Electrical Pension Trustees - Fund ?· iii TounderstandyourbenefitsfromtheElectricalContractors’AssociationandLocalUnion134,…

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  • Pension PlanNo. 2

    Electrical

    Pension

    Trustees

  • iii

    To understand your benefits from the Electrical Contractors Association and Local Union 134,I.B.E.W. Joint Pension Trust of Chicago Pension Plan No. 2 (Pension Plan No. 2 or Plan), youmust read this booklet in its entirety. The Plan is maintained by a joint board of 10 Trustees fiveTrustees appointed by the Electrical Contractors Association of the City of Chicago and five Trusteesappointed by Local Union 134 I.B.E.W. The Plan may provide retirement or disability benefits foryou and survivor benefits for your spouse.

    The Plan is financed by contributions from the participating employers to the Pension Trust Fund.The Plans actuary determines the amount of contributions that must be made to fund the benefitrequirements for Pension Plan No. 2. Assets of the Plan are invested by investment managers chosenby the Trustees.

    This is a Summary Plan Description of Pension Plan No. 2 as it applies to members who retire or ter-minate employment on or after July 1, 2004. If you left covered employment before this date, some ofthe provisions in this booklet may not apply to you. You will be treated in accordance with Plan pro-visions in effect on the date you left covered employment.

    Every effort has been made to describe Plan provisions in a manner intended to be understood byPlan participants. If there is any variation between the language in this booklet and in the official Plandocuments, the Plan documents will prevail.

    Additional information about the Plan is readily available from the Fund Office. The Fund Office caninform you if a particular employer is a participating employer and, if so, the employers address. Youmay examine copies of the applicable collective bargaining agreement and other Plan documents atthe Fund Office.

    ABOUT THIS BOOKLET

  • iv

    ContentsPage

    Your Pension Plan Benefits At-A-Glance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1What Happens If . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

    You Are a New Participant . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3You Change Your Marital Status . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3You Are Laid Off . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3You Become Disabled . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3You Retire . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4Your Employer Stops Making Contributions to the Trust . . . . . . . . . . . . . . . . . . . . . . . . . 4You Terminate Employment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4You Die . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

    Eligibility and Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5Covered Employment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5Credited Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5Hours Banking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6Eligibility Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6Break in Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7Interruption of Covered Employment Before Pension Payments Begin . . . . . . . . . . . . . . . .7Prior Years of Credited Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8Excused Absences . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8Vesting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Pension Reciprocity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

    Retirement Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Normal Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Early Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11Disability Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11Deferred Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12Employment After Normal Retirement Age . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12What Social Security Adds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

    How Your Pension Is Paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14Survivor Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

    Receiving a Disability Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16If You Die and You Have Been Married More Than Five Years . . . . . . . . . . . . . . . . . . . . 16

    How Reemployment Affects Your Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17Before Payments Begin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17After Payments Begin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18For a Short Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

    Applying for Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19If Your Application for Benefits Is Denied . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19Assignment of Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20

    Plan Administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21Employer Trustees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21Union Trustees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21Future of the Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22

    Your Rights Under ERISA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .24Receive Information About Your Plan and Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . .24Prudent Actions by Plan Fiduciaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .24Enforce Your Rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25Allocation of Fiduciary Responsibility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25Assistance with Your Questions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .26

  • 1

    As a participant in Pension Plan No. 2, youearn pension benefits while you work foremployers who contribute to the PensionTrust. At retirement, you can look forwardto retirement income for the rest of your life.The amount you will receive is based on youryears of credited service and age when youretire. Your pension benefits may also bea source of income to you if you becomedisabled, or to your survivors if you die.

    The Plan is a non-contributory definedbenefit plan. That means:

    The Plan provides a specific benefitamount when you retire.

    You cannot contribute toward yourpension benefits. Participating employerspay the full cost of your pension benefitsthrough contributions to the Trust Fund.

    You have no investment risk. The Planpays your pension benefits even if itsinvestments do poorly.

    Your Pension PlanBenefits At-A-Glance

    Feature Pension Plan Benefits

    EligibilityYou become a participant in Pension Plan No. 2 on the dayyour employer is required to make a contribution for you underthe Plan.

    CoveredEmployment

    Covered employment includes any period of work for which youremployer is obligated to make contributions to the Trust Fund(see page 5 for details).

    Eligibility Service

    Eligibility service is used to determine when you qualify to receivepension benefits. Generally, you receive one year of eligibilityservice for each calendar year in which you have 400 or morehours of covered employment (see Eligibility Service, page 6).

    Credited Service

    Credited service is used to determine the amount of your pensionbenefits. Generally, you receive one full year of credited servicefor each calendar year in which you have 1,600 hours of coveredemployment (see Credited Service, page 5).

    Cost of CoverageThe Plan is funded entirely by contributions made byparticipating employers.

    V

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