Pension Fund
You have a defined benefit pension plan. The pension is a defined benefit because the monthly amount of your benefit when you retire is fixed. You earn pension credits when you work in covered employment, and the amount of pension credits you have when you retire affects the amount of your monthly benefit and the type of pension you’re eligible to receive.
Eligibility
Earning Credits
Pension Types
Forms of Payment
Applying for Benefits
Working After Retirement
Eligibility
You become a participant when an employer contributes to the Pension Fund on your behalf for credits you earn in covered employment. Contributions are made based on your gross wages, as set forth in the collective bargaining agreement.
Earning Credits
For each calendar year in which you meet the minimum earnings requirement as shown below, you’ll receive one pension credit:
Vesting
Your vesting credits determine your vested status. With vested status, you cannot lose the pension credits you’ve earned, and you’ll have a nonforfeitable right to your Pension Fund benefits. Vested status means one of the following has occurred:
- You’ve earned at least:
- One hour of service in covered employment after December 31, 1998, and
- Five years of vesting credits
- You haven’t earned at least one hour of service in covered employment after December 31, 1998, but you’ve earned at least 10 years of vesting credits.
- You’re an employee not covered under a collective bargaining agreement, but contributions are being made for you to the Pension Fund, you have at least one hour of service after December 31, 1988, and you’ve earned at least five years of vesting credits.
- You’ve reached normal retirement age.
Breaks in Service
If you’re not vested and incur a one-year break in service, all your pension and vesting credits earned before your break are cancelled. However, they will be reinstated if you subsequently earn a credit before incurring a permanent break in service.
If you’re not vested and incur a permanent break in service, any pension or vesting credits you earned before the break will be permanently lost. A permanent break in service occurs when you have consecutive one-year breaks in service that exceed the greater of the number of years of vesting credit with which you have been credited and five (5) years.
Pension Types
Normal Pension
You’re eligible for a Normal Pension if you’re at least age 65 upon your retirement from covered employment and you’ve accumulated at least five years of pension credit.
The amount of the monthly benefit is:
- $100 for each year of pension credit (formerly referred to as Past Service Credit, First Future Service Credit or Future Future Service Credit) earned before January 1, 2026, and
- $125 for each year of Pension Credit earned on or after January 1, 2026.
Early Retirement Pension
You’re eligible for an Early Retirement Pension if, upon retirement from covered employment, you have:
- Reached age 60 but are not yet age 65, and
- Accumulated at least five years of Pension Credit
The monthly benefit is equal to the Normal Pension benefit, which would have been payable at age 65, reduced by 2/9 of 1% for each month that benefits are paid before the date you would have reached age 65.
30-Year Service Pension
You’re eligible for a 30‐Year Service Pension if you have:
- Reached age 55 but are not yet age 60, and
- Accumulated at least 30 years of Pension Credit
The monthly benefit is equal to the Normal Pension benefit, which would have been payable at age 65, reduced by 2/9 of 1% for each month that benefits are paid before the date you would have reached age 65.
Disability Pension
You’re eligible for a Disability Pension if you:
- Become totally and permanently disabled before age 65, and
- Have at least 10 years of pension credits, including at least one year of pension credit in either of the two calendar years immediately preceding or in the year in which the disability occurred.
The monthly benefit amount equals the monthly amount of the Normal Pension, based on your pension credits up to the date of your employment.
Vested Pension
If you’re “vested,” you’re eligible to receive a Vested Pension beginning at age 65. In general, if you have service in covered employment after December 31, 1998, and have five years of vesting credits, you’re vested.
The monthly benefit amount equals the monthly amount of the Normal Pension, based on your pension credits earned up to the date you’re no longer in covered employment.
Forms of Payment
The Plan allows for four forms of payment to choose from at the time of retirement:
- Payable over your lifetime with 120 months guaranteed
- 50% Joint and Survivor Benefit
- 75% Joint and Survivor Benefit
- 100% Joint and Survivor Benefit
If you are married and would like to choose a form other than a joint and survivor pension with your spouse listed as the beneficiary, your spouse will need to sign a waiver of Qualified Joint and Survivor Pension before we can process your pension application.
If you’re not married, you may elect a Joint and Survivor Pension with a designated beneficiary instead of a single life annuity.
If you choose a joint and survivor pension and the beneficiary predeceases you, please let the Fund Office know as soon as possible, and your pension benefit going forward will be increased to the monthly amount you would have been entitled to had you elected the single life annuity at retirement instead of the joint and survivor option.
If you are planning on retiring soon, please reach out to the Fund Office for a calculation of what your monthly pension benefit would be for each of the available forms of payment.
Survivor Benefits
Upon your death, if the Fund Office is notified on a timely basis, payments to your Joint and Survivor beneficiary begin as of the first day of the calendar month immediately following your death.
Applying for Benefits
You must file a Pension Application Form with the Fund Office at least one month before the first day of the month on which you want your benefits to begin.
Working After Retirement
If you resume work in the jurisdiction of Local No. One, IATSE, you must notify the Fund Office in writing within 15 days after you resume work. You are required to complete and submit a Retiree Work Report. Visit the Resources page to download the appropriate Report form for your age group.
The Fund allows for limited shifts after retirement, based on your age, without incurring a suspension of your Pension benefits.
Before age 60, if you return to work within the jurisdiction of Local No. One, IATSE, your pension will be suspended for any month in which you engage in any such work plus an additional six or 12 months.
After age 60 but before age 65, if you return to work within the jurisdiction of Local No. One, IATSE, your pension will be suspended for any month in which you engage in five or more days/shifts plus an additional six or 12 months.
After age 65 but before age 70½, if you return to work within the jurisdiction of Local No. One, IATSE, your pension will be suspended for any month in which you engage in eight or more days/shifts.
After age 70½ there is no limitation on the number of shifts you are allowed to work. Your benefit will not be suspended.
Please note: If you are on the Medicare Advantage Plan and you earn more than the required covered earnings for Tier I, II, or III benefits, your Medicare-eligible benefits will be terminated at the next open enrollment, and you will have the option to either elect a tier of benefits for your primary coverage or retain Medicare as your primary coverage and therefore reject any coverage from the Fund.
Learn More
Review the Summary Plan Description (SPD) and access annuity-related forms by visiting the Resources page.