If you terminate from the Plan before you are eligible to retire, you may still be entitled to benefits based on the credits accrued up to your date of termination.
You may elect to terminate from the Plan if you are permanently withdrawing from employment for which the Union is the bargaining agent. Please complete the Pension Plan Termination/Retirement Request Form and send or bring it to the Union Office for authorization.
If you work less than a total of 350 hours in two consecutive plan years, you become a Terminated Member. The Administrator will contact you within 90 day of the Plan year end to provide you with information regarding the termination options available to you along with the applicable termination forms. Your options at the time of termination will depend on your age.
- If you are already at least 55 years of age when you become a Terminated Member, you may:
- start your monthly pension right away
- defer starting your monthly pension to a later date (but no later than December 1st of the year in which you turn 71).
- If you are not yet 55 years of age when you become a Terminated Member, you may:
- transfer the lump sum value of your deferred pension to your locked-in retirement account or another pension plan
- take a “deferred pension” starting at your retirement or early retirement date
If you choose a deferred pension and subsequently rejoin the Plan, future credits will add to the pension already earned. If you choose a lump sum transfer option, and subsequently rejoin the Plan, you will be treated as a new member.
Be sure to notify the Administrator of any address changes so that you may be kept informed.
For more information, please refer to the Termination of Service section of the Pension Plan Booklet.