Benefit Units And Rates

Benefit Rates

 

The Plan calculates your pension by multiplying your Benefit Units by the rate in effect when you retire and applying the provisions required for the type of pension (e.g., Normal or Early Retirement) and payment you will receive. If you have had any breaks-in-service, more than one rate will apply. The benefit rate table is below:

A Journeyman Rates

Year you left…

Benefit Rate

 

Year you left….

Benefit Rate

Before 1980

$20.50

1998

$54.00

1980 – 1981

$22.00

1999

$58.00

1982 – 1983

$25.00

2000

$66.00

1984

$27.75

2001

$71.00

1985 – 1986

$30.00

2002

$73.50

1987

$34.00

2003

$75.50

1988

$36.00

2004

$78.50

1989

$37.00

2005

$80.50

1990

$39.25

2006

$81.50

1991

$41.00

2007

$82.00

1992

$41.50

2008

$85.00

1993

$43.00

2013

$86.00

1994 – 1996

$46.00

2014

$90.00

1997

$49.00

   

Residential Wireman

As of 1991, Residential Wiremen became eligible for contributions to the Plan. Years of Vesting Service and Benefit Units are calculated in the same way as for an A Journeyman, except the Benefit Unit calculations are made based upon the following table:

Residential Wiremen Rates

Year you left…

Benefit Rate

 

Year you left…

Benefit Rate

May 1, 1996 to 1998

$9.00

2003

$20.00

1999

$11.00

2004

$21.00

2000

$14.00

2005 – 2007

$21.50

2001

$17.00

2008 – 2013

$23.00

2002

$19.00

2014

$24.00

Once you earn a Residential Benefit Unit, it will always be considered a Residential Benefit Unit. However, the amount of the Benefit Unit is measured by the date or dates in which you cease to be an Active Participant under the Plan, not when you ceased to be a Residential Wireman. If you earn both Residential Benefit Units and A Journeymen Wireman Benefit Units, your pension benefit calculation would be based upon a combination of those units.

Delayed Retirement—Bonus Credits

If you keep working in covered employment after you reach eligibility for an unreduced benefit (normal retirement date of age 62 or eligibility for the Rule of 85 which is explained in the “Types of Pensions” Section of this SPD), you will continue to earn additional retirement benefits. Your benefit will be calculated using the following rate for the Benefit Units you earned after eligibility for unreduced benefits until retirement:

 

A Journeyman Bonus Credits Benefit Rates

Year you left…

Benefit Rate

 

Year you left…

Benefit Rate

Before 2000

Normal Benefit Rate

2005

$107.33

2000

$88.00

2006

$108.66

2001

$94.66

2007

$109.33

2002

$98.00

2008

$113.33

2003

$100.66

2013

$114.66

2004

$104.66

2014

$120.00

Increase After Retirement

Generally, the amount of your benefit will not increase after you retire. However, the Board of Trustees does have discretion to increase retiree benefits as a group if the Board, in its sole discretion, decides that it is appropriate to do so. From time to time, your benefits may be increased, but you cannot expect that they will.