Service Employees 32BJ North Pension Fund

North Pension Fund Summary Plan Description (SPD) >> Vesting

When you are Vested in the Plan, you have a nonforfeitable right to a pension benefit at Retirement. This means the Pension Service you have earned cannot be lost even if you stop working for a Contributing Employer. If you worked in Covered Employment prior to December 31, 1975, you will be credited with the Vesting Service that you earned under the terms of the Plan in effect on December 31, 1975. For all work in Covered Employment after December 31, 1975, you will earn one month of Vesting Service for each month your employer is required to make Contributions to the Fund on your behalf, or as otherwise required under the applicable law. You will receive 190 Hours of Service for each month a Contributing Employer is required to contribute monthly to the Fund on your behalf, or 45 Hours of Service for each week a Contributing Employer is required to contribute weekly to the Fund on your behalf. You will earn one year of Vesting Service for each year in which you receive at least 1,000 Hours of Service.

If you worked at least one Hour in Covered Employment on or after January 1, 1999 pursuant to a collective bargaining agreement, you will become Vested when you have earned 5 years of Vesting Service; otherwise you will become Vested when you have earned 10 years of Vesting Service.

If you worked at least one Hour in Covered Employment on or after January 1, 1989 but not pursuant to a collective bargaining agreement, you will become Vested when you have earned 5 years of Vesting Service; otherwise you will become Vested when you have earned 10 years of Vesting Service.

However, if you left Covered Employment on or before December 31, 1975, your vesting status is determined based on the Plan in effect on December 31, 1975. You also will become Vested upon the attainment of Normal Retirement Age.