Service Employees 32BJ North Pension Fund

North Pension Fund Summary Plan Description (SPD) >> Types of Pensions

• A. Normal Retirement Pension
• B. Early Retirement Pension          ALERT: 06/10/10 NEW Click here for important benefit changes>>
• C. Disability Pension
• D. Vested Deferred Pension          ALERT: 06/10/10 NEW Click here for important benefit changes>>

A. Normal Retirement Pension

In order to be eligible for a Normal Retirement Pension, you must work in Covered Employment until you attain Normal Retirement Age.

The amount of your Normal Retirement Pension depends on when you worked in Covered Employment. For work in Covered Employment on or after January 1, 2007, your benefit will be equal to (1) the benefit you earned as of December 31, 2006, plus (2) the sum of your annual accruals for each Plan Year commencing with 2007.

For your work in Covered Employment on or after January 1, 2007, your annual accrual for each Plan Year is calculated under the following formula:

$6 X	average monthly contribution rate	= accrual rate
	$28

If you work in Covered Employment for all 12 months in a year, then your accrual rate equals your annual accrual for that year. However, if you work in Covered Employment only a portion of a year, then your annual accrual for that year is calculated using the following formula:

Accrual rate X	pension service in the Plan Year	= accrual rate
	12 months

Your annual accruals are then added together to determine your benefit. To understand how this formula works, consider the following examples:

This example illustrates how to combine service accrued through December 31, 2006 and service accrued on and after January 1, 2007.

Example 1: Frank began working in Covered Employment on January 1, 2002 and Retired December 31, 2021 at age 65 with 20 years of Pension Service. During the period January 1, 2002 through December 31, 2006, his accrued monthly benefit was $204.80 under the benefit formula in effect at that time. During the period January 1, 2007 through December 31, 2021, his Contribution Rate was $179.20 and he worked every month. His Normal Retirement Pension would be determined in two parts, as follows: For the 5 years January 1, 2002 through December 31, 2006: Accrued Normal Retirement Benefit as of December 31, 2006 = $204.80 For the 15 years January 1, 2007 through December 31, 2021: Accrual rate =  $6.00 X $179.20  = $38.40     $28   Normal Retirement Benefit for 15 years worked during period = $38.40 X 15 = $576.00 Normal Retirement Benefit = $576.00 + $204.80 = $780.80

This example illustrates benefit accruals under the plan effective January 1, 2007 and also illustrates an accrual for a partial year of service.

Example 2: Joe began working in Covered Employment on January 1, 2007 and Retired July 1, 2020 at age 65 with 13½ years of Pension Service. During his employment, his Contribution Rate was $140 and he worked every month. His Normal Retirement Pension would be determined as follows: Accrual rate =  $6 X $140  = $30     $28   Annual accrual for each year, 2007 through 2019 =   $30 X 12 months  = $30 12 months   Annual accrual for 2020 =   $30 X 6 months  = $15 12 months   His Normal Retirement Benefit would be $405 (13 years X $30, plus $15)

This example illustrates how to determine your annual accrual if your Contribution Rate changes during the year.

Example 3: Maria began working in Covered Employment on January 1, 2008 and worked every month in that year. During 2008, the Contribution Rate was $160 from January through May (5 months) and $179.20 from June 1 through December 31 (7 months). Her accrual for 2008 is calculated as follows: Average monthly contribution rate for 2008 = $160 X 5 months + $179.20 X 7 months   = $171.20 12 months   Accrual rate for 2008 =  $6 X $171.20  = $36.69 $28   Annual accrual for 2008 =  $36.69 X 12 months  = $36.69 12 months

Please Note: If you have accrued more than 30 years of Pension Credit, your benefit will be calculated by using the highest 30 years of annual accruals.

For an estimate of your accrued benefits and/or annual accruals as of December 31, 2006, please call or write to the Fund at 101 Avenue of the Americas, New York, NY 10013, 1-866-231-3225.

B. Early Retirement Pension

         ALERT: 06/10/10 NEW Click here for important benefit changes>>

In order to be eligible for an Early Retirement Pension, you must be age 62 or older when you terminate Covered Employment and have accrued at least 10 years of Vesting Service.

The amount of the Early Retirement Pension is equal to a percentage of your Normal Retirement Pension.

• If you Retire at age 62, you will receive 73% of your Normal Retirement Pension.

• If you Retire at age 63, you will receive 81% of your Normal Retirement Pension.

• If you Retire at age 64, you will receive 90% of your Normal Retirement Pension

C. Disability Pension

You are entitled to receive a Disability Pension if you are at least age 60 and at the time you terminate Covered Employment:

• you are Totally and Permanently Disabled (as defined in Section 1), provided you are still disabled as of your Pension Start Date;

• you have not yet attained Normal Retirement Age; and

• you have at least 10 years of Pension Service.

However, you will not be eligible to receive a Disability Pension if your disability is due to bodily injury or disease that was: (1) intentionally self-inflicted; (2) contracted, suffered or incurred while you were engaged in, or resulted from your engagement in, a business enterprise other than that for which Contributions are required; (3) contracted, suffered or incurred while you were engaged in felonious criminal activity; or (4) the result of the illegal use of narcotics or drugs. The Trustees, in their sole discretion, have the right to determine, based on reasonable evidence, whether any of these events has occurred, and their determination shall be final and binding on all persons.

The amount of your Disability Pension is your Normal Retirement Pension, based on your Pension Service and the Plan provisions in effect when you ceased being an Active Participant because of a disability, reduced by 0.5% for each month (6% per year) by which your Pension Start Date precedes your Normal Retirement Age.

You are entitled to receive a Disability Pension only during the time you continue to receive Social Security disability. In the event that you are no longer determined to be Totally and Permanently Disabled, you may re-enter Covered Employment and resume the accrual of Pension Service. However, if you continue to receive a Disability Pension from the Fund until you reach Normal Retirement Age, you will continue to receive a Disability Pension for the remainder of your lifetime, provided you do not become an Active Participant in the Fund at a later date or commence working in Prohibited Employment (see Section 15).

D. Vested Deferred Pension

         ALERT: 06/10/10 NEW Click here for important benefit changes>>

If you were Vested when you terminated Covered Employment for reasons other than Normal Retirement, Disability Retirement, Early Retirement or death, you are entitled to receive a Vested Deferred Pension as follows:

• If you have earned 10 or more years of Vesting Service under the Plan, you are eligible to commence a Vested Deferred Pension at age 62.

• If you have earned at least 5 years of Vesting Service under the Plan and worked in Covered Employment for at least one day on or after January 1, 1999, you are eligible to commence a Vested Deferred Pension upon attaining Normal Retirement Age.

The amount of a Vested Deferred Pension is equal to your Normal Retirement Pension, based on the number of years of Pension Service you accrued and the terms of the Plan in effect at the time you terminated Covered Employment. If your Pension Start Date is prior to age 65, your benefit is multiplied by the applicable early retirement reduction percentage in Section 7(B).