Q. What is the purpose of the Plan?
A. To provide an income for you, in addition to your Social Security benefits and any other pension benefits, following the time that you retire from active employment in the jurisdiction of ILA Local 1804-1 and/or ILA Local 1814.
Q. What type of plan is it?
A. The Metro-ILA Pension Plan is a Defined Benefit Pension Plan. This means that eligible participants receive a specific monthly benefit amount when they retire. This dollar amount is calculated based upon years of credited service together with a monthly benefit rate that is negotiated in the MMMCA-ILA contracts.
Q. Who pays for the plan?
A. Your employer (not you) is obligated by the contract to make contributions on your behalf based on the number of hours you work.
Q. Who is eligible to participate in the plan?
A. All active Metro-ILA workers can participate in the Plan. Prior to January 1, 2005, the Plan excluded those Metro-ILA members who were hired on or after January 1, 1997. The current contract now allows all members the ability to participate.
Q. What is the minimum vesting requirement under the Plan?
A. Minimum vesting is 5 years of credited service, effective January 1, 1997.
Q. What is a year of credited service?
A. A year of credited service is generally when an employee completes a minimum of 400 hours of service with a contributing employer.
Q. Is there a limit on the number of years of credited service I can earn towards a pension?
A. No. Effective January 1, 2005, there is no limit on years of credited service.
Q. What is the Normal Retirement age?
A. The Normal Retirement age effective January 1, 2005 is age 62.
Q. What is the age and service requirement for Early Retirement?
A. Early Retirement is age 60 with 20 years of credited service.
Q. What is the current monthly benefit calculation for each year of credited service?
A. The current pension benefit rate is $110 per month for each year of credited service (5 to 24 years of credited service).
Q. What is the current monthly benefit rate if I have 25 or more years of credited service and plan to retire before the end of the contract on December 31, 2010?
A. $140 per month per each year of credited service ($110 plus a supplemental rate of $30).