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Highlights of the NYCDCC Pension Plan for “Regular Retirement”

Highlights of the NYCDCC Pension Plan for “Regular Retirement”

June 15, 2016

Pension Highlights 1

Participating in a pension plan is one of the best ways to keep yourself, as well as your family, financially stable after retirement. Luckily, if you are a member of the New York City District Council of Carpenters (“NYCDCC”), you may become eligible to participate in the NYCDCC Pension Fund (the “Pension Fund”) if you work in Covered Employment for a signatory company that is required to make contributions to the Pension Fund on your behalf.

It’s important to know that you MUST be fully vested and eligible to receive a pension upon your retirement at age 65. To be vested, you MUST have at least five vesting credits. One vesting credit is obtained by working 870 or more hours in a calendar year. After you complete 870 hours in service under Covered Employment within two consecutive calendar years, your participation in the Pension Fund will start on January 1 or July 1 of that year.

In terms of “Regular Retirement” under the Pension Fund, you can actually retire as early as 55 if you have enough vesting credits. The general rules are as follows:

  • Age 55 with 30 vesting credits = Pension & Retiree Medical Benefits.
  • Age 55 with 20 vesting credits = Pension & Retiree Medical Benefits.

-You must have been an Active Eligible employee for 2 years (24 months) during the 5 years (60 months) immediately preceding the effective date of your pension.

  • Age 55 with 15 vesting credits = Pension & Retiree Medical Benefits.

-You must have worked at least 250 hours yearly for 25 years; and

-You must have been an Active Eligible Employee for 2 years (24 months) during the 5 years (60 months) immediately preceding the effective date of your pension.

  • Age 65 with 5 or more vesting credits but less than 15 = Pension with NO Retiree Medical Benefits.

Your monthly benefit is calculated by a formula. The current formula which has been in effect since July 1, 2006 is 1% of annual employer contributions made on your behalf. Once your benefit has been calculated, you will arrive at a monthly benefit amount. That number may be reduced based on the option you elect at the time of retirement though. For example, the normal form of