Transcription
PLUMBERS & PIPEFITTERSN AT I O N A L P E N S I O N F U N DPLAN BOOKLETRev. 12/07
BOARD OF TRUSTEESUNION TRUSTEESEMPLOYER TRUSTEESWilliam P. Hite, ChairmanGeneral PresidentUnited Association of Journeymen andApprentices of the Plumbing andPipefitting Industry of U.S. and Canada901 Massachusetts Avenue, N.W.Washington, DC 20001-4307Smitty G. Belcher, Co-ChairmanP1 Group, Inc.16210 West 108th StreetLenexa, KS 66219-1346Patrick R. PernoGeneral Secretary-TreasurerUnited Association of Journeymen andApprentices of the Plumbing andPipefitting Industry of U.S. and Canada901 Massachusetts Avenue, N.W.Washington, DC 20001-4307Stephen F. KellyAssistant General PresidentUnited Association of Journeymen andApprentices of the Plumbing andPipefitting Industry of U.S. and Canada901 Massachusetts Avenue, N.W.Washington, DC 20001-4307Robert J. Durr, Sr.Durr Mechanical Construction, Inc.80 Eighth Avenue, 17th FloorNew York, NY 10011-7153Michael W. GossmanP1 Group, Inc.Building #12151 Haskell AvenueLawrence, KS 66046-3251ALTERNATE TRUSTEERonald C. ZinzerNooter Construction Company373 Brownsburg RoadWrightstown, PA 18940PARTICIPANT REPRESENTATIVESGeorge W. ReillyBusiness ManagerPlumbers & Gas Fitters Local Union #1158-29 George Meany BoulevardHoward Beach, NY 11414-3137Michael A. PleasantBusiness ManagerU.A. Local Union #1578801 E. Milner AvenueTerre Haute, IN 47803-9796LEGAL COUNSELO’Donoghue & O’Donoghue LLPMorgan, Lewis & Bockius LLPCERTIFIED PUBLIC ACCOUNTANTSalter and Company, P.L.L.C.CONSULTANTS AND ACTUARIESCheironFUND ADMINISTRATORWilliam T. Sweeney, Jr.Please visit the Plumbers & Pipefitters National Pension Fund’s website at www.ppnpf.org.
PLUMBERS & PIPEFITTERS NATIONAL PENSION FUND103 Oronoco Street, Alexandria, Virginia 22314-2047 (703) 739-9020 (800) 638-7442 http://www.ppnpf.org Fax (703) 739-9017ADMINISTRATOR: WILLIAM T. SWEENEY, JR.December 2007Dear National Pension Plan Participant:We are pleased to present you with this booklet which describes the rulesand regulations of the Plumbers & Pipefitters National Pension Plan. Thisbooklet incorporates all amendments adopted through June 2007.This booklet is separated into two parts. The first section is a Summary PlanDescription (SPD). The SPD is a summary and explanation of the basic rulesand provisions of the Plan, including significant conditions that apply toparticipants in different circumstances. We trust that this summary willallow you to understand and appreciate the excellent benefits and securityprovided by this Plan. The National Pension Fund has been providingmeaningful lifetime retirement income to eligible employees for almost40 years, since its inception in 1968.The second section, which is the full legal text of the retirement Plan, is amore complete statement of your rights under the Plan. The text of the Planitself, as interpreted by the Board of Trustees, represents the final authorityin all cases.We recognize that the Plan is complex and we encourage you to contact theFund Office if you have any questions about how the Plan applies in yourcircumstances. You may contact the Fund Office by calling 1-800-638-7442,writing to us at the address in the letterhead above, or through the Fund’swebsite at www.ppnpf.org. It is important to note that no other person oroffice is authorized to make statements about the Plan and its effect on yourspecific situation or circumstances.Thank you for taking the time to read this booklet. Please keep it for futurereference. It will be of assistance to you and your family in understandingthe National Pension Plan.Sincerely,The Board of TrusteesTRUSTEES: WILLIAM P. HITE, PATRICK R. PERNO, STEPHEN F. KELLY, SMITTY G. BELCHER, ROBERT J. DURR, SR., MICHAEL W. GOSSMANi
PLUMBERS & PIPEFITTERS NATIONAL PENSION PLANPageSUMMARY PLAN DESCRIPTION . . . . . . . . . . . . . . . . . . .1Table of Contents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1Text . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5FULL TEXT OF THE PLAN . . . . . . . . . . . . . . . . . . . . . . . .43Table of Contents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .43Text . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .47Este folleto del plan contiene un resumen en inglés de sus derechos de plan y beneficios bajo elPlumbers and Pipefitters National Pension Fund (Fondo de Pensión Nacional para los Plomeros yFontaneros). Si usted tiene dificultad comprendiendo cualquier parte de este folleto, puede contactara William T. Sweeney, Jr., el Administrador del Plan, a 103 Oronoco Street, Alexandria, VA 22314. Lashoras de oficina son de 8:30 A.M a 4:30 P.M. de lunes a viernes. También puede llamar a la oficina delAdministrador del Plan al 1-800-638-7442, extensión 3333.iiRev. 12/07
SUMMARY PLAN DESCRIPTIONTable of ContentsPageI. ABOUT THE NATIONAL PENSION PLANSome Interesting Statistics . . . . . . . . . . . .Other General Information . . . . . . . . . . . . .Highlights of the National Pension Plan . . .Plan Administration . . . . . . . . . . . . . . . . . .55556II. WHO CAN PARTICIPATE IN THE NATIONAL PENSION PLAN? . . . . . . .Special Arrangements for Employees Not Under a Collective BargainingAgreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .67III. WHEN DO YOU BECOME A PLAN PARTICIPANT? . . . . . . . . . . . . . . . .Covered Employment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Hours of Work . