Health
& We
lfare
and Pension Funds
of Philadelphia and Vicinity
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How This SPD is Organized Our goal in publishing this summary description is to allow you to understand whether you are eligible for a pension, to estimate the amount of your pension, and to describe the options available to you regarding how your pension may be paid. This summary description also describes who administers the Plan and your rights under the federal law of employee benefits known as ERISA. We recognize, however, that the Plan's benefit formula and other rules are rather complicated and we urge you to contact the Plan Administrator if you have questions. Please remember that in the event of any discrepancy or conflict between this summary description, any advice the Plan Administrator may give you and the formal legal documents that govern the Plan, those legal documents will control. This Summary Plan Description is organized into sections describing key features or information regarding the Plan. Section II explains some defined terms that are used throughout the summary description. Section III describes who may participate in the Plan and the eligibility requirements for Normal, Early, Termination and Disability Retirement Benefits. If you are a participant and working in Covered Employment, you will earn credited service toward your pension benefit. However, you will not be entitled to a pension unless and until your benefit becomes "vested." The rules for determining Vesting and Vesting Service are discussed in Section IV. Under certain circumstances, if you leave Covered Employment, you will lose the Vesting Service you had previously earned once you have a sufficiently lengthy "Break in Service." The Plan's Break in Service rules is also discussed in Section IV. The amount of your pension is determined in part on the basis of the Benefit Service you earn as you work in Covered Employment. The rules for determining your Benefit Service are discussed in Section V. Section VI describes how the amount of your monthly benefit is determined. The Plan has a "Regular" benefit formula, which applies to all participants, and several "Alternative Minimum Benefits" available to participants with 20 or more years of Contributory Benefit Service who retire at certain ages. You will receive a pension based on whichever benefit yields the highest amount. The amount of your pension benefit will be affected by when you choose to retire. Generally speaking, you will receive an unreduced pension if you retire at or after your normal retirement age (and if you continue to work beyond your normal retirement age you may be able to earn additional benefit credit). However, you can also choose to retire early and, generally speaking, receive a monthly pension on a reduced basis that reflects the longer period of time over which benefits are likely to be paid. Section VI describes how to determine your benefit if you decide to retire before you attain your normal retirement age. The benefit formula discussed in Section VI yields a monthly benefit payable beginning at normal retirement age in the Plan's "normal form" - a monthly pension payable for your lifetime with a guarantee of 60 monthly payments to you or (following your death) your designated beneficiary for the balance of those 60 months. However, there are several other available benefit forms, each of which will affect the amount of your monthly benefit (as compared with the Plan's "normal form"). These options are described in Section VII. Please be aware that if you are married at the time your pension payments begin, you must receive your pension in the form of a joint and survivor pension with your spouse as your survivor beneficiary, unless your spouse agrees to the payment of your benefit in another form. A description of the rules regarding the joint and surviving spouse's pension may also be found in Section VII. The remaining Sections describe miscellaneous provisions of the Plan. Section VIII describes the Plan's rules if, after you begin to receive your pension, you should return to work in Covered Employment. Section IX discusses "Qualified Domestic Relations Orders," by which the Plan may honor the award of a portion of your pension to your spouse, former spouse or child (usually in the context of divorce or child support proceedings.) Section X describes how the Plan is administered. Section XI sets forth the Plan's Appeals Procedure in the event your claim for benefits is denied. Section XII discusses the contributions that Covered Employers make to the Plan's Trust Fund. Section XIII describes the Trustees' right to modify, amend or terminate the Plan. Finally, Section XIV describes the payment of "Partial Pensions" in the event you do not have enough vesting credit to be eligible for a benefit under this Plan but have credit under another pension plan that has a "reciprocal agreement" with this Plan.
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