Pension
-- FAQ --
THE PLAN
WHAT IS THE PENSION FUND?
The Pension Fund is a legal Trust Fund set up for the purpose of
providing retirement benefits. The
Agreement and Declaration of Trust dated July 30, 1963 as amended
and restated dated
December 22, 1975 establishes the Pension Fund. The Trust Agreement
and the Pension Plan
Document govern the operations of the Pension Plan.
WHAT IS THE PENSION PLAN DOCUMENT?
The Pension Plan Document sets forth the various types of pensions
provided by the Fund and
the eligibility requirements and benefit amounts for each type of
pension.
WHO ADMINISTERS THE PENSION FUND?
A Board of Trustees, which serves without pay, acts on behalf of you
and your fellow
Employees to manage all aspects of the Pension Fund's operations.
This Board is made up of an
equal number of designated Union and designated Employer
representatives whose powers and
duties are set forth in a legal document called the Agreement and
Declaration of Trust.
WHO PAYS THE COST OF THE PENSION PLAN?
The entire cost of the Pension Plan is paid by the participating
Employers who contribute to the
Pension Fund in accordance with their collective bargaining
agreements or written agreements
with the Union. No Employee contributions are required or accepted.
WHO IS COVERED BY THE PENSION TRUST?
All Employees who perform work for Employers under collective
bargaining agreements or
other written agreements are covered by the Pension Fund if
contributions for their work are
required to be paid to the Trust.APPLYING
FOR A PENSION
HOW CAN I APPLY FOR A PENSION?
To apply for a pension, you may write or call for an application at
the following address:
Iron Workers St. Louis District Council Pension Trust
2160 South Foster Avenue
Wheeling, Illinois 60090
Telephone: 1-800-621-4658
WHEN SHOULD I APPLY FOR MY PENSION?
You should file your application with the Trustees at the Pension
Fund Office three months in
advance of the date you would like your pension benefit to begin. If
you delay in filing your
application, the payment of your pension may be delayed.
MUST I SUBMIT PROOF OF AGE WITH MY PENSION APPLICATION?
Yes. Instructions describing the types of acceptable proof of age
will be given to you with your
application. If you want your pension paid as a Husband-and-Wife
Pension, you will be asked
to submit proof of your spouse's age and proof of your marriage.
WHO WILL DECIDE IF I AM ELIGIBLE FOR A PENSION?
The Board of Trustees who are bound by the rules of the Pension Plan
will decide if you meet
the eligibility requirements for a pension. The Trustees are the
sole judges in reviewing the documents you submit with your application and in interpreting the
Plan.
HOW DOES A SURVIVING SPOUSE OR BENEFICIARY FILE FOR A DEATH
BENEFIT OR THE HUSBAND-AND- WIFE PENSION?
As soon as possible after the death of the Participant, the spouse
should contact the Pension
Fund Office to request instructions about filing an application for
a benefit. An original or certified copy of the death certificate for the Participant will be
required. A copy of the Participant's
and surviving spouse's birth certificates and proof of marriage will
also be required.
APPEAL OF DENIAL OF BENEFITS
HOW WILL I KNOW IF MY PENSION APPLICATION IS DENIED?
If your application for a pension is denied, you will be informed in
writing of the denial. You
will also be told the reasons for the denial and the way in which
you can appeal the Trustees'
decision.
WHEN MUST I MAKE MY APPEAL?
If you want to appeal the decision, you must file a written request
with the Executive
Committee of the Board of Trustees at the Pension Fund Office within
60 days of your notice of
denial. Your appeal will be reviewed within a reasonable period
after it is received by the
Executive Committee. For more information about the Plan's appeal
procedure, contact the
Fund Office.
RETIREMENT
WHAT DOES RETIREMENT MEAN?
When an Employee receives his first pension check from the Pension
Fund, he is retired or in
retirement. While in retirement he will receive monthly pension
checks for the rest of his life as
long as he does not work in "disqualifying employment."
WHAT IS DISQUALIFYING EMPLOYMENT?
After retirement, work that will disqualify you from receiving your
monthly benefit differs if
you are under age 65 or age 65 or older.
Before age 65, disqualifying employment is employment or
self-employment as an Iron Worker
or in the building and construction trades industries or any
employment described in the collective bargaining agreements in any geographic location.
However, if you are between age 62 to 65 you may work 40 or fewer
hours in a month in
Covered Employment and still receive your pension benefits.
If you have reached age 65, disqualifying employment means work of
more than 40 hours in a
month as an Iron Worker in the same industry and geographic area
covered by the Plan when
your pension payments began. However, as of April 1 of the calendar
year following the calendar year in which you reach age 70-1/2, you must begin to receive
your pension whether or not
you are employed. This means that no employment is disqualifying
after April 1 of the calendar
year following the year you reach age 70-1/2.
CAN I WORK AT SOME OTHER TYPE OF JOB AFTER RETIREMENT?
Yes. You may do any other kind of work provided it is not of the
type described previously and
you will continue to receive your monthly pension checks. If you are
not sure whether or not a
job you are considering will be disqualifying, check with the Fund
Office.
DOES MY PENSION STOP IF I RETURN TO DISQUALIFYING EMPLOYMENT?
Yes. If you return to such work, you will not receive a pension
check for the months you work
in disqualifying employment. If your benefits are suspended, you
will be provided with notice
and a full description of the reasons for the suspension and the
procedures for a review of the
suspension and resumption of benefit payments.
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