The amount of your pension benefit depends on several factors:

• Your age;
• Years of service; and
• Amount of pension credits you have earned throughout your career.

Pension Credits

You earn pension credits throughout your career based on how much you work each year in covered employment.

• Typically, you earn one credit for working 1,200 or more hours in a year.
• The more credits you have, the more benefits you receive when you retire.
• You may earn partial credits if you work less than the allotted amount in one year.

Vesting Service

Generally, after you have earned 1,000 hours of work, 100 days of work, 22 weeks of work or 5 months of work or more in covered employment, you are vested in the Plan.

Once you are vested:

• You have earned a right to a pension benefit from this Plan;

• You are guaranteed to receive your earned pension benefit amount, even if you leave Local 30 before you retire.

As a participant in the Local 30 Pension Plan, you earn pension credits as you work. When you retire, you redeem the credits in the form of retirement income, or pension benefits.

When You Can Receive Your Benefit

You may receive your pension benefit when you retire from active employment.

• The normal retirement age is 65 years old.
• If you retire before age 65, you may receive reduced pension benefits.
• You can defer receiving your pension benefit. However, you will automatically start receiving your benefit when you reach age 72.

The Local 30 Pension Fund offers five types of pensions, each with its own eligibility requirements:

• Regular: The benefit that you are eligible to receive when you reach normal retirement age.
• Early Retirement: The benefit that you can receive if you are between the ages of 55 and 64, and have at least 15 pension credits, five or more of which were earned while your employer was contributing to the Fund. Because you are retiring earlier than the normal retirement age, you will receive a reduced portion of the regular pension you have earned.
• Disability: If you become disabled and cannot work, you may be eligible for a Disability Pension.
• Deferred: Deferred Pensions are calculated just like a Regular Pension or an Early Retirement Pension depending on your age when you begin receiving your benefit and the Plan rules in effect when you leave covered employment.
• Reciprocal: When you retire, you may find that your years of employment are divided among various employers and unions. In this case, your work history may not give you enough pension credits or years of vesting service to be eligible for a pension from any one fund. The Board of Trustees recognizes this and tries to accommodate your work history by providing Pro-Rata or Reciprocal pensions. In order to be eligible for this type of pension, you must have worked under one or more IUOE Funds that have a reciprocal agreement with the Local 30 Pension Trust Fund.

How to Receive Your Benefit

To receive your pension benefits, you must contact the Fund office.

How Your Pension is Calculated

Your pension benefit is determined by combining the following when you retire:

• The total contributions made to the Fund on your behalf;
• The pension credits that you earned; and
• When you left covered employment.

Each type of pension has its own formula using the above criteria for calculating your pension amount.

Each year, you receive a Personalized Total Retirement Planning Statement from the Fund which shows an estimate of your pension benefit under the different types of pensions.

How Benefits Are Paid

Your pension benefit is typically paid over time in monthly installments.

If you are eligible, you may choose separate forms of receiving your benefit:

• Single Life Annuity
• 50% Husband-and-Wife Pension
• 75%  Husband-and-Wife Pension
• 100% Husband-and-Wife Pension

Each form of payment is an annuity. That means you and your spouse, if applicable, will receive a monthly payment for life.

Returning to Work After Retirement

You may return to active employment after you retire. However, your pension benefit will be reduced if you return to work in the same industry, trade or craft covered by the Local 30 plan in the geographic area.

If You Die

If You Die While Receiving Your Benefit

If you are married:

• Your spouse will receive the remainder of your benefit.
• The amount your spouse receives each month depends on the type of pension you chose.

If you are single:

• If you became a participant after January 1, 2006, no benefit is paid.
• If you became a participant before January 1, 2006, and have received less than 60 monthly payments, your beneficiary will receive your benefit in monthly installments.

If You Die Before Receiving Your Benefit

If you are married and retired:

• Your spouse will receive your benefit based on the husband-and-wife pension type you selected, if applicable. If you did not select a husband-and-wife pension, your spouse will receive.

If you are married and not retired:

• Your spouse may be eligible to receive your benefit in the form of a Husband-and-Wife 50% Pension.

If you are single:

• No benefit is paid.

If Your Spouse Dies Before You

• You will receive a full, 100% benefit, regardless of the husband-and-wife pension type you originally chose.