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .777IV. HOW DOES THE TIME YOU WORK COUNT? . . . . . . . . . . . . . . . . . . . .Pension Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Future Service Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Past Service Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .When You Travel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Credit for Work in a Jurisdiction That Does Not Participate in theNational Pension Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Travel to another Jurisdiction that Participates in the NationalPension Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Pension Credit and Benefit Accruals for Travel Work . . . . . . . . . . . . . . .Optional Pro Rata/Partial Pension Addenda to the Money-Followsthe-Man Reciprocal Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Cross-Border Travelers working in the United States or Canada . . . . . .Vesting Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .When You Are Vested in the Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Normal Retirement Age . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7788101010111111111212V. WHEN CAN YOU LOSE PENSION CREDIT AND VESTING SERVICE? .Permanent Break in Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Exceptions to the Break in Service Rules . . . . . . . . . . . . . . . . . . . . . . .121213VI. WHEN DO YOU HAVE A SEPARATION FROM COVEREDEMPLOYMENT? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14VII. FACTORS THAT IMPACT THE AMOUNT OF YOUR PENSIONContribution Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Weighted Average Contribution Rate . . . . . . . . . . . . . . . . . . .Rate Reductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Pension Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Age at Retirement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Benefit Schedule(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14141415161616VIII. WHEN ARE YOU ELIGIBLE TO RECEIVE A BENEFIT FROMTHE PLAN? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Normal Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Early Retirement Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . .Enhanced Early Retirement Benefits . . . . . . . . . . . . . . . . . . . .Permanent Contribution Rate Set Aside . . . . . . . . . . . . . . .Eligibility Requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . .161617171717.1Rev. 12/07
Table of Contents (continued)PageVested Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Deferred Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Disability Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .How You Can Lose Eligibility for a Disability Pension . . . . . .Contingent Early Retirement Pension-Awaiting Social SecurityDisability Award . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Disability Severance Benefit . . . . . . . . . . . . . . . . . . . . . . . . . .Pro Rata/Partial Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18181818.191919.2020202020212121212121X. HOW WILL YOUR PENSION BENEFIT BE PAID? . . . . . . . . . . . . . . . . . .Standard Form for Married Participants: 50% Husband and Wife PensionStandard Form for Single Participants: 5-Years Certain Payments . . . . . .Optional Forms of Payment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .100% Husband and Wife Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . .50% Joint and Survivor Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Single Life Pension with 10-Years Certain Payments . . . . . . . . . . . . . . .Single Life Pension with 5-Years Certain Payments . . . . . . . . . . . . . . . .Partial Lump-Sum Payment Option . . . . . . . . . . . . . . . . . . . . . . . . . . . .Cash-Out of Small Pensions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21212323232324242425XI. PROTECTING YOUR SURVIVORS IF YOU DIE BEFORE RETIREMENTPre-retirement Surviving Spouse Pension . . . . . . . . . . . . . . . . . . . . . . . . .Lump-Sum Death Benefit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Cash-Out of Survivor Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Designating Your Beneficiary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .If You Die Without Naming a Beneficiary . . . . . . . . . . . . . . . . . . . . . . . .252526262627XII. QUALIFIED DOMESTIC RELATIONS ORDERS . . . . . . . . . . . . . . . . . . . .27XIII. WHAT IS RETIREMENT AND WHAT HAPPENS IF YOU RETURN TOWORK AFTER RETIREMENT? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Disqualifying Employment before Age 65 . . . . . . . . . . . . . . . . . . . . . . .Disqualifying Employment after Age 65 . . . . . . . . . . . . . . . . . . . . . . . . .Working after Age 70¹ ₂ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Notice to the Fund Office of a Return to Work . . . . . . . . . . . . . . . . . . . .Recovery of Overpayments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Re-Retirement and Recalculation of Benefits . . . . . . . . . . . . . . . . . . . . .Appeal of Suspension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2727272828282828XIV. HOW DO YOU APPLY FOR PENSION BENEFITS? . . . . . . . . . . . . . . . . .A Retirement Planning Checklist . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Employment History-Proof of Past Service Credit . . . . . . . . . . . . . . . . . . .282829IX. HOW MUCH WILL YOUR PENSION BE? . . . . . . . . . . .Normal Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .For Groups in the Plan Before 2005 . . . . . . . . . . . . . . . .How Benefits Were Earned Before January 1, 2005 . . .How Benefits are Earned on and after January 1, 2005Schedules of Benefits for New Groups . . . . . . . . . . . . . .Early Retirement Pension . . . . . . . . . . . . . . . . . . . . . . . .Vested Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Deferred Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Disability Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Pro Rata/Partial Pension . . . . . . . . . . . . . . . . . . . . . . . . .2Rev. 12/07.
