GENERAL INFORMATION
WELFARE PLAN
PENSION PLAN
  RETIREMENT DATES
  CREDITED SERVICE
  AMOUNT OF PENSION
  PENSION BENEFITS AT OR AFTER DEATH OF A RETIRED MEMBER
  ADDITIONAL SUPPLEMENTARY BENEFIT
  APPLICATION FOR, AND PAYMENT OF, PENSION
  BREAK IN SERVICE
  NO BREAK IN SERVICE ARRANGEMENT
  DEATH BENEFITS BEFORE RETIREMENT
  TERMINATION BENEFITS
  EMPLOYMENT OF
A PENSIONER
 

DESIGNATION OF
A BENEFICIARY

  GENERAL PROVISIONS
  PENSION PLAN EXCLUDED FROM GROW-IN BENEFITS
  TERMINATION OF PENSION COVERAGE
  GOVERNANCE OF PENSION PLAN AND PENSION FUND
MEMBER BENEFIT BOOKLET
 

 

WELFARE AND PENSION PLANS

Pension Plan

PENSION BENEFITS AT OR AFTER DEATH OF A RETIRED MEMBER

If you retire on or after August 1, 1992 from active employment in the Elevator Industry and do not have a Spouse at the time of your retirement, and you die within the 10 year period after your retirement date, pension payments will continue on your death at 100% for the balance of the 10 year period to your designated beneficiary or estate.

If you retire on or after August 1, 1992 from active employment in the Elevator Industry and you have a Spouse at the time of your retirement, and you die within the 5 year period after your retirement date, pension payments will continue on your death at 100% for the balance of the 5 year period to your Spouse, or your designated beneficiary if your Spouse predeceases you. Thereafter, your Spouse at the time of your retirement will be entitled to receive a Survivor Pension for his or her lifetime equal to 66 2/3% of your retirement pension.

Alternatively, if you have a Spouse at the time of your retirement, you may elect to have your pension payments continue on your death at 100% for the balance of a 10 year period, after your retirement date, to your Spouse, or your designated beneficiary if your Spouse predeceases you. After the 10-year period, your Spouse at the time of your retirement will receive a Survivor Pension equal to 66 2/3% of your retirement pension. If you elect the 10 year guarantee, the initial amount of pension payable to you on retirement will be payable on a reduced basis.




 

   

READ CAREFULLY, BUT REMEMBER…

This is a general outline of the Plans and its purpose is to explain as briefly and clearly as possible each of the benefits to which you are entitled. The benefits outlined under the Plans are subject to the terms and conditions of the Plan documents and Group Master Policies. If there is any conflict between this outline and the Plan documents and Group Master Policies, the Plan documents and Group Master Policies will apply in all cases. Also remember that no benefits are guaranteed and that the benefits can be changed by the Trustees at any time.

 
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