The Local 46 Pension Plan is set up to provide additional income to you when you retire prior to age 65. You must have ceased employment in the Plumbing and Pipefitting industry to qualify for a pension under the Local 46 Pension Plan.
Once you retire on a regular pension it will normally not be reduced; however, pensions are not guaranteed and can be reduced by the Trustees if circumstances warrant such action. Any future increases will require that you satisfy certain requirements as decided by the Trustees at the time. As a minimum requirement you must remain a member in good standing with Local 46 to be eligible to receive an increase. It is therefore to your advantage to remain a member in good standing with Local 46.
Deferred vested pensioners and members taking early retirement on reduced pensions may not receive future increases in pensions (if any), or may only receive partial increases.
If you return to work for a contributing employer after you have retired and before age 65, you must notify the Benefits Office as your pension will stop. You will not receive pension payments for the number of full weeks that you return to work. Your pension will start again when you can prove to the Trustees that you have stopped working for a contributing employer, or after you attain age 65 and have notified the Benefits Office that you wish to restart your pension, or when you reach age 71. If you return to work after age 65 you will continue receiving your pension; however, you will not earn any further pension credits, and you will not be eligible for active member health coverage. Should you wish to suspend your pension payments in order to earn additional pension benefits after age 65, you must complete a form which is available from the Benefits Office.
(Note: Members working under certain special shop agreements may not be participating in this Plan; also members working under the pipeline agreement are now participating in the national program).