Defined Benefit Pension
The Sign Pictorial & Display Industry Pension Trust provides a Defined Benefit Pension Plan for your retirement security. This Plan provides a monthly benefit for life upon your qualified retirement. You become eligible to participate in the plan upon the first of any year in which you perform one hour of covered employment and begin to earn vesting credits. You must have at least 500 hours credited in a plan year in order to earn a vesting credit. You must accrue five years of vesting credits to be considered "fully vested" in the plan and eligible for benefits upon retirement, provided you meet the other requirements for benefits. Vesting credits are earned based on the hours you work each plan year.
The amount of monthly benefit that you earn each year is based upon your number of hours worked in the plan year and the contribution rate for those hours. The current benefit accrual rate is 1% of contributions. You must work at least 500 hours in a plan year to accrue any benefit for the year.
Eligibility For Retirement Benefits
The following types of retirements may be available to participants who are fully vested:
- Normal Retirement at age 65.
- Early Retirement. If you have 30 years of credited service, you may be eligible for an unreduced early retirement at age 55. If you have fewer than 30 years of credited services, you may be eligible for a reduced early retirement at age 55 or an unreduced pension at age 62.
If eligible, the Plan may also provide death benefits to a surviving spouse or other designated beneficiary.