Employees’ Security Fund Pension Plan (for members of the Fixture, Manufacturing, or Supply Divisions)

You’re in right away. You are a participant in the Plan after you complete one hour of service in covered employment.

These factors determine your pension amount:

• The type of pension applied for
• The unit benefit amount in effect at the time of your retirement
• Your Pension Credits (years of service)
• Your age and the age of your spouse, in the case of a Husband and Wife Pension

Pension Credits are used to determine the amount of your benefit and the type of benefit you’re eligible for. The number of Pension Credits you have is generally based on your years of service.

You are fully vested after you have completed five years of service. However, if you ended work in covered employment before January 1, 1999, you needed 10 years of service to become fully vested. You earn one year of Vesting Service for each calendar year in which you work at least 1,000 hours. Being vested means you have earned an irrevocable right to your benefit and it cannot be cancelled or taken away.

There are four pension types available. Each has its own eligibility requirements and level of benefits:

• Normal
• Standard
• Vested
• Disability

How your pension is paid depends on your marital status at retirement:

• If you’re married, your pension benefit will be paid as a Joint and Survivor Pension unless you and your spouse choose otherwise.
• If you’re single, your pension benefit will be paid as a Single-Life Pension with the guarantee that if you die before receiving 36 monthly payments, the remaining payments will go to your beneficiary. Please note that this form of payment does not apply to the Vested Pension type of benefit.

You must begin receiving your pension by April 1 of the calendar year following the year you reach age 70½.