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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.

The schedule of benefit accrual rates and maximum Years of Pension Credit is shown below:

 
Period to Which Rates are Applicable
 
       Benefit
     Accrual Rate
Maximum Years of Pension Credit for Benefit Calculation Purposes
Prior to June 30, 1970
$11.20
25
July 1, 1970 to June 30, 1971
$12.80
25
July 1, 1971 to December 31, 1976
$14.40
25
January 1, 1977 to June 30, 1977
$15.20
25
July 1, 1977 to June 30, 1978
$16.00
25
July 1, 1978 to September 30, 1979
$18.00
25
October 1, 1979 to December 31, 1982
$20.00
25
January 1, 1983 to December 31, 1983
$20.00
26
January 1, 1984 to December 31, 1984
$20.00
27
January 1, 1985 to December 31, 1985
$20.00
28
January 1, 1986 to June 30, 1986
$22.00
29
July 1, 1986 to December 31, 1986
$25.00
29
January 1, 1987 to June 30, 1987
$25.00
30
July 1, 1987 to December 31, 1987
$29.00
30
January 1, 1988 to June 30, 1989
$30.00
35
July 1, 1989 to June 30, 1991
$35.00
40
July 1, 1991 to February 28, 1994
$40.00
No Maximum
March 1, 1994 to June 30, 1994
$45.00
No Maximum
July 1, 1994 to June 30, 1995
$47.00
No Maximum
July 1, 1995 to June 30, 1996
$50.00
No Maximum
July 1, 1996 to June 30, 1997
$53.00
No Maximum
July 1, 1997 to June 30, 1998
$60.00
No Maximum
July 1, 1998 to June 30, 1999
$62.00
No Maximum
July 1, 1999 to June 30, 2000
$65.00
No Maximum
July 1, 2000 to June 30, 2001
$66.00
No Maximum
July 1, 2001 to June 30, 2002
$68.00
No Maximum
July 1, 2002 to June 30, 2003
$73.00
No Maximum
July 1, 2003 to June 30, 2004
$76.00
No Maximum
July 1, 2004 to June 30, 2006
$80.00
No Maximum
July 1, 2006 to June 30, 2007
$84.00
No Maximum
July 1, 2007 to present
$88.00
No Maximum

 
If the amount of the pension is not an exact multiple of $.50, it is rounded to the next greater $.50 amount.
 
However, 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.” It is very important to note that the Plan does not contain any exceptions to the “Three Year Calculation Break in Service.”
 
What is the Amount of the Unreduced Early Retirement Pension?
The monthly amount of the Unreduced Early Retirement Pension is calculated in the same manner as the Regular Pension, depending upon your Years of Pension Credit and the applicable benefit accrual rate. The Unreduced Early Retirement Pension is payable when you reach age 60 and are Vested.
 
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 55 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 $2,904.00 per month (33 Years of Pension Credit x $88.00 = $2,904.00).
 
John is age 55 so the Early Retirement Pension benefit must be multiplied by a factor of .75000 (based upon the actuarial factors chart). John's Early Retirement benefit is $2,178.00 per month payable for life starting at age 55.
 
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, click here to see the SURVIVOR BENEFITS AFTER RETIREMENT information.
 
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 Council.

There are now 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 trusts which are also party to the United Brotherhood of Carpenters International Reciprocal Agreement.
 
You are eligible to receive a Partial Pension if:
1.      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
2.     You earned at least one year of Chicago Pension Credit since January 1, 1955; and
3.      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 Millmen Pension Fund, referred to as the Millmen Pension Fund.
You are eligible for a Limited Pension if:
1.      You are at least age 60 or you are younger than age 60 but you are totally disabled; and
2.      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 the Chicago Regional Council of Carpenters Millmen Plan) are treated as Years of Pension Credit under this Plan; and
3.      You earned at least two Years of Pension Credit from this Pension Plan since June 1, 1956; and
4.      You are eligible for a Limited Pension from the Millmen Pension Fund.

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.  

The amount of the Partial Lump Sum Payment is calculated based on factors that are determined by the Fund’s actuary. Please note that these factors change periodically, usually on July 1st of each year and at other times as mandated by Federal Regulations.
 
If you are not married, or have rejected the Husband and Wife Payment Options, your reduced monthly pension amount is paid as a 60 Certain Guaranty (or a Death Benefit Pension if you retire on a Disability Pension).
 
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. Your spouse’s written consent on the election form cannot be completed more than 90 days in advance of your pension commencement date. Your spouse’s written consent on the election form must be witnessed by a notary public.
 
You must elect or reject the Partial Lump Sum Payment Option on the election form provided by the Pension Fund at the time you apply for your pension benefit. Once your pension application and your election or rejection of the Partial Lump Sum Payment Option are approved by the Board of Trustees and your pension payments have begun, your decision cannot be changed, even following subsequent reemployment. 
 
Only one Partial Lump Sum Payment will be awarded during your lifetime.
The Partial Lump Sum Payment Option may not be elected in connection with the Level Income Option (see below).
 
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.
  
Level Income Option
You may elect the Level Income Option and have your pension from the Plan increased until the age at which you expect to receive your Social Security benefit. Then your pension is reduced thereafter, in order to approximate a pension before age 62, 65, 66 or 67 (depending on the age at which you expect to begin receiving Social Security benefits) as nearly equal as possible to your combined Social Security benefit and Pension Benefit from the Fund. To qualify for this option, you must:
  1. Be at least age 60; and
  2. Have at least ¼ Year of Pension Credit earned within the calendar year your pension commences or in one of the two precceding calendar years; and
  3. Retire on a Regular, Unreduced Early Retirement or Early Retirement Pension.
Payment of the Level Income Option is subject to the following conditions:
 
The Level Income Option can be elected only before the approval of your pension application by the Trustees. Thereafter, you may not elect a Level Income Option, even following subsequent reemployment.
 
Once the Level Income Option is approved by the Board of Trustees, it cannot be revoked.
 
If the adjustment described above would reduce the monthly amount payable after age 62, 65, 66 or 67 to less than $25 a month, it will not become effective.
 
You may not elect to receive the Level Income Option along with the Partial Lump Sum Payment Option. You may, however, elect the 60 Certain Guaranty or the Husband-and-Wife Benefit forms along with the Level Income Option.
 
If you want your pension paid under the Level Income Option, you must complete the appropriate forms at the time you apply for your pension benefit.
 
In addition, you must contact the nearest area office of the Social Security Administration to get an estimate of your Social Security benefits at age 62, 65, 66, or 67, depending on when you expect to begin receiving your benefit. The Social Security Administration will need to know your Social Security number and your current earnings. You must send a copy of the Social Security Administration estimate to the Pension Fund Office. The Board of Trustees will rely on the estimate reported by the Social Security Administration. Once payment under the Level Income Option is approved by the Board of Trustees, there will be no changes in the amount of the monthly benefit paid by the Plan, regardless of the amount actually paid by Social Security.
 
If you are interested in this option, contact the Pension Fund Office for more information.

 

 

 
 

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