A participant must work under a minimum average
contribution rate in each of the 5 years leading up to his retirement in
order to meet one of the eligibility requirements for a Special Service Pension. A
different sequence of rates applies to each year of retirement.
The charts below set forth the minimum average contribution rates for each year of retirement from 1997 to 2009. If a participant’s 5-year average meets or exceeds the amount shown in the Average line of the table, he is deemed to have satisfied the 5 year contribution rate requirement.
All hours of service in a calendar year are used in
determining the average contribution rate for that year. In general, the
five test years are the last year in which the participant works in Covered
Employment and the four preceding years in which he has earned pension
credit.
Please refer to the Plan’s Rules and Regulations for a complete description of all of the eligibility requirements for a Special Service Pension.
CHART 1
5 Year Average Rate Test For Plan C Special Service Pension
(For
Participants Who Meet the *Grandfathering
Provisions Adopted 10/1/2002)
| Rate | 1997 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 |
| Average | $2.46 | $2.56 | $2.66 | $2.76 | $2.86 | $2.96 | $3.06 | $3.11 | $3.18 | $3.25 | $3.32 | $3.39 | $3.46 |
CHART
2
Revised
5 Year Average Rate Test For Plan C Special Service Pension
(For Participants Who Do Not Meet
the *Grandfathering Provisions Adopted 10/1/2002)
| Rate | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 |
| Average | $3.11 | $3.46 | $3.76 | $3.91 | $4.06 | $4.21 | $4.42 | $4.64 | $4.87 |
CHART
3
Plan D
Special Service Pension
| Rate | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 |
| Average | $4.00 | $4.06 | $4.21 | $4.31 | $4.46 | $4.66 | $4.86 | $5.06 | $5.26 | $5.52 |
*Grandfathering
Provisions
Participants who have satisfied the existing eligibility requirements for a Plan C Special Service Pension with respect to contribution rate, age and contributory pension credit as of the Cut-Off Date will always be eligible to retire on a Plan C Special Service Pension. This grandfathering provision allows an eligible participant to move up to higher benefit payments under the existing Plan C schedule based on future pension credit and age.
The
Cut-Off Date is
A participant who does not satisfy the existing eligibility requirements for a Plan C Special Service Pension as of the Cut-Off Date may only become eligible to a Plan C Special Service Pension by meeting the revised eligibility requirements that were adopted on October 1, 2002.
United We Stand
2005© New
England Teamsters & Trucking Industry Pension Fund
1 Wall Street, Burlington MA, 01803-4768
The
use of this website is subject to the Legal
Conditions and Terms of Use,
and by proceeding, you acknowledge your acceptance of these terms.