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Skip Navigation LinksHome ยป Millmen Benefit Info  
 
What Is the Amount of the Regular Pension?
The amount of the Regular Pension is equal to the benefit accrual rate in effect when your pension begins multiplied by your Years of Pension Credit.
 
Important note: If there was any period of three or more consecutive calendar years during which you did not earn any pension credit under this Plan, your Years of Pension Credit earned before that three year period will be multiplied by the benefit accrual rate applicable to those prior Years of Pension Credit limited to the maximum Years of Pension Credit in effect before that period. This is referred to as a “Three Year Calculation Break in Service.”
 
The Plan does not allow for any exceptions to the “Three Year Calculation Break in Service.”
 
The schedule of benefit accrual rates are shown below:
 

Date When Last Worked
in Covered Employment
Benefit
Accrual Rate
Prior to July 1, 1976
$ 4.00
July 1, 1976 to December 31, 1978
6.00
January 1, 1979 to December 31, 1979
7.90
January 1, 1980 to August 31, 1980
10.00
September 1, 1980 to August 31, 1982
12.50
September 1, 1982 to December 31, 1983
13.75
January 1, 1984 to May 31, 1986
15.00
June 1, 1986 to June 30, 1987
18.00
July 1, 1987 to June 30, 1988
22.00
July 1, 1988 to June 30, 1990
24.00
July 1, 1990 to September 30, 1993
26.00
October 1, 1993 to December 31, 1996
28.00
January 1, 1997 to June 30, 1998*
32.00
July 1, 1998 to July 31, 1999**
34.00
August 1, 1999 to June 30, 2000
39.00
July 1, 2000 to June 30, 2001
45.00
July 1, 2001 to June 30, 2002
50.00
July 1, 2002 to June 30, 2003
55.00
July 1, 2003 to June 30, 2007
58.00
July 1, 2007 to June 30, 2008
62.00
July 1, 2008 to present
66.00

 *To qualify for this increase, you must earn at least ½ Year of Pension Credit while working for a contributing Employer paying an hourly contribution rate of at least $1.37 per hour.
**To qualify for this increase, you must either earn one-quarter Year of Pension Credit at the $1.37 rate and one-quarter Year of Pension Credit at the $1.47 rate or earn ½ Year of Pension Credit at the $1.47 rate.
 
If the amount of the pension is not an exact multiple of $.50, it is rounded to the next greater $.50 amount.
 
What Is the Amount of the Early Retirement Pension?
The monthly amount of the Early Retirement Pension is determined by calculating the amount of the Regular Pension to which you would be entitled at Normal Retirement Age, based on your Years of Pension Credit at the time of pension commencement.

The amount calculated above is multiplied by the Early Retirement Reduction Factor from an actuarial factor table, based on your age (in years & months) on the date your pension payments will begin.
 
Example: John is age 61 and has a total of 33 Years of Pension Credit and will retire on July 1, 2009.   He has never incurred a permanent break in service.
John’s Regular Pension amount would be $2,178.00 per month (33 Years of Pension Credit x $66.00 = $2,178.00).
 
John is age 61 so the Early Retirement Pension benefit must be multiplied by a factor of .73333 (based upon the actuarial factors chart). John’s Early Retirement benefit is $1,597.19 per month payable for life starting at age 61.
 
Note: The Plan allows for rounding up to the nearest $.50 so the actual benefit payment will be $1,597.50)
 
Note:   The amounts in the preceding example is calculated as a single-life pension with a 60 Certain Guaranty, which is the normal form of benefit under the Plan if you are not married.
 
For more information on the Husband-and-Wife Benefit, see the SURVIVOR BENEFITS AFTER RETIREMENT tab. click here
 
What Is the Amount of the Disability Pension?
The amount of the Disability Pension is the same as that of the Regular Pension depending upon your Years of Pension Credit and the applicable benefit accrual rate. There is no reduction in benefit amount because you are younger than age 65. It is payable for your lifetime or as long as you remain totally disabled.
 
