Once you earn 5 years of Vesting Credit you become a Vested participant of the Plan. This means that you are eligible to receive a pension under the Plan.

If you left covered service after July 1, 1999 but prior to your reaching Age 55, you would be eligible upon reaching age 55, if not working within the Sheet Metal Industry, for a Deferred Vested Pension. The pension would be paid by multiplying your years of Benefit Service earned under the Fund by the Benefit Rate in effect within two Plan years from the Plan year of your leaving covered service.

Example:

A participant leaves covered service on January 1, 2000, with a total of 8 years of Benefit Service. The Plan Year would end on June 30, 2000. The Benefit Rate in effect as of the Plan Year ending June 30, 1999 is $100. Upon filing an application at age 55, the participant would be eligible for a lifetime monthly pension benefit.

8 (years of service) x benefit rate in effect as of June 30, 2002 less age reduction of 25% for 60 months less than age 60 (.4166 for each month less than age 60 at time of commencement of benefits). A Form of Payment may be selected at the time of retirement.

If you were to die prior to going on pension, your spouse or beneficiary would be eligible to receive a Survivor Benefit.