Your regular pension is the sum of your past service pension and your current service pension. If you retire on an unreduced pension between the ages of 60 and 65 you may also be eligible for a Supplementary Bridge Benefit which stops when you reach age 65 or on earlier death.
Your years of credited past service are the number of complete years you were continuously a member in good standing with Local 46 before May 1, 1962, provided that contributions were made to the pension fund on your behalf in respect of the period from May 1, 1962 to December 31, 1963. The maximum credited past service is 10 years (that is, a maximum monthly benefit of $132.00).
Provided a member has met all the eligibility conditions for past increases, the monthly pension for each year of credited current service (1,500 hours of contributions at the standard negotiated rate for a journeyman) will be based on the following table, with effect from May 1, 2014.
|Credited Current Service Period||Pension Rate Per 1,500 hrs|
|Prior to Sept. 1, 1988||$45.23|
|Between Sept. 1, 1988 and Aug. 31, 1990||$53.22|
|Between Sept. 1, 1990 and June 30, 1992||$80.43|
|Between July 1, 1992 and April 30, 1994||$84.63|
|Between May 1, 1994 and April 30, 1996||$105.99|
|Between May 1, 1996 and April 30, 1999||$118.02|
|Between May 1, 1999 and April 30, 2002||$125.41|
|Between May 1, 2002 and April 30, 2005||$138.06|
|Between May 1, 2005 and April 30, 2008||$147.43|
|Between May 1, 2008 and April 30, 2011||$153.68|
|Between May 1, 2011 and April 30, 2014||$160.50|
|After April 30, 2014||$168.00|
Note: The monthly pension rate for each year of credited current service may be lower for some members if they did not qualify for the various increases that were granted in the past. Each benefit statement you receive will show the amount of credited pension you have earned to date.
Your credited current service each year depends on the contributions you have earned in that year. A full year of credited current service is given if your contributions are equivalent to 1,500 hours for the whole year. Because in most years you will have earned more or less than exactly that amount of contributions, each year you will likely earn more or less than one full year of credited current service.