Defined Benefit Pension Summary Plan Description

2. What are Credited Future Service, Credited Past Service, Credited Service (Total Credited Service) and Credited Vesting Service?

Credited Future Service is expressed in years and partial years. A Participant earns 1/1500th of one (1) year of Future Service for each hour of covered employment.
For each complete month of applicable military service, a Participant earns the greater of:

  1. 125 hours; or
  2. The average monthly hours worked in the 12 months prior to the Participant's commencement of military service.

For each day in a partial month of military service, a Participant earns 8 hours, up to 125 hours.

Credited Past Service is expressed in years and partial years and is provided to Participants for certain service worked prior to their Local Union's Entry Date as shown below:

Local Union Entry Date
IBEW Local 11 July 1, 1964
IBEW Local 477 March 6, 1967
IBEW Local 440 January 1, 1971
IBEW Local 441 March 1, 1971
IBEW Local 447 July 1, 1971

A Participant earns one-fourth of one (1) year of Credited Past Service for each calendar quarter of employment which would have been covered employment had a contribution agreement been in effect during the period January 1, 1942 to the participant's Local Union's Entry Date. A Participant can earn up to 15 years of Credited Past Service.

Credited Service or Total Credited Service is the sum of Credited Future Service and Credited Past Service which has not been forfeited.

Credited Vesting Service is expressed in completed years. A Participant earns one (1) year of Credited Vesting Service for each Plan Year during which the participant works 750 or more Vesting Hours.

Vesting Hours are:

  1. Covered Hours;
  2. Hours credited while on disability;
  3. Hours worked in Uncovered Vesting Employment (See Article 1.29 of the Plan Document); and
  4. Hours credited for military service

If the Participant died on or after January 1, 2007 while performing qualified military service, the Participant will receive Credited Vesting Service for the period of qualified military service.