Phone: 845-565-2737
LOCAL 17
Amendment to Laborers Local 17 Pension Plan
Updated On: Nov 29, 2011

AMENDMENT TO THE
LABORERS LOCAL 17 PENSION FUND PLAN
SPECIFICIATIONS

SUMMARY OF MATERIAL MODIFICATIONS

Amended Effective January 1, 2012

This notice has been prepared as required by the regulations to advise you that the Laborers Local 17 Pension Fund Plan has been amended to create a Tier II Plan of Benefits for all employees who first work in contributory employment on or after January 1, 2012. Tier I Plan of Benefits will remain in effect for employees who were participants as of January 1, 2012, or who worked in contributory employment during the 2011 Plan Year and become participants by January 1, 2013.

Normal Retirement Pension upon attaining the age of 65 and 5 years of vesting service a participant shall be eligible to receive a Normal Retirement benefit calculated as follows:

Tier I — Plan of Benefits — remains unchanged

Tier II — Plan of Benefits — the basic future service credits and additional future service credits shall be multiplied by $40 per month

Early Retirement Pension — Tier I — Plan of Benefits remains unchanged

Early Retirement Pension — Tier II — Plan of Benefits  the monthly amount of a participant's early retirement benefit is his Normal Retirement Benefit determined as of his Early Retirement Date, reduced by '/2 of 1% per month for each month that the participant's Early Retirement Date precedes his 65th birthday. An active participant who attains age 57 after achieving at least 30 years of Basic Future Service Credit or at age 62 achieving at least 20 years of Basic Future Service Credit may retire early with no reduction in benefit. For purposes of the early retirement computation of benefits, no more than one year of Basic Future Service Credit may be counted in any one Plan Year.

Should you have any questions regarding this notice please contact the fund office:

Daniel Jackson,

Fund Administrator

451 B Little Britain Road Newburgh, NY 12550

(845) 565-6878

NOTE: This document is a Summary of Material Modifications. It should be kept with your Laborers Local 17 Pension Fund Plan Summary Plan Description.

Employer Identification Number (EIN): 14-6025196 Plan Number: 001

Date: November 11, 2011 


-
Contact Info
Laborers' International Union of North America Local 17
451A Little Britain Road
Newburgh, New York 12550
  845-565-2737

Top of Page image
Powered By UnionActive - Copyright © 2019. All Rights Reserved.