MICHIGAN ELECTRICAL EMPLOYEES’ PENSION FUND

 

 

How will I become a Participant?

 

You will become a Participant the month following a consecutive 12 month period in which you have accrued 435 Hours of Work.

 

 

What is the Plan Year?

 

The Plan Year is any twelve (12) month period beginning January 1 and ending December 31.

 

 

How do I become entitled to Benefits?

 

To be entitled to Pension Benefits, a Participant must become vested.

 

 

What is vesting?

 

A Participant will become vested in his Pension Benefits when he has accrued at least five Year of Service without a Break in Service.

 

 

What is a Year of Service?

 

A Year of Service is accrued by a Participant for each Plan Year in which the Participant accrues 435 Hours of Work.

 

When can I retire?

 

You can retire when you meet the eligibility requirements for Retirement.  In general, you can retire under the Normal Retirement Provisions if you have attained age 62 and have attained the five anniversary of your employment under the Plan. You can retire under the Early Retirement Provisions if you have attained age 57 and have completed ten (10) Years of Service.  Additional forms of Early Retirement Benefits are available.  Please refer to the Summary Plan Description for further information.

 

 

Can I receive a cash distribution?

 

No.  The Retirement Trust Fund was established to pay monthly Pension Benefits to eligible Participants for the remainder of their life after retirement.

 

 

Are  there any other benefits payable from the Retirement Trust Fund?

 

Yes.  The Retirement Trust Fund also provides Permanent and Total Disability Benefits, Vested Deferred Retirement Benefits and Death Benefits.