BAC Local Union 15 Fringe Benefit Funds

How do I become eligible to receive a Pension Benefit?

To become eligible for a Pension Benefit, you must become vested.

How do I become vested?

A participant who has at least ten (10) Years of Service; or

An active participant on April 1, 1998, who has earned five (5) or more Years of Service provided that the Active Participant worked at least One Hour of Service in Covered Employment on or after April 1, 1998; or

A participant entering the plan on or after April 1, 1998 who has earned at least five (5) or more Years of Service and has earned at least one Year of Service in Covered Employment after April 1, 1998.

What is a Plan Year?

“Plan Year” means the 12 month period beginning April 1 of each year and ending on March 31 of the following year.

When can I retire?

Once you turn Normal Retirement Age (62); or as early as Early Retirement Age (55). You must meet requirements to be eligible for any type of benefits.

What type of Pension Benefits are payable under this Plan?

The BAC Local 15 Pension Fund provides eight (8) Classes of Benefits under this Plan.

Normal Retirement Benefit
Late Retirement Benefit
Vested Benefit
Early Retirement Benefit
Total and Permanent Disability Benefit
Ten Year Certain and Life Benefit
Joint and Survivor Benefit (75% and 100%)- Surviving Spouse Annuity Benefit
Death Benefit

Can I take cash distribution and/or borrow against my pension?

No. The Pension Fund is set up to pay monthly pension benefits to eligible Participants once you retire.

Who do I contact when I decide to retire?

Please contact the Fund Office at 913-236-5490 at least 45 days prior to your requested retirement date. The Fund Office will send you an application that must be completed and returned to The Fund Office with the appropriate documentation. When you receive the application, it will provide you with the amount of Pension Benefits you will be eligible to receive based on the Class of Pension you qualify for.

Can I return to work and still receive my monthly Pension Benefit?

Yes.

Under age 65

If you worked or were paid more than 400 hours in “Disqualifying Employment” your retirement will be suspended beginning the first month following the month during which your total hours worked for the year exceeded 400 hours. Your monthly Benefit would remain suspended for the balance of that calendar year.

Age 65 or older

If you worked or were paid for more than 800 hours in “Disqualifying Employment” your retirement will be suspended the first month following the month during which your total hours worked exceeded 800 hours and your monthly hours for which you worked or were paid exceeds 39 hours. Your monthly Benefit payment shall remain suspended for the balance of that calendar year.

Age 70 ½ or older

There are no restrictions on the amount of work you may perform.

What is “Disqualifying Employment”?

An industry in which an Employee covered by the Plan was employed and accrued benefits under the Plan at the time payment of benefits commenced.
A trade or craft in which the employee was employed at any time under the Plan; and
The geographic area covered by the Plan at the time payment of benefits commenced (or would have commenced had the employee not returned to employment).

What happens if I die before I am eligible to retire?

If you are a Vested Employee or a former Employee entitled to a Vested Benefit and die prior to reaching Early Retirement Age, your surviving spouse will be eligible to receive a 100% Surviving Spouse Annuity Benefit. This benefit will not be payable until the date on which you would have reached the Early Retirement Age (55) and will be equal to the Early Retirement Benefit that would have been paid had you survived to your Early Retirement Age, but based on the benefit earned as of the date of death.

What if I am not married and die before I am eligible to retire?

If you are not married and are a Vested Employee entitled to a Vested Benefit at the time of your death, your beneficiary will receive a lump sum payment equal to 100% of the total contributions made on your behalf.

Your spouse is automatically your beneficiary unless you name another beneficiary and your spouse consents in writing to the naming of another beneficiary. If you do not name a beneficiary, the Death Benefit will be paid to your surviving spouse and if none, to your estate.

FREQUENTLY ASKED QUESTIONS	Back To Menu

BAC Local 15 Pension FAQ How do I become eligible to receive a Pension Benefit? To become eligible for a Pension Benefit, you must become vested. How do I become vested? A participant who has at least ten (10) Years of Service; or An active participant on April 1, 1998, who has earned five (5) or more Years of Service provided that the Active Participant worked at least One Hour of Service in Covered Employment on or after April 1, 1998; or A participant entering the plan on or after April 1, 1998 who has earned at least five (5) or more Years of Service and has earned at least one Year of Service in Covered Employment after April 1, 1998. What is a Plan Year? “Plan Year” means the 12 month period beginning April 1 of each year and ending on March 31 of the following year. When can I retire? Once you turn Normal Retirement Age (62); or as early as Early Retirement Age (55). You must meet requirements to be eligible for any type of benefits. What type of Pension Benefits are payable under this Plan? The BAC Local 15 Pension Fund provides eight (8) Classes of Benefits under this Plan. Normal Retirement Benefit Late Retirement Benefit Vested Benefit Early Retirement Benefit Total and Permanent Disability Benefit Ten Year Certain and Life Benefit Joint and Survivor Benefit (75% and 100%)- Surviving Spouse Annuity Benefit Death Benefit Can I take cash distribution and/or borrow against my pension? No. The Pension Fund is set up to pay monthly pension benefits to eligible Participants once you retire. Who do I contact when I decide to retire? Please contact the Fund Office at 913-236-5490 at least 45 days prior to your requested retirement date. The Fund Office will send you an application that must be completed and returned to The Fund Office with the appropriate documentation. When you receive the application, it will provide you with the amount of Pension Benefits you will be eligible to receive based on the Class of Pension you qualify for. Can I return to work and still receive my monthly Pension Benefit? Yes. Under age 65 If you worked or were paid more than 400 hours in “Disqualifying Employment” your retirement will be suspended beginning the first month following the month during which your total hours worked for the year exceeded 400 hours. Your monthly Benefit would remain suspended for the balance of that calendar year. Age 65 or older If you worked or were paid for more than 800 hours in “Disqualifying Employment” your retirement will be suspended the first month following the month during which your total hours worked exceeded 800 hours and your monthly hours for which you worked or were paid exceeds 39 hours. Your monthly Benefit payment shall remain suspended for the balance of that calendar year. Age 70 ½ or older There are no restrictions on the amount of work you may perform. What is “Disqualifying Employment”? An industry in which an Employee covered by the Plan was employed and accrued benefits under the Plan at the time payment of benefits commenced. A trade or craft in which the employee was employed at any time under the Plan; and The geographic area covered by the Plan at the time payment of benefits commenced (or would have commenced had the employee not returned to employment). What happens if I die before I am eligible to retire? If you are a Vested Employee or a former Employee entitled to a Vested Benefit and die prior to reaching Early Retirement Age, your surviving spouse will be eligible to receive a 100% Surviving Spouse Annuity Benefit. This benefit will not be payable until the date on which you would have reached the Early Retirement Age (55) and will be equal to the Early Retirement Benefit that would have been paid had you survived to your Early Retirement Age, but based on the benefit earned as of the date of death. What if I am not married and die before I am eligible to retire? If you are not married and are a Vested Employee entitled to a Vested Benefit at the time of your death, your beneficiary will receive a lump sum payment equal to 100% of the total contributions made on your behalf. Your spouse is automatically your beneficiary unless you name another beneficiary and your spouse consents in writing to the naming of another beneficiary. If you do not name a beneficiary, the Death Benefit will be paid to your surviving spouse and if none, to your estate.

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