One of the benefits to being a member of local 542 is the Pension Plan. The pension plan is a defined benefit and the main benefit of this type of plan is that you cannot out live it, unlike a 401(k).
The Funds office sends out Pension Status Statements every year, as long as you had contributions in the last 2 years.
- The Pension Plan was established as the result of the collective bargaining agreements between the employers and the Union. It is financed by employer contributions. No employee contributions are required or permitted.
- The Pension Fund is administered by a Board of Trustees consisting of an equal number of Union representatives and employer representatives. They serve without compensation. The Pension Fund is a separate trust fund established for the purpose of paying benefits provided under the Plan.
- You are covered by the Pension Plan if you are an employee working under a collective bargaining agreement between an employer and the Union or a participation agreement providing for contributions to this Pension Fund.
- If you have worked in employment covered by the Plan for five years or more and you leave without definite plans to return in the near future, you may be entitled to a Deferred Pension, payable when you have reached a retirement age.
- If you leave covered employment to go into military service, you may be entitled to credit for that time, provided you return to your job promptly after your discharge. Be sure to notify the Funds office upon your return.
To view the SPD of the Pension Plan click here.
To view the June 2012 Pension changes click here.
To view additional death benefits provided by Standard Insurance click here