VESTING

·        100% after Five Years of Credited Service which includes at least one year of Covered Service

            Credited Service is the total of Prior Service plus Covered Service

Prior Service - Number of full years of service with the Employer prior to the effective date of participation in the 
Steelworkers Pension Trust.  Does not count toward Rule of 85 or Disability.

Covered Service – Periods of employment with an employer during the time it remains a Participating Employer.  
A Participant is credited with one year of Covered Service for each calendar year in which he/she completes 1000 
or more hours of service.

A Participant is given credit for 200 hours of service for each month in which he/she has any hours 
of service.

A Participant is given credit for all periods of military service so long as he/she returns to Covered 
Employment immediately after completion of military service.

RETIREMENT

·        Normal Retirement at age 65

·        Early Retirement Age is 55

There is a reduction of ¼% for each month prior to age 65 (3% per year)

·        Rule of 85 – If Age plus Years of Covered Service equals 85 or more the participant is eligible for a pension with no 
age reduction

JOINT AND SURVIVOR

·        Retiree and Spouse are the same age – Joint Benefit is 
88% of the Single Life Annuity

·        ¾% further reduction for each full year younger the Spouse is than the Participant

·        ¾%  less reduction for each full year older the Spouse is than the Participant

·        Survivor Benefit is equal to 75% of the Joint Benefit

·        If the Spouse dies before the Retiree, the Retiree’s Benefit will “pop-up” to the Single Life Annuity and be paid to 
the Retiree from that point forward until the Retiree’s death.

·        Spouses of Vested Participants who die prior to reaching earliest retirement age are paid a benefit when the 
Participant would have been earliest retirement age equal to 50% of the benefit that Participant would have received 
at that time.  The spouse may elect to delay the benefit and have it increased ¼% for each month the benefit is 
delayed.

·        Spouses of Vested Participants who die after reaching earliest retirement age but before retiring have the survivor 
benefit calculated as though the Participant had retired that day and then died.  The spouse may elect to delay the 
benefit and have it increased ¼% for each month the benefit is delayed.

SURVIVING CHILDREN’S BENEFIT

·        Paid to Surviving Dependent Children under age 18 of Participants who die while in covered service after 12 months 
of covered service. Monthly amount is divided equally among all of the children under age 18.

·        Based on Final Monthly Rate, which is the average monthly contributions made on the Participant’s behalf during the 
12 consecutive months immediately preceding death, but counting only months in which a contribution was made on 
behalf of the Participant.  Table of benefits is on page 18 of the SPD

DISABILITY BENEFIT

·        A Participant is eligible for a benefit while in the 
 employ of a Participating Employer if:

The Participant has at least 5 Years of Covered Service,
and Is disabled within the meaning of the Federal Social   Security Act