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Register for New Participant PortalDefined Benefit Pension Plan Document
Important Note:
Notwithstanding any information in these Plan Document pages or embedded links, for retirements that are first in pay status on or after April 1, 2017, certain Defined Benefit Plan provisions are scheduled to change in accordance with the adoption of Alternative Schedules 1 or 2 under the Second Critical Status Rehabilitation Plan.
Notwithstanding any information in these Plan Document pages or embedded links, for retirements that are first in pay status on or after April 1, 2017, certain Defined Benefit Plan provisions are scheduled to change in accordance with the adoption of Alternative Schedules 1 or 2 under the Second Critical Status Rehabilitation Plan.
ARTICLE 13 - PROVISIONS APPLICABLE TO FORMER IBEW LOCAL UNION 440 PENSION PLAN PARTICIPANTS
13.1 Under all circumstances, benefits payable under this Plan shall be at least equal in value to the benefits accrued under the IBEW Local Union 440 Pension Plan as that plan existed on August 31, 1975.
13.2 To the extent that benefits are payable under Section 13.1 of this Article 13, such benefits may be paid under the terms and conditions of the IBEW Local Union 440 Pension Plan as it existed on August 31, 1975, provided, however, that in all instances the values of such benefits shall not exceed the values as established on September 1, 1975, provided further that Section VI (a)(2)(d) and Section VI (a)(2)(e) of the Pension Plan of Local Union 440 International Brotherhood of Electrical Workers of Riverside County be amended as follows: the phrase "two consecutive calendar years," wherever it appears in these sections, shall be replaced by the phrase "twenty-four consecutive calendar months"
13.3 Irrespective of Sections 13.1 and 13.2, if benefits are otherwise payable under this Plan to Participants who were former IBEW Local Union 440 Pension Plan participants, then, to the extent that benefits are payable under Section 13.2, the benefits otherwise payable under this Plan shall be reduced in an amount which has the Actuarial Equivalent value of such benefits. All benefit reductions shall be determined by the actuary for the Plan.
13.4 The retirement benefits payable to former IBEW Local Union 440 Pension Plan participants who are retired and receiving a monthly pension as of August 31, 1975, shall be increased, effective September 1, 1975, to $6.00 per month for each year of Credited Past Service. No death benefits shall be paid pursuant to this provision.
13.5 All provisions of this Article are subject to the limitations and restrictions of Article 17 which govern benefits first commencing on and after October 28, 2009.