Forms

Updates

Trustees

Announcements

Summary Plan Description *

Summary Annual Report *

Overview of Forms
 of Payment

FAQ's

                                    PENSION FUND

                          Your Defined Benefit Plan

 Automatic Forms of Payment

Unless you elect a different form of payment, the Plan provides for the following "automatic" forms of distribution:

Unmarried Participant:    Under the Northern Illinois Pension Plan, as an unmarried participant, your pension benefit will be paid as a Five-Year Certain and Life Annuity.  A monthly benefit will be paid for your lifetime.

Married Participant:    As a married participant, your retirement benefit will be paid as a Joint and 75% Survivor benefit.  A "Joint and 75% Survivor" benefit is a monthly benefit paid for your lifetime and in the event of your death, 75% will continue to your spouse.

Optional Forms of Payment

Five-Year Certain and Life:    This benefit is a monthly pension payable for the life of the retired participant with a guarantee of 60 monthly payments.  If the participant dies before the minimum number of payments are made, monthly payments shall continue to his/her beneficiary until the total payments made to the participant and his/her beneficiary equal the guaranteed minimum number of payments.

Joint and Survivor Annuity:    A reduced monthly pension for the life of the Participant with a Survivor benefit for the life of the survivor, equal to 50%, 75% or 100% of the amount payable during the life of the participant.  No survivor benefit shall be paid if the survivor does not survive the Participant.

Joint and Survivor Annuity with Pop-Up Feature:    A monthly pension for the life of the participant with a Survivor benefit for the life of the survivor, equal to 75% or 100% of the amount payable during the life of the participant.  If the participant's spouse predeceases the participant, the monthly benefit payable to the participant will increase to the benefit amount before the adjustment for the survivor benefit.

This site as last updated : 11/11/08

Please contact the webmaster with any questions or comments

Plumbers and Pipefitters Local 501
Northern Illinois Benefit Funds
1295 Butterfield Rd., Aurora, IL 60502-8879
Ph (630) 978-4600 Fax (630) 978-4616