Operating Engineers Construction Industry and Miscellaneous Pension Fund.
IMPORTANT - This information summarizes the requirements for
the Pension Fund. It does not replace or amend the Summary Plan Description.
To obtain additional information concerning the Pension Fund call (412)968-9750.
If you terminate employment after January 1, 1976,
after completing 5 years of credited service, you will be eligible for a vested
retirement benefit with benefits deferred to your normal retirement date.
The monthly vested retirement benefit commencing at age 65 is calculated the same
as the normal retirement benefit times the vesting percentage from the following table:
| Vesting Percentages for Those Who Vested |
Completed Years
of Credited Service
|
Years
1989 to 1996
|
Years
1976 to 1988
|
Years
1997 or Later
|
|
5 through 9.
|
50%
|
50%
|
100% after 5
|
|
10
|
100%
|
75%
|
|
11
|
100%
|
80%
|
|
12
|
100%
|
85%
|
13
|
100%
|
90%
|
14
|
100%
|
95%
|
15 or more.
|
100%
|
100%
|
*If you are vested prior to January 1, 1976, see the Summary Plan Description,
Article VII, Section 3 or 4.
Deferred Vested Retirement Benefit Prior to Age 65 - You may elect to
have your vested retirement benefit begin prior to age 65 but no earlier than age 55.
For those who retire on or after January 1, 2000, the monthly benefit will be
calculated after first applying the vesting percentage from the table listed above and:
- If you have 10 or more years of credited service and elect to have your benefits
commence at or after age 62, the monthly benefit will not be further reduced. If
you elect to have benefits commence prior to age 62, your monthly benefit will be
further reduced by 1/4 of 1% for each month you begin receiving benefits prior to
age 62.
- If you have 20 or more years of credited service and elect on or after
January 1, 1994, to have your benefits commence at or after age 60, the monthly
benefit will not be further reduced. If you elect to have benefits commence
prior to age 60, your monthly benefit will be further reduced by 1/2 of 1% for
each month you begin receiving benefits prior to age 60.
- If you have less than 10 years of credited service and elect to have your
monthly benefit commence prior to age 65, your monthly benefit will be further
reduced by 1/4 of 1% for each month you begin receiving benefits prior to age 65
AGE 70½ REQUIREMENT - If you are eligible for a deferred vested benefit,
you must begin to receive pension benefits no later than April 1st following
the calendar year in which you obtain age 70 1/2.
