The Chicago regional Council of Carpenters
News/Announcement
Life Events
Contacts
Trust
Sitemap
Benefit Information
Benefit Information - Retiree
Find Network Provider
FAQs
Health Forms
Links
Benefit Information
FAQs
Forms
Links
Benefit Information
FAQs
Forms
Links
Benefit Information
FAQs
Forms
Links
Skip Navigation LinksHome ยป Millmen Benefit Info  
 
What Is Vesting?
Vesting is the term used when you meet the requirements for a non-forfeitable right to a pension benefit.
 
What is the Vesting Requirement?
Vesting requirements differ prior to 1999. Contact the Pension Fund Office or consult your Summary Plan Description booklet for more detailed information.
 
Effective January 1, 1999, the Vesting Requirement is five Years of Vesting Service subject to the following rules 
If, as of January 1, 1999, you had earned less than five years of Vesting Service that were not already lost due to a Permanent Break in Service, you will be Vested upon completion of a total of five years of Vesting Service.
 
If, as of January 1, 1999, you had earned at least five but less than ten years of Vesting Service that were not already lost due to a Permanent Break in Service AND you earned at least ¼ year of Pension Credit in 1998, you were Vested upon completion of one hour of work in Covered Employment in 1999.
 
If, as of January 1, 1999, you had earned five but less than ten years of Vesting Service that were not already lost due to a Permanent Break in Service AND you earned at least ¼ year of Pension Credit in 1998 BUT you did NOT earn at least one hour of work in Covered Employment in 1999, you must earn ¼ Year of Pension Credit before incurring a Permanent Break in Service in order to be Vested.
 
If, as of January 1, 1999, you had earned five but less than ten years of Vesting Service that were not lost due to a Permanent Break in Service BUT you did NOT earn ¼ Year of Pension Credit in 1998, you must earn ¼ Year of Pension Credit before incurring a Permanent Break in Service in order to be Vested.
 
If I Leave Covered Employment After Meeting the Requirements for Vesting, Will I Lose My Right to a Pension? 
No. Once you are Vested you will have a right to a pension even if you never work again as a carpenter within the jurisdiction of the Chicago Regional Council.

 

 

 
 

Copyright 2008 The Chicago Regional Council of Carpenters Welfare and Pension Funds. All Rights Reserved |Terms Of Use | Privacy Policy

12 East Erie St. Chicago, IL 60611

website designed by desme