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.
