PENSION PLAN OVERVIEW

Active Participants

You become an "active" participant in the Pension Plan at the end of the Plan Year (May 1 - April 30) in which you work in Covered Employment for 800 hours or more.

Once you meet the initial eligibility requirement, your eligibility will continue as long as you remain an Eligible Employee and obtain 200 hours in each Plan Year.

Pension Plan Year is May 1 - April 30

The eligibility requirement is based on all hours which are credited for vesting purposes under the Plan.

Credited Hours in a Plan YearCredited Service Earned in a Plan Year
Less than 200 HoursNone
200 to 399 Hours1/4 year Credit
400 to 599 Hours1/2 year Credit
600 to 799 Hours3/4 year Credit
800 or more Hours1 year Credit

Pension Accrual Rates for May 1, 2021 to April 30, 2022 Plan Year

$90 / 1,000 Hours

  • For Class I, III, and Class V Employment Classes

$85 / 1,000 Hours

  • For Class IV Employment Class

$60 / 1,000 Hours

  • For Class II Employment Class (Cabinet & Mill)

Please note: Accrual rates may vary based on respective Collective Bargaining Agreement and/or apprentice level.

KEYWORDS & DEFINITIONS