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| Description of the Plan |
What is the Plan? The Pension Plan is a defined benefit plan, whose primary purpose is to provide you with a lifetime income during your retirement years. The Participating Employers contribute to a trust fund that is maintained for the exclusive benefit of the eligible employees. The Trustees invest the money until it is time to pay out retirement benefits. Do I pay anything into the Plan? No. The Participating Employers pay the entire cost of the Plan. In addition, it is important to remember that these employers also pay for one-half the cost of your Social Security benefits. How much do the Participating Employers contribute? The amount contributed to fund the Pension Plan is subject to negotiation and is included in each collective bargaining agreement. The level of your Employer's contribution determines the benefits payable to you. If I participated in a prior plan, will my participation in this Plan be affected? In certain cases, the accrued benefits of groups of employees have been transferred to this Plan, and those employees have become Participants in this Plan. Such Participants will be entitled to their previously-accrued benefits under the prior plans, plus any additional benefits they may earn under this Plan. In addition, certain forms of benefit payment and benefit payment dates have been preserved under this Plan with regard to the benefits accrued under the prior plans, as required under federal law. Currently, accrued benefits under the Spawd, Inc. Defined Benefit Plan and the United Food and Commercial Workers Regional Pension Fund were transferred to this Plan. If you think you may be entitled to a prior plan benefit, contact the Fund Office to obtain information relating to your participation in a prior plan. Otherwise, you will be informed about any prior plan benefits to which you may be entitled when you are advised about your benefits under this Plan. |