Local #10 Pension Fund
The Sheet Metal Workers' Local #10 Pension Fund was created to help provide financial security to you and your family upon your retirement, death, or disability. The benefits provided by the Plan are funded by employer contributions for workers covered by various sheet metal collective bargaining agreements. The Plan is a Defined Benefit Plan that provides a monthly retirement benefit upon retirement age. You must become vested under the rules of this plan in order to be eligible for a benefit.
In order to be vested for a normal retirement you must have at least 5 years of service on an annual basis (generally in April or May you are mailed an annual pension statement). This statement includes the amount of service credits you have accrued.
Two of the most important documents you as a member should know are the Summary Plan Description (SPD) and the Summary of Material Modifications (SMM). Both should be reviewed in depth to understand your Local #10 pension fund.
In order to be vested for a normal retirement you must have at least 5 years of service on an annual basis (generally in April or May you are mailed an annual pension statement). This statement includes the amount of service credits you have accrued.
Two of the most important documents you as a member should know are the Summary Plan Description (SPD) and the Summary of Material Modifications (SMM). Both should be reviewed in depth to understand your Local #10 pension fund.
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What is a Summary of Materials Modifications?
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The Summary of Material Modifications include any changes made to the plan since the Summary Plan Description was last printed. If you view the SPD document make sure you also review the SMM. Please click on the link for the latest version of the Summary of Material Modifications (SMM).
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Can I Request a letter of vesting?
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Yes, contact Benefits Office by emailing Sheila Rice. Please provide your name, social security number, date of birth, and your current address. Please allow at least 7-14 days for the information to be mailed to you.
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How do I request an estimate of benefits for the Sheet Metal Workers' Local #10 Pension Fund?
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Contact Benefits Office by emailing Sheila Rice. Please provide your name, social security number, date of birth, and your current address. Please allow at least 7-14 days for the information to be mailed to you.
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What is the Current Accrual Rate?
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For work performed on and after January 1, 2021, the amount of a participant's regular pension will be determined by multiplying all contributions earned in a year by 1%. A special calculation is no longer required when a participant works and earns contributions at more than one hourly rate in a year - the formula bases the benefit on total, actual contributions earned.
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For Example:
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Jerry worked 1,800 hours in 2021. His contribution rate is $3.00 per hour. Thus total contributions earned by Jerry in 2021 were $5,400.00. (1,800 hours x $3.00 per hour). Jerry's regular pension earned in 2017 is $35.64. This is calculated by multiplying $5,400.00 in contributions by 1%.
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Please note: You must have at least 1400 hours contributed on your behalf in a calendar year in order to accrue a full pension credit for that year. Partial credit is applied in tenths.
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What options do I have for retirement?
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I'm planning on retiring what should I know?
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Please be advised that if you are planning on retiring within the next 6 months, you should take action now in order to ensure that you will receive benefits immediately upon retirement. Although the Sheet Metal Workers' Local #10 Pension Fund only requests 3 months notice, the Sheet Metal Workers' National Pension Fund requests up to 6 months in advance.
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How do I apply for retirement benefits?
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You must apply for your retirement benefits from this fund by contacting the Benefit Office and making a retirement appointment with Sheila Rice by phone or email.
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Pleas Note: If you are already Retired, or if you would like to change the amount of your federal tax being withheld or elect/change your direct deposit please print/view the documents below click links below.