PENSION BENEFIT IMPROVEMENT BY DEBORAH COTTER
The Board of Trustees of the Painters & Allied Trades D.C. 35 Pension Fund is pleased to announce an increase in the pension accrual rate effective July 1, 2020.
These improvements are attributable to consistent investment returns and employment experience. They provide our Pension Plan participants with some of the highest benefits available throughout the industry.
The $165.00 accrual rate for active participants is increased to $175.00 per pension credit.
Active Local 1044 members’ accrual rate for service earned prior to June 30, 1997 has been increased from $98.00 to $108.00.
ELIGIBILITY FOR BENEFIT IMPROVEMENTS
In order to be eligible for this benefit improvement, a participant must retire on or after July 1, 2020 and meet one of the following work tests:
- Work 300 hours April 1, 2020 through June 30, 2020; OR
- Earn at least 1/4 pension credit after July 1, 2020.
- The plan year is July 1 to June 30.
- Pension and vesting credits are earned by working in covered employment during a plan year.
- A quarter of a pension credit is earned by working 300 hours in covered employment; half a pension credit by working at least 600 hours; three-quarters of a credit by working at least 900 hours; and a full pension credit by working at least 1200 hours.
- The value of a pension at retirement is based on total pension credits.
- Earning at least five (5) vesting credits (without a break in service) entitles you to a pension at age 65; earning ten (10) vesting credits entitles you to a pension at age 55.
- Pension applications must be received in the Fund Office at least 30 days before the desired retirement date. Contact the Fund Office at least 60 days in advance.
- If you are disabled, contact the Fund Office as soon as possible to discuss eligibility requirements for disability pension or annuity benefits.
In addition, feel free to contact the Fund Office at 617-524-1240 or 800-799-1240 with any questions regarding your health, pension, or annuity benefits.