Summary Plan Description (Revised January 1, 2018)

Vesting

Vesting means you earn a permanent right to accrued benefits even if you stop working in covered service. Vesting is based on credited service earned under this plan and, in certain circumstances, under reciprocal plans (please see "Reciprocal Plan Service"). The plan has had a number of vesting rules since its inception in 1960 but there are currently three ways to become vested in this plan.

Three-Year Vesting Rule

The three-year vesting rule became effective on January 1, 2017. Three-year vesting requires three years of credited future service in this plan earned on or after January 1, 2017 and before incurring a permanent break in service. If you were not already vested under the five-year vesting rule on January 1, 2017 (please see below), you became vested on January 1, 2017 if you had three years of credited service prior to December 31, 2016, and you:

  • Did not have a permanent break in service as of December 31, 2016; and
  • Did not have a one-year break in service in 2016.

You may still qualify for three-year vesting if you reinstate your previously forfeited rights by earning at least 500 hours in 2017 or a later year prior to incurring a permanent break in service. If you had fewer than three years of credited service as of December 31, 2016, those years will count toward three-year vesting provided you do not have a permanent break in service.

Reciprocal service cannot be used to help satisfy three-year vesting.

  • For additional information about three-year vesting, please see Article 3.2.1(c).

Five-Year Vesting Rule

The five-year vesting rule was effective on January 1, 1988. Five-year vesting requires five years of credited future service in this plan earned on or after January 1, 1985. Reciprocal service cannot be used to help satisfy five-year vesting.

  • For additional information about five-year vesting, please see Article 3.2.1(b).

Key Point

You are not guaranteed a retirement benefit until you become vested in this plan. Other plan benefits such as disability retirement, the primary spouse's benefit, and certain survivor benefits are not available until you become vested in this plan and satisfy certain other activity requirements. Vested benefits are not available until you retire (age 55 and older).

Ten-Year Vesting Rule

The ten-year vesting rule was effective on January 1, 1960. Ten-year vesting requires ten years of credited service in this plan or in combination with one or more reciprocal plans. At least one of the ten years must be credited future service in this plan. Ten-year vesting is required for disability retirement (please see "Disability Retirement") and for carpenters who do not satisfy the three- or five-year vesting rule and whose service was earned under two or more jurisdictions.

  • For additional information about ten-year vesting, please see Article 3.2.1(a).