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Summary Plan Description *

Summary Annual Report *

Forms of Payment

Overview of Pension Types

FAQ's

                                            PENSION FUND

                                 Your Defined Benefit Plan

Normal retirement age is 62.  You may retire early if you are at least 57 and have 5 years of vested service.  If you begin your pension early, it is reduced because it will be paid over a longer time.  It is reduced further if you elect a Joint and Survivor Benefit.  If you earn at least 1 vesting credit after 6/30/2000 and you retire for the first time on or after 6/30/2001, the reduction for early payment will be based on the number of months between the date payment commences and age 60.

Vesting service determines whether you are eligible to receive a pension benefit.  You earn 1 vesting credit for each plan year that you work 400 hours; a plan year is July 1 through June 30.  When you have 5 years of vested service you are 100% vested.

The automatic payment form for a single person is the 5-Year Certain and Life Annuity.  For a married participant, it is the 75% Joint and Survivor Annuity.  Other payment forms available are the 100% Joint and Survivor Annuity and the 75% or 100% Joint and Survivor Annuity with Pop-Up.  The election of a Joint and Survivor form of payment will reduce your benefit because it is covering two (2) lives.

*As always, the Plan Documents and Amendments supercede any other documents or any of the information listed above and can be changed by the Board of Trustees at any time without any prior notice.

This site as last updated : 09/02/08

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