SIU Pacific District Pension Plan Notes
The Plan provides two types of pension — Deferred Vested Pensions and Pensions Vesting at Retirement. The latter is employer subsidized early retirement benefits. If you qualify for more than one pension, you will receive only the one that is the largest. A few highlights from the SIU Pacific District
Pension Plan rules are outlined below:
DEFERRED VESTED PENSION
The Plan provides a Deferred Vested Pension benefit payable at Normal Retirement Age (usually age 65). The amount of the benefit depends on the pension credits accumulated.
One Year of Vesting Service
125 days of covered employment within a calendar year
125-199 days: pro rata benefit 200 days: full year vested benefit credit
Before August 1, 1999, 10 years of vesting service for active employees. After July 31, 1999, five years of vesting service for active employees.
If following a Plan participant's most recent year of vesting service, a participant with less than 10 aggregate years of vesting service has one or more one-year service breaks before January 1, 1999, then the required number of aggregate years of vesting service shall continue to be 10, until the participant completes one year of vesting service after December 31, 1998.
(Exceptions to the above vesting periods may apply in accordance with break in service rules.)
Breaks in Service
Until your benefit is "vested", you may lose your accumulated pension credits if you have a Break in Service. Prior to January 1, 1985, you experience a Break in Service for purposes of the Deferred Vested pension if the number of consecutive calendar years in which you have 62 or fewer days of service equals or exceeds the number of accumulated prior calendar years in which you had 125 or more days of service provided, however, that from January 1, 1985 and after, you will not suffer a Break in Service until you have at least five consecutive calendar years of vesting with 62 or fewer days of service. Your accumulated years of vesting service cannot include years lost because of a previous break in service.
(Above is a brief extract from the break in service rules only. Contact the Plan Office for discussion of how break in service rules may apply to your particular circumstances.)
PENSIONS VESTING AT RETIREMENT
The following pensions may be payable before Normal Retirement Age based on the number of qualifying years earned within the applicable qualification period:
|Pension Type||Qualifying Years Requirement||Minimum Age|
|Disability||Minimum of 10 years||Any age|
Year of Qualifying Time
200 days of covered employment within a calendar year equals a full year of qualifying time. Less than 200 days within a calendar year will earn a pro rata partial year of qualifying time. No credit will be earned for covered employment in excess of 200 days in any calendar year.
Loss of Qualifying Time
A Plan participant shall lose all qualifying time credit if he or she:
- Has failed to maintain seniority shipping rights under the provisions of the Collective Bargaining Agreement; or
- Has failed to work at least one day in covered employment or in a non-covered standby employment for a contributing employer in any two calendar year period after having attained seniority shipping rights; or
- Did not have seniority shipping rights on June 15, 1965, under the provisions of the Collective Bargaining Agreement, provided that a Plan participant shall be deemed to have seniority shipping rights on June 15, 1965, if he or she was working in covered employment on June 15, 1965, or was eligible for registration or employment on a seniority basis on that date at one of the hiring halls of the Pacific District Unions.
Any such Plan participant who reenters covered employment after having so forfeited his qualifying time shall accumulate qualifying time only after the date he or she last forfeited Qualifying time.
A Plan participant cannot lose previously acquired qualifying time if he or she has fulfilled all of the eligibility requirements for a Basic or Long Term Pension at any time since June 16, 1978.
Normal Retirement Ageand Special Rules for Participants over Age 70½
Your Normal Retirement Age under the Plan is age 65, provided you have:
- Completed at least five Aggregate Years of Vesting Service if you have at least one Day of Service after July 31, 1999; or
- Completed at least 10 Aggregate Years of Vesting Service if you do not have at least one Day of Service after July 31, 1999
If upon attaining age 65 you have not satisfied either of the conditions above, your Normal Retirement Age is the fifth anniversary of your date of Participation, provided you have not had a Break in Service.
Special rules apply if you are age 70½ or older and are still actively employed by a Contributing Employer. If you attain age 70½ on or after January 1, 1996, you will be required to commence retirement the later of:
- April 1 following the calendar year in which you attain age 70½, and
- January 1 following the calendar year in which you fail to complete at least 62 Days of Service
If you attained age 70½ prior to January 1, 1996, please consult the Plan Office for details on the calculation of your benefit.
If you work past your Normal Retirement Age or commence your pension after your Normal Retirement Age, any benefits payable to you shall be no less than the actuarial equivalent of the benefit to which you would have been entitled at your Normal Retirement Age.
The SIU Pacific District Pension Plan entered into INTEGRATION AGREEMENTS with (1) the Chevron/SUP/Marine Pension Plan and (2) the San Francisco Bar Pilots Marine Pension Plan.
Example Calculation for a Pro-rata Benefit(s):
- Applicant is age 60
- Applicant has accumulated in excess of 25.000 Qualifying Years.
- Applicant is entitled to receive the current maximum amount of $1,700.00
|SIU-PD Pension Plan:||27.500 Qualifying Years|
|Chevron Marine Pension Plan:||7.000 Qualifying Years|
|Total Qualifying Years:||34.500|
|$1,700.00 ÷ 34.500 Qualifying Years =||$49.2754|
|$ 49.2754 x 27.500 =||$1,355.07 SIU-PD Pension Plan|
|$ 49.2754 x 7.000 =||$ 344.93 Chevron Marine Pension Plan|
The calculation pertaining to the San Francisco Bar Pilots Integration Agreement is identical.
The SIU Pacific District Pension Plan does not integrate with either Plan for VESTING PURPOSES.
Space does not allow a full listing of the SIU-PD Pension Plan rules. Questions regarding Exceptions, Break-in-Service rules or Accumulated Vesting or Qualifying Time should be directed to the Plan Office.
SIU Pacific District Pension Plan: 415-764-4987