November 2, 2023 – Extended “14th check” eligibility to include all who retire on or before June 1st, 2027.
February 21, 2019 – Extended “14th check” eligibility to include all who retire on or before June 1st, 2024.
February 20, 2014 – Extended “14th check” eligibility to include all who retire on or before June 1st, 2019.
March 1, 2008 – Extended “14th check” eligibility to include all who retire on or before June 1st, 2014.
July 1, 2005 – A Pre-Retirement Incentive is added to the plan that increases the pension formula from .19% to .25% for: wages earned from 1/1/2005 onward; and only for members who are ar least 55 years of age and who could retire on a Special Early Retirement. The Pre-Retirement incentive formula does not apply to any wages earned once the participant reaches age 65 (Normal Retirement).
July 1, 2004 – The benefit starting date for the “14th check” is changed from April 1st of each applicable year to June 1st of each applicable year.
January 1, 2002 – A 100% Joint and Survivor Pension is added to the Normal, Early, Special Early, and Disability Pension provisions. The 100% J & S option includes both a 75 month guarantee and pop-up provision.
December 31, 2000 – Made “14th check” permanent, guaranteed benefit for all current retirees and guaranteed for all who retire on or before April 1, 2009.
December 31, 2000 – The normal pension benefit formula is changed to: $25.50 X pension credits earned before 1974 (to max of $637.50), and 0.19% of total annual earnings in covered employment since January 1, 1974.
August 1, 1999 – The normal pension benefit formula is changed to: $25.50 X pension credits earned before 1974 (to max of $637.50), and 0.168% of total annual earnings in covered employment since January 1, 1974.
May 1, 1998 – Made “14th check” permanent, guaranteed benefit for all current retirees and guaranteed for all who retire on or before April 1, 2004.
May 1, 1998 – The normal pension benefit formula is changed to: $25.50 X pension credits earned before 1974 (to max of $637.50), and 0.1513% of total annual earnings in covered employment since January 1, 1974.
June 1, 1996 – Made “14th check” permanent, guaranteed benefit for all current retirees and guaranteed for all retiring on or before April 1, 1999.
January 1, 1992 – A “pop up” provision is added for all husband-and-wife pensions. Under this provision, should the spouse predecease the pensioner, the pensioner’s monthly benefit “pops-up” to the higher amount of pension that would have been received if the pensioner had never chosen the reduced husband-and-wife pension.
July 1, 1991 – Lump Sum Death and Accidental Death and Dismemberment benefits are added to the plan. These benefits were previously provided by the Welfare Plan.
January 1, 1990 – The normal pension benefit formula is changed to : $24.25 X pension credits earned before 1974 (to max of $606.25), and 0.1450% of total annual earnings in covered employment since January 1, 1974.
January 1, 1990 – Eligibility for the Regular Pension, Deferred Pension and Pre-Retirement Lump Sum Death Benefit is reduced to five years of vesting service.
April 1, 1986 – A Level Income Option and 75 Month Guarantee is added. Electing this option provides a retiree with a higher pension payment prior to Social Security eligibility and reduced pension paymenet once Social Security begins.
December 1, 1985 – A 13th check provision payable in December and equal to 10% of the annual benefit is added for all retirees and beneficiaries who retire prior to January 1, 1987.
January 1, 1985 – The requirements of the Retirement Equity Act are incorporated in the Pension Plan.
May 1, 1984 – A post-retirement death benefit is payable which provides a lump sum equal to the remaining amount under the 75 month guarantee and a lifetime pension under the Husband-and-Wife Option.
January 1, 1976 – Vesting, Breaks in Service and Husband-and-Wife pensions are incorporated into the Plan in accordance with ERISA.
January 1, 1974 – The 25 year maximum accumulation of Pension Credits is eliminated.
July 1, 1972 – The Lump Sum Death Benefit is increased.
January 1, 1962 – The Break In Service rule is liberalized.
Please take note regarding the SUB fund: You must apply for benefits within 90 days of the Saturday of the week you are first unemployed and eligible for benefits. Subsequent claims must be made within 90 days of the week -ending for which benefits are payable.
