Home Welfare Pension Annuity Benefit
   Operating Engineers Local 66 Pension Fund  

DEFERRED VESTED BENEFITS

If you terminate employment after January 1, 1976, after completing 5 years of credited service, you will be eligible for a vested retirement benefit with benefits deferred to your normal retirement date.

The monthly vested retirement benefit commencing at age 65 is calculated the same as the normal retirement benefit times the vesting percentage from the following table:

Vesting Percentages for Those Who Vested
Completed Years
of Credited Service
Years
1989 to 1996
Years
1976 to 1988
Years
1997 or Later
5 through 9. 50% 50% 100% after 5
10 100% 75%
11 100% 80%
12 100% 85%
13 100% 90%
14 100% 95%
15 or more. 100% 100%

*If you are vested prior to January 1, 1976, see the Summary Plan Description, Article VII, Section 3 or 4.


Deferred Vested Retirement Benefit Prior to Age 65 - You may elect to have your vested retirement benefit begin prior to age 65 but no earlier than age 55.

For those who retire on or after January 1, 2000, the monthly benefit will be calculated after first applying the vesting percentage from the table listed above and:

  • If you have 10 or more years of credited service and elect to have your benefits commence at or after age 62, the monthly benefit will not be further reduced. If you elect to have benefits commence prior to age 62, your monthly benefit will be further reduced by 1/4 of 1% for each month you begin receiving benefits prior to age 62.
  • If you have 20 or more years of credited service and elect on or after January 1, 1994, to have your benefits commence at or after age 60, the monthly benefit will not be further reduced. If you elect to have benefits commence prior to age 60, your monthly benefit will be further reduced by 1/2 of 1% for each month you begin receiving benefits prior to age 60.
  • If you have less than 10 years of credited service and elect to have your monthly benefit commence prior to age 65, your monthly benefit will be further reduced by 1/4 of 1% for each month you begin receiving benefits prior to age 65

AGE 70½ REQUIREMENT -   If you are eligible for a deferred vested benefit, you must begin to receive pension benefits no later than April 1st following the calendar year in which you obtain age 70 1/2.


Frequently Asked Questions.
Normal Retirement Benefits.
Early Retirement Benefits.

Disability Benefits.
Death Benefit.
Joint and Survivor Options upon Retirement.
Deferred Vested Benefits.