• What is a normal retirement benefit? It’s the sum of the Legacy Benefit and SIP Benefit, payable monthly for your lifetime when you retire. The amounts shown on your statement is what you have earned so far and are payable starting at your normal retirement age. Your actual benefit will be adjusted depending on the form you elect and if you retire early.
• What is my normal retirement age? It’s the age the retirement plan uses to calculate your benefit.
  • For benefits earned before Jan. 1, 2019, it’s generally age 62.
  • For benefits earned on or after Jan. 1, 2019, it’s generally age 65.
• How early can I begin my benefits? Usually you can start your benefits as early as age 55 after earning 5 years of credited service. You can also retire at any age after you have earned 30 years of credited service and have worked at least 45,000 hours.
• If I retire early (before my normal retirement age), will my benefits be reduced? Early retirement benefits usually are reduced to reflect the longer expected payment period. However, early retirement benefits will NOT be reduced if you:
  • Have 45,000 Total Hours Worked and 30 Total Years of Service
    or
  • Have 45,000 Total Hours Worked and at least 600 Hours Worked in 3 of the 5 calendar years immediately before the year you retire
    or
  • Are at least age 62 and have 20,000 Total Hours Worked and at least 600 Hours Worked in 3 of the 5 calendar years immediately before the year you retire.
  (See the “Credits At Year End” and the “Hours Worked” column on your pension statement.)
• If I retire late (after my normal retirement age), will my benefit be adjusted? Yes, your benefit would be increased to reflect the shorter expected payment period. In addition, if you work in covered employment after reaching your normal retirement age, your retirement benefit would be increased to reflect the time you worked after normal retirement age. Please note, benefit adjustments for late retirement are not reflected in this modeling tool. Please contact the Trust administration office if you have questions about this situation.

If you have questions about the Plan’s retirement rules, please consult your Summary Plan Description or contact the Trust administration office. The result obtained using this model is an estimate based on the inputs you entered. Your actual retirement benefit will be determined by the rules of the Plan and calculated by the Trust administration office at the time of your retirement. Before making any retirement decisions, you should discuss your specific situation with the Trust administration office.

We used the following assumptions, which are for illustration only:

• If not already vested, you are assumed to be vested in both the traditional benefit and the new sustainable income plan (SIP) benefit when you retire. You must be vested to receive retirement benefits. If you work an hour on or after Jan.1, 2019, you must earn 3 years of credited service under the Plan to be vested. If you do not work on or after Jan. 1, 2019, the vesting requirement is 5 years of credited service.
• Your estimated contribution rate for future hours worked depends on your location. The projection reflects future contribution rate increases that are scheduled under the rehabilitation plan. To the extent the actual rate contributed is different, your benefits at retirement will be different. Actual benefits will depend on actual hours worked, actual hourly contribution rate, and actual plan investment returns.

To create the patterns of returns based on historical returns between 1927 and 1989, we assumed the funds are invested in a 50% stock / 50% bond mix, using:

• Stocks – the S+P 500 Index
• Bonds
  • from 1955 to 1979 a mix of 40% 3-Month Treasury Bills and 60% 10-Year Treasury Bonds
  • from 1980 to 1989 the Barclays Aggregate Bond Index.

From 1990 to 2021, the Plan's actual investment returns are used.
If the projection goes beyond the 2021 historic returns, we used a 6% rate of return.