The Pension Plan was frozen and taken over by News Corp / 21 Century Fox.   There has been no additional contributions to the Pension plan as of April 2009.  Those people vested in the plan will receive benefits as to what they accused.


BELOW ARE FAQ's REGARDING THE LOCAL'S PENSION FUND:

Q: How do I calculate my Pension Benefit?
You calculate your Pension Benefit by multiplying the number of years to August 2009 worked as a permanent employee by the present accrual rate of $97.75. For example: if you worked 20 years your full monthly benefit at age 61 or older would be $1,955.00.

Q: What is the earliest I can retire and still receive Pension Payments?
The earliest age you can retire is 55. However, if you retire before the age of 61 there is a reduction in the Pension payment. The reduction is as follows:
6% for each year the Employee is younger than 60 but older than 55
3% for the year that the Employee is younger than 61 but older than 60
There is no reduction in the Pension amount if the Employee is 61 or older.

Q: What happens if I die after I retire and I am receiving Pension Payments?
At time of your retirement you will select a Joint and Survivor option for your spouse. They are as follows:
50% Joint and Survivor Benefit: Upon your death your spouse will receive
50% of your Pension Benefit for the rest of their life. There is no reduction in your benefit payment.
100% Joint and Survivor Benefit: Upon your death your spouse will receive 100% of your Pension Benefit for the rest of their life. If you choose this option at retirement your monthly benefit payment will be reduced to 81% plus .7% for each year your Spouse’s age is greater than yours or minus .7% for each year your Spouse’s age is less than yours.
75% Joint and Survivor Benefit:
Upon your death your spouse will receive 75% of your Pension Benefit for the rest of their life.
If you choose this option at retirement your monthly benefit payment will be reduced to 85.5% plus .55% for each year your Spouse’s age is greater than yours or minus .55%for each year your Spouse’s age is less than yours.
0% Joint and Survivor Benefit:
If you choose this option at retirement, you will receive your full Pension benefit amount but your Spouse has to sign off on this option due to the fact that they will receive no benefit should you die after your retirement. Under this option your spouse could be eligible for the 10 year (120 payments) guarantee under the Pension Plan. If you die after receiving 10 Pension payments, your Spouse or Beneficiary will receive the remaining 110 Pension payments.

Q: What happens if I die before retirement age and have not received Pension Payments?
If you should die before retirement age and you have not received any Pension payments, your designated Beneficiary will receive 50% of your Pension benefit. They will receive this payment when you would have reached the age of 61.

Q: How are Pension Benefits Paid?
Pension payments are made the 1st of the month either by check or Direct Deposit. You will make this decision upon retirement.

Q: How do I know what Pension Benefit I have accumulated so far?
If you are vested in the Pension Fund, you should receive a Pension Benefit Statement each year indicating how many Vesting Credits you have accumulated.
If you have not received this statement, contact your Pension Fund Trustee. Please look at the Useful Links page for the latest contract information.