Pension Vesting Rules for New Members

Local 52 Pension Plan

Vesting Rules for the Plumbers & Steamfitters Local Union 52 Pension Plan

For Participants who commence participation in the Plan on or after January 1, 2014, you must complete three (3) Years of Service with the Plan in order to have a 100% Vested Interest in your Participant Account. A Year of Service is a 12-consecutive month period (January-December) during which an Employee is credited with at least 1,000 Hours of Service. However, the three (3) years required for vesting do not have to be worked consecutively, as long as you return to Covered Service (i.e. work for an Employer who contributes to this Plan on your behalf) and work sufficient Hours of Service to receive Years of Service before incurring (5) five One-Year Breaks in Service. If however, you incur five (5) One-Year Breaks in Service before reaching the (3) three Years of Service required for vesting, your Participant Account will be permanently forfeited to the Plan.

Vesting hours are calculated on December 31st of each year, based on the number of hours received during that calendar year (January 1st-December 31st).

RE: SUMMARY OF MATERIAL MODIFICATION

Effective August 4, 2020, a participant who becomes eligible for a disability benefit will be automatically vested in his or her Participant Account. The Plan previously only provided a disability benefit for Participants who were vested in their Participant Accounts.

The Trustees have also adopted an amendment allowing Participants to choose not to receive required minimum distributions for the Plan Year 2020 if they notify the Plan in writing. This applies to both one-time payments as well as distributions that are part of a series of substantially equal payments. The required minimum distributions for Plan Year 2020 will also be considered eligible rollover distributions.

For a complete copy of the Plan Document or the Amendments explained in this correspondence, please do not hesitate to contact the Plan Office.

IMPORTANT - STATEMENT OF PRIVACY AND DISCLAIMER

This site is maintained by Plumbers & Steamfitters Local Union 52, on behalf of the Local 52 Fringe Benefits Fund (Fund). The site is intended primarily for Fund participants and beneficiaries to provide them with additional access to Fund information that they may find helpful. Your use of this site constitutes your acceptance of the below limitations and your acknowledgment that the content and services provided at this site are for information only.

Please note: this site does not permit access to any confidential health related information or financial information.

Do not rely on this site or its links for determination of questions that you may have about your eligibility or entitlement to Fund benefits or for Plan coverage and benefits. Neither this site nor its links can provide you with a binding answer as to whether any claim you may have for Fund benefits will be allowed or denied. If you have questions concerning your benefit eligibility, coverage or a benefit claim by you or your beneficiaries, you should contact the Fund Office located at 334-272-0240.

Any general medical and other information provided by this site and its links is for your convenience only. Do not rely on this information if you have specific medical questions. Specific questions about medical issues should be addressed to your doctor. And, do not disregard any medical advice you may have received because of information you may obtain from this site.

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