Retirement Plan SPD

Vesting means you gain a permanent right to earned benefits, even if you stop working in covered service. Vesting is based on credited service earned under this plan and, in certain circumstances, under reciprocal plans (please see Reciprocal Plan Service). There are two ways to become vested in this plan:

Five-Year Vesting Rule

The five-year vesting rule was established on January 1, 1988 and requires five years of credited future service in this plan earned on or after January 1, 1985.

Key Point

Five-year vesting requires five years of credited service in this plan. Reciprocal service cannot be used to help satisfy five-year vesting.

For additional information about five-year vesting, please see Article 3.2.1(b).

Ten-Year Vesting Rule

Prior to the establishment of five-year vesting, this plan had a ten-year vesting requirement. The ten-year vesting rule was established on January 1, 1976 and requires ten years of credited service in this plan or in combination with one or more reciprocal plans. At least one of the ten years must be credited future service in this plan. Most participants vest under the five-year vesting rule. However, ten-year vesting is required for disability retirement and can be helpful for participants who worked in two or more jurisdictions prior to money follows the carpenter.

Key Point

If you do not satisfy the five-year vesting requirement and your work is divided between two or more jurisdictions, reciprocal service may help you become vested under the ten-year vesting rule.

For additional information about ten-year vesting, please see Article 3.2.1(a).

Key Point

Your retirement benefits are not guaranteed until you become vested in this plan. Other plan benefits such as disability retirement, the primary spouse’s benefit, and certain survivor benefits are not available until you become vested in this plan and satisfy certain other activity requirements. Vested benefits are not available until you retire (age 55 and older).