Pension Fund

The Local 265 Pension Fund is a Defined Benefit Plan which, is funded only through contributions received from your employer. The Plan-Year is July 1 through June 30. You become a Participant of the Plan after a total of 500 hours worked within a benefit year or the following January 1, whichever is earlier.

After becoming a Participant, you would become a Vested Participant after earning 5 years of vesting credit. Upon being vested, your pension benefit is determined by the number of benefit years earned times the benefit rate, less any reduction for age.

If you retire from covered service on or after July 1, 1999 you would be eligible for:

Prior to going on pension and once you have earned a minimum of 5 years of vesting credit, your spouse or beneficiary would receive a portion of your pension in the event of your death. Upon filing for pension you would have the option to select a form of payment. However, once you begin your pension, unless you or your spouse dies, the form of payment can not change.

When you are ready to retire you should contact the Fund Office for an appointment so you could obtain the necessary forms and have any questions answered. If you are married, your spouse should also attend the meeting. You will need a copy of yours and if married a copy of your spouse’s birth certificate and a copy of your marriage certificate. If you are unable to locate these items, it is a good idea to make arrangements to obtain copies as you may also need them when you file for Social Security.