Pension Description
The Pacific Coast Roofers Pensions Plan is a defined benefit pension plan. In a defined benefit pension plan, the amount of any participant’s benefit is determined by applying a formula. The benefit is considered defined because the formula allows participants to know the amount they are entitled to before they actually retire. Benefits that are promised under a defined benefit pension plan are insured by the Pension Benefit Guaranty Corporation (PBGC).
Eligibility Requirements
You become eligible to participate in the pension plan when you complete 150 hours of service in a plan year (August 1-July 31).
Generally, collectively bargained active participants who have one or more hours of service on or after August 1, 1997, are fully vested after earning 5 years of vesting credit. Non-bargained participants generally become vested over a 6-year period.
Qualification for Pension
You are eligible when you have met the following requirements:
- Early Retirement: To receive an early retirement benefit, you must be at least 55 years of age and have nine years of vesting credit.
- The attainment of age sixty-five (65) with a vested interest and the Employee’s separation from Industry Service in California; or
- Late Retirement: Generally, you are eligible for a late retirement benefit if you work beyond your normal retirement date and are vested when you stop working in the roofing industry.
- Disability Benefit: To be eligible for a disability benefit you must work a certain number of hours during the plan year of your disability.
