.png)
Pension Benefit Statement
The purpose of this statement is to provide you with personal information regarding your pension benefit earned, and to project what your future benefit may be when you reach age 62. Your future benefit projections shown below assume you will work at least 1,800 hours per year until you reach age 62 in employment covered by a Culinary and Bartenders Union contract. The future projections also assume pension benefit levels will continue to increase at a moderate rate as they have in the past.
| Vested Status | Pension Credits | Regular Retirement Date | Estimated Accrued Monthly Benefit |
|---|---|---|---|
| $ |
VESTED means that you have earned ownership rights to your pension benefit and your benefit cannot be taken away even if you stop working. Presently, you need 5 years of pension credit to become vested. A year of pension credit may be obtained with as few as 1,000 hours (about 20 hours per week) in a one year period. Your vested status is subject to verification by the Pension Office when you retire.
Future Benefit Projection
If you elect the monthly lifetime benefit at age 62:
Monthly benefit payable to you for life at age 62: $
If you elect the monthly lifetime benefit at age 62: $
You may take one half of your pension value, up to $50,000.00, in a lump sum payment, and the remaining value is payable as a monthly lifetime benefit.
If you elect the lump sum benefit at age 62:
Amount available to you as a lump sum payment at age 62: $
Monthly lifetime benefit payable to you at age 62 in addition to the lump sum: $
Estimated amount you may expect to receive in monthly payments over your lifetime based on average life expectancy: $
Earned Benefit/Year
| Plan Year | Covered Reported Hours | Pension Credit | Earned Monthly Benefit |
|---|
Table Explanation
A minimum of 300 hours is required in one calendar year in order to receive any credit towards your pension benefit.
The earned benefit amounts in this statement are based on information contained in the Plan Administrator's records and are subject to verification at the time you actually retire. Your future benefit projections are estimates and your actual benefits may be more or less. The most important factor that determines your pension benefit is the number of hours you work each year. The industry average of 1,800 hours per year was used to prepare your benefit projections in this statement. Your future benefit estimate would be lower if you work less than 1,800 hours per year or higher if you work more than 1,800 hours per year. 2,000 hours, about 40 hours per week, will earn the maximum yearly credit towards your pension benefit. Other factors that may affect your benefit estimate include future benefit increases, the Plan's investment experience, changes in interest rates, when you retire, and life expectancy.