Your right to pension benefits under the Defined Benefit Plan depends upon how many years of Vesting Credit you have earned. You earn Vesting Credit by performing employment for participating employers in positions for which contributions are required to be made to this Plan.
Employees working under the collective bargaining agreement negotiated by the International Brotherhood of Electrical Workers I.B.E.W. Local 332 and National Electrical Contractors Association, Santa Clara Valley Chapter, or under another collective bargaining agreement negotiated by I.B.E.W. Local 332 requiring contributions to the Plan. Sole proprietors, partners, and corporate owner-officers are not eligible to participate in this Plan. Employees of the Union are eligible to participate if the Union elects to include its employees and notifies the Trustees in writing of its election.
An individual shall be eligible for past service credit if employed for three hundred (300) hours or more during one (1) of the two (2) years immediately prior to January 1, 1972, by an employer falling within the requirements which would have caused contributions to the Plan.
Qualification for Pension
You are eligible when you have met the following requirements:
- You are age 55 or older;
- You have at least ten (10) years of credited service of which at least two (2) years is future credited service; and
- You have ceased working in the electrical industry as defined in Article III, Section 5, of the Plan Document.
Exception: Any employee who works in Non-Qualified Employment will not be entitled to early retirement benefits attributable to covered hours worked after October 1, 1987.