Pension Fund

$21.6 Million In Pensions Paid in 2007

Local One's Pension Fund gives eligible members the security of an additional income for retirement. In 2007, more than 6,000 Local One retirees or surviving spouses received $21.6 million in pension benefits.

Local One and employers negotiate the level of employer contributions to the fund. A Board of Trustees made up of representatives of Local One and employers administers the fund.

Members need as few as 5 years of vesting service to be eligible for a normal pension at age 60.

For a reduced early retirement at age 55, members need at least 10 years of service.

Other plan features include disability benefits and surviving spouse pensions. Retirees who meet specific eligibility requirements also receive a Social Security supplemental benefit.

Recent collective bargaining agreements have added pension benefits for part-time participants.

more info: