of 3,000 Pension Credit hours.
The pension benefits based on Future Service Pension Credit that were accumulated during different employment periods are listed below.
Periods of Employment |
$ Per Pension Credit |
6/1/61- 5/31/79
6/1/1979- 5/31/1980
6/1/1980- 5/31/1982
6/1/1982- 5/31/1984
6/1/1984-12/31/1984
1/1/1985-12/31/1985
1/1/1986-12/31/1986
1/1/1987-12/31/1988
1/1/1989-12/31/1989
1/1/1990-12/31/1990
1/1/1991-12/31/1991
1/1/1992-12/31/1992
1/1/1993-12/31/1993
1/1/1994-12/31/1995
1/1/1996-12/31/1996
1/1/1997-12/31/1997
1/1/1998-12/31/1999
1/1/2000-12/31/2000
1/1/2001-12/31/2006
1/1/2007 forward |
$35.00
45.00
50.00
55.00
60.00
61.00
66.00
75.00
80.00
85.00
90.00
92.00
95.00
97.00
105.00
116.00
135.00
160.00
170.00
175.00 |
The following represents improvements in the above benefits if you meet the minimum 3,000 Pension Credit hours requirement following the date specified in the third column and you have not had a “Separation from Employment” as defined in Subsection E below. If you have experienced a Separation from Employment, you should refer to Appendix A to determine the applicable frozen benefit level(s) that applies based on the date of your Separation from Employment.
INSIDE WIREMAN BENEFIT COMPARISON TABLE |
RETIREMENTS ON OR AFTER |
PERIODS OF EMPLOYMENT |
$ PER PENSION CREDIT/MINIMUM PENSION CREDIT HOURS REQUIREMENT |
01.01.85 |
6/1/61-5/31/79 |
$37.50- Requires at least 3,000 hours after 1/1/8 |
01.01.87 |
6/1/61-5/31/82 |
$45.00 -Requires at least 3,000 hours after 1/1/83 |
| 01.01.88 |
6/1/61-5/31/82 |
$55.00-Requires at least 3,000 hours after 1/1/84 |
| 01.01.89 |
6/1/61-12/31/84 |
$61.00-Requires at least 3,000 hours after 1/1/85 |
| 01.01.91 |
6/1/61-12/31/90 |
$90.00-Requires at least 3,000 hours after 1/1/87 |
| 01.01.92 |
6/1/61-12/31/91 |
$92.00-Requires at least 3,000 hours after 1/1/88 |
| 01.01.93 |
6/1/61-12/31/92 |
$95.00-Requires at least 3,000 hours after 1/1/89 |
| 01.01.94 |
6/1/61-12/31/93 |
$97.00-Requires at least 3,000 hours after 1/1/90 |
| 01.01.96 |
6/1/61-12/31/95 |
$105.00-Requires at least 3,000 hours after 1/1/92 |
01.01.97 |
6/1/61-12/31/96 |
$116.00-Requires at least 3,000 hours after 1/1/93 |
01.01.98 |
6/1/61-12/31/97 |
$135.00-Requires at least 3,000 hours after 1/1/94 |
01.01.00 |
6/1/61- 12/31/2000 |
$160.00-Requires at least 3,000 hours after 1/1/96 |
01.01.01 |
6/1/61-12/31/2006 |
$170.00-Requires at least 3,000 hours after 1/1/97 |
01.01.07 |
06/01/61 and after |
$175.00-Requires at least 3,000 hours after 1/1/03 |
Until 1978, increases in the value of a year of Pension Credit were applicable to years of Future Pension Credit Service earned since June 1, 1961 for retirements first occurring after the stated effective date.
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