Your Pension Credits and related benefits are based on the hours you work in Covered Employment and the employer contributions made on your behalf.
You earn a monthly Normal Retirement Benefit of $4.13 for each year of Past Service credit awarded (up to 10 years maximum, or $41.30).
For the period …
Your monthly Normal Retirement Benefit earned
is …
Before May 1, 1989
2.89% of employer contributions made on your behalf
On and after May 1, 1989 through April 30, 2007
2.6% of employer contributions made on your behalf
On and after May 1, 2007 through April 30, 2010
2.3% of employer contributions made on your behalf
On and after May 1, 2010
1.5% of employer contributions made on your behalf
The following table shows amounts of monthly Pension earned for various amounts of employer contributions in a Plan Year after April 30, 2010. Your benefit is computed differently for Plan Years before May 1, 2010.
Employer Contribution for Plan Year (May 1 – April 30)
Monthly Normal Retirement Benefit Earned for Plan Year
$400
$6.00
$800
$12.00
$1200
$18.00
$1600
$24.00
Section 4.1 of the Plan Document for the Shops Plan describes a special minimum benefit applicable to employees of either a cabinet maker employer or the union on November 1, 1962, or a millwork employer on January 1, 1966.