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Plan - Vesting
Vesting is the right to receive your pension when you
reach retirement age even if you are no longer an active
plan participant at that time.
Currently, to become
vested you must have 5 years of service, one of which
must be credited future service.
To obtain a year of credited future service you must work 300 hours in a calendar year as a plan
participant (500 hours prior to January 1, 1992).
Prior to January 1, 1997 plan participants must have had 10 years
of service unless they worked for an employer that opted for 5 year
vesting prior to that date.
If you terminate your
participation prior to becoming vested, you have 5
years from your last year of credited service to return
to the Plan before losing credits previously earned.
Vesting for Participants Over Age 58
If you are not vested when you reach the normal retirement age of 58,
or if your participation in the Plan starts after your 58th
birthday, you will become vested on your 5th anniversary in the Plan
if you are still an active participant in the Plan at that time.