AMENDMENT TO THE CONSTRUCTION & COMMON LABORERS LOCAL 157 *PENSION FUND PLAN* RULES AND REGULATIONS SUMMARY OF MATERIAL MODIFICATIONS
Amended Effective July 1, 2022
Your pension plan has been amended effective July 1, 2022. Provided below is a summary of the changes that were made to the Plan. It should be read in conjunction with the Summary Plan Description (SPD) that has already been distributed to you.
AMOUNT OF RETIREMENT BENEFITS
Under the Plan the amount of your retirement benefit is determined by first adding up your total accrued Service Credit (see page 6 of the SPD) and multiplying these by the applicable monthly benefit rate. Payment of your Normal or Early Retirement Pension will start the first day of the month after the later of your eligibility entitlement date or your application filing date.
Normal Retirement Pension
If you are an Active Participant and retire on and after July 1, 2022 your benefit amount is determined by:
- Multiplying your Basic Past and Future Service Credits earned before July 1, 2000, up to a maximum of 40 by a $60.00 monthly benefit rate, plus
- Multiplying your Basic Future Service Credits earned after June 30, 2000, up to a maximum of 40 Combined Basic Past Service Credits and Basic Future Service Credits by a $50.00 monthly benefit rate, plus
- Multiplying your Additional Future Service Credits earned before July 1, 2000, up to a maximum of 10 Additional Future Service Credits, by a $60.00 monthly benefit rate, plus
- Multiplying your Additional Future Service Credits earned after July 1, 2000, to June 30, 2007, by a $50.00 monthly benefit rate except that the total number of Additional Future Service Credits are limited to 15 for service before June 30, 2007, and Additional Service Credits before July 1, 2000, are limited to 10, plus
- The total number of Basic Past and Future Service Credits plus Additional Future Service Credits is limited to 50 before June 30, 2007. There is no limit on the total number of credits after June 30, 2007, plus
- For Service Credits earned between July 1, 2007 and June 30, 2022, the number of Basic and Additional Service Credits will be multiplied by a $56 monthly benefit rate, plus
- For Service Credits earned after June 30, 2022, the number of Basic and Additional Service Credits will be multiplied by a $60 monthly benefit rate.
NOTE: This document is a Summary of Material Modifications. It should be kept with your Laborers Local 157 Pension Fund Summary Plan Description.
EMPLOYER IDENTIFICATION NUMBER (EIN): 14-6076460
PLAN NUMBER: 001
Date: August, 2022