A Disability Pension is effective on the first day of the fifth month following the month in which the disability commenced provided that you are not receiving Weekly Illness or Injury Benefits from the Chicago Regional Council of Carpenters Welfare Fund at that time.

Will I Receive a Pension if Part of My Employment Was Under the Jurisdiction of Another Carpenters Pension Plan?
The Board of Trustees has entered into reciprocal arrangements with other carpenters pension plans to protect the pension rights of carpenters who work under the jurisdiction of the Chicago Regional Council.
 
There are two types of pensions payable under the reciprocal arrangements and they are briefly described below:
 
Partial Pension – A Partial Pension is provided if you would not otherwise qualify for a pension because your years of employment have been divided between the jurisdiction of this Pension Plan and other carpenters’ pension trust(s) which are also party to the United Brotherhood of Carpenters International Reciprocal Agreement.
 
You are eligible to receive a Partial Pension if:
  • You would be entitled to a Regular, Unreduced Early, Early or Disability Pension if your combined Years of Pension Credit (earned under this Plan and added to those earned under other carpenter pension plans) are treated as Chicago Years of Pension Credit; and
  • You earned at least one year of Chicago Pension Credit since June 1, 1975; and
  • You are eligible for a Partial Pension from at least one other carpenter pension plan under the Reciprocal Agreement.

Limited Pension A Limited Pension is provided if your years of employment have been divided between the jurisdiction of this Pension Plan and the Chicago Regional Council of Carpenters Pension Fund, referred to as the Construction Pension Fund.
You are eligible for a Limited Pension if:
  • You are at least age 60 or you are younger than age 60 but you are totally disabled; and
  •     You would be entitled to a Regular, Early or Disability Pension if your combined years of Pension Credit (earned under this Plan and added to those earned under the Chicago Regional Council of Carpenters Construction Plan) are treated as Years of Pension Credit under this Plan; and
  •    You earned at least two Years of Pension Credit from this Pension Plan since June 1, 1975; and
  •   You are eligible for a Limited Pension from the Construction Pension Fund.
What is the Partial Lump Sum Option? 
You may elect to receive part of your pension (between 1% and 10%) as an actuarial equivalent lump sum. If you elect this option, you still receive a monthly pension check. However, the amount of the monthly pension benefit is reduced to account for the Partial Lump Sum Payment.
 
Example:  Sam, an unmarried participant, commences pension benefits on January 1, 2009. He is age 65 and he is eligible for a Normal Retirement pension in the amount of $800.00 per month. Sam elects the Partial Lump Sum Payment option and decides to have 10% (the maximum allowed) of his pension benefit paid to him as a lump sum.
 
10% of Sam’s monthly pension amount is $80.00. Instead of receiving a monthly pension of $800.00, Sam will receive a monthly pension of $720.00 ($800.00 minus the $80.00 reduction).
 
The Partial Lump Sum Payment that Sam is entitled to is calculated by multiplying $80.00 (the amount of the reduction to Sam’s monthly pension) by the appropriate lump sum factor. 
 
Sam’s Partial Lump Sum Payment amount is $8,473.25 ($80.00 x the age 65 factor of 105.9157).
 
The Partial Lump Sum Payment Option may be elected in conjunction with the Husband-and-Wife Payment Options. If you are married, your spouse must consent to your election of the Partial Lump Sum Payment Option in writing on the election form provided by the Pension Fund.
 
Only one Partial Lump Sum Payment will be awarded during your lifetime.
 
The minimum Partial Lump Sum Payment amount is $1,000.00. If the amount of the Partial Lump Sum would be less than $1,000.00, the Partial Lump Sum Payment Option may not be elected.
 
The Partial Lump Sum Payment is an eligible rollover distribution and is subject to the IRS rules for such distributions.

 

 
 

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