© 2019 by Laborers Local 1298 

Pension Fund

 

 

 

 

 

 

 

 

 

UNION PLAN RENEWS ITS CERTIFICATION FOR
FIDUCIARY EXCELLENCE

 


                        

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HIGHLIGHTS OF THE PENSION PLAN

 

Participation – You automatically become a participant in the Plan the first day you begin working in the jurisdiction of Local 1298 or Local 66.

 
Retirement – You’re eligible for a “Normal Pension” once you reach age 62 or, if later, the fifth anniversary of the date your Plan participation began. Retirement is a two month process, once the decision to retire is made, please call Karen at 516-489-3644 Ext. 413 to receive your pension application.

 
Early Retirement – A reduced “Early Retirement Pension” is available at any time after you reach age 55, complete 5 years of vesting service or have at least 5 “Pension Credits.” However if you have at least 25 Pension Credits, you may be entitled to an unreduced early pension.

 
Disability – 
You may be entitled to a pension if you are “totally and permanently” disabled for at least six months, have earned at least 15 Pension Credits with Local 1298 and have completed at least 130 Hours of Service in Covered Employment during the consecutive months before your disability began.


Deferred Vested Benefits – Even if you don’t qualify for one of the pensions described above, you me be entitled to a deferred “vested” pension if your covered employment ends after you earn 5 Pension Credits or 5 years or “Vesting Service.”

 
Benefit Amounts – The amount of your benefit depends on your Years of Pension Credit, the “benefit rates in effect when you retire or leave employment, and any reductions that may apply on account of early payment or form of payment.

 
Payment Options - A variety of payment options are available that provide a monthly income for you alone, or for you and your beneficiary. In addition, pre-retirement survivor benefits may be payable if you die before retirement.