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Pension Plan - Vesting

Vesting is the right to receive your pension when you reach retirement age even if you are no longer an active plan participant at that time.  Currently, to become vested you must have 5 years of service, one of which must be credited future service.  To obtain a year of credited future service you must  work 300 hours in a calendar year as a plan participant (500 hours prior to January 1, 1992).

Prior to January 1, 1997 plan participants must have had 10 years of service unless they worked for an employer that opted for 5 year vesting prior to that date.

If you terminate your participation prior to becoming vested, you have 5 years from your last year of credited service to return to the Plan before losing credits previously earned.

 

Vesting for Participants Over Age 58

If you are not vested when you reach the normal retirement age of 58, or if  your participation in the Plan starts after your 58th birthday, you will become vested on your 5th anniversary in the Plan if you are still an active participant in the Plan at that time.

 

 

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