Table of Contents (continued)PageYour Pension Effective Date . . . . . . . . . . . . . . . . . . . . . .Documents Needed to Process Your Pension ApplicationRequesting an Application Form . . . . . . . . . . . . . . . . . . .Complete and Mail the Application Form . . . . . . . . . . .Applying for a Disability Pension . . . . . . . . . . . . . . . . . . .Pension Application Processing . . . . . . . . . . . . . . . . . . .Final Retirement Documents . . . . . . . . . . . . . . . . . . . . . .29303030303031XV. YOUR RIGHT TO APPEAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .31XVI. VALUABLE INFORMATION ONCE YOU ARE RECEIVING YOURBENEFIT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Tax Withholding and Reporting . . . . . . . . . . . . . . . . . . . . . . . . . . .When You Die . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Audit of Records . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Beneficiary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Benefit Increases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Direct Rollovers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Overpayments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .323232323233333333XVII. GENERAL INFORMATION ABOUT YOUR PENSION PLAN . . . . . . . . . .Plan Name and Type of Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Establishment of the Fund and Collective Bargaining Agreements . . . . . . .Administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Source of Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Employer Identification Number (EIN) . . . . . . . . . . . . . . . . . . . . . . . . . . . .Plan Number . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Plan Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Requesting Information from the Fund Office . . . . . . . . . . . . . . . . . . . . . .Annual Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Amendments to the Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Action of the Trustees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Selling, Assigning or Pledging Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . .Benefit Increases to Retirees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Plan Termination . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Termination Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Statement of Rights under the Employee Retirement Income SecurityAct of 1974 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .33333334343434343435353535353536APPENDIX . . . .Schedule ASchedule BSchedule CSchedule D3839404142.373Rev. 12/07
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SUMMARY PLAN DESCRIPTIONPLUMBERS & PIPEFITTERSNATIONAL PENSION PLANI. ABOUT THE NATIONALPENSION PLANThe Plumbers & Pipefitters National Pension Plan wasestablished to provide retirement benefits for employees who are represented for the purposes of collective bargaining by the United Association of Journeymen and Apprentices of the Plumbing and PipefittingIndustry (United Association) or by a United Association Local Union or District Council.It is a Taft-Hartley, multiemployer defined benefit pension plan.Some Interesting StatisticsAs of June 30, 2007: More than 95,000 participants are earning pensionbenefits or are qualified to receive pensions fromthe National Pension Plan. More than 39,600 retirees and beneficiaries are already receiving pensions. More than 5,200 employers nationwide contributeto the National Pension Plan. The Plan has assets of over 5 billion.As a participant of the Plan, you can look forward toreceiving a benefit at retirement once you meet the requirements for a pension. Along with Social Securityand personal savings, the National Pension Plan canprovide you with a solid financial foundation at retirement.You do not make any contributions to the NationalPension Plan and you do not bear the risk of its investments. The National Pension Plan is financedentirely by employer contributions negotiated during collective bargaining, plus investment income.Other General InformationThe Plan includes many jurisdictions throughout theUnited States, but not all jurisdictions choose to participate in the Plan. Bargaining units are allowed tojoin at different times, and their contribution ratesvary.A current listing of participating groups is available atwww.ppnpf.org. A listing of groups participating inthe Plan is also published annually in the SummaryAnnual Report which is mailed to all participants. Youmay also contact the Fund office for a complete listing.The Board of Trustees is required to protect the actuarial soundness of the Plan. Groups seeking participation in the Plan are reviewed by the actuaries forthe Fund, and a determination is made of their basisfor participation. Some groups, therefore, have benefit levels different from those noted in this SummaryPlan Description (SPD).A listing of groups participating on a non-standardbasis is available at www.ppnpf.org. This list is alsopublished annually in the Summary Annual Report,which is mailed to all participants. If you are uncertainabout whether or not your group has the benefits asnoted in this SPD, contact the Fund office using theinformation on the letterhead on page i.The provisions of the Plan described in this SPD generally apply to currently active participants. If you arenot an active participant, a prior version of this booklet may apply to you. Copies may be obtained bymaking a written request to the Fund office.Highlights of the National Pension Plan Your eligibility for a pension from this Plan, and theamount of the benefit you will receive at retirement,depend on how much time you work for contributing employers, your age at retirement, and the contribution rates made on your behalf. As a participant in this Plan, you earn two types ofcredit while you are working for a contributing e
Please visit the Plumbers & Pipefitters National Pension Fund’s website at www.ppnpf.org. George W. Reilly Business Manager Plumbers & Gas Fitters Local Union #1 158-29 George Meany Boulevard Howard Beach, NY 11414-3137 Michael A. Pleasant Business Manager U.A. Local Union #157 8801 E. Milner Avenue Terre Haute, IN 47803-9796 PARTICIPANT .
