Frequently Asked Questions
What are the types of pension benefits?
The Iron Workers District Council of New England offers seven different types of Pension Benefits. The following types of pensions are all described in detail in the Summary Plan Description:
- Regular Pension
- Early Retirement Pension
- Service Pension
- Deferred Pension
- Total Disability Pension
- Partial Disability Pension
- Pro Rata Pension
What are the pension payment options?
- 50% Husband and Wife Option
- 75% Husband and Wife Option
- 100% Husband and Wife Option
- Lifetime Monthly Pension (120-Month Guaranteed Payment) Option
- Lump Sum Option (for a portion of your benefit)
- Level Income Option.
You may generally choose how you want your pension benefit to be paid when you retire. The options available to you are based on your marital status at the time you retire.
If you are married when you retire, you will automatically receive the 50% Husband and Wife Option unless you specifically elect another option and your spouse signs a notarized statement of consent. However, you must have been married for at least a year at the time of your death for your spouse to receive the 50% surviving spouse benefit.
If you are married, the Fund also offers 75% and 100% payment options for your pension benefit.
If you are not married, the standard pension is a Lifetime Monthly Pension with a guarantee of 120 payments.
Contact the Fund office for eligibility and the monthly calculation for your pension benefit amounts.
What are banked hours?
The hours bank can boost your benefit for years you don’t earn a full pension credit. Here’s how it works:
Hours that you worked in excess of 1,200 in Plan Years after 1978 and before 2006 could be credited to your hours bank if:
- you retired after December 31, 1996, and
- you earned at least 3/12 pension credit after 1995
Hours you work in excess of 1,500 in each year after 2005 may be credited to your hours bank, up to 1,200 in a year. Hours you bank on or after July 1, 2011 may be adjusted if you work for an employer who contributes below a certain rate. See the Summary Plan Description for details or contact the Fund Office with any questions.
After you have filled in any incomplete years of work, you may use your remaining banked hours to add to your pension benefit when you retire.
If you have earned at least 3/12 of a pension credit after 1993 you may apply banked hours up to a maximum of 18 credits.
Hours bank credits will be applied at the benefit rate you qualify for in the applicable period the hours were earned with the exception of hours banked after 2005 the maximum benefit rate will always be $100.
NOTE: Hours bank credits cannot be used to meet the work requirement to qualify to become vested, for any benefit rate, or to prevent or repair a break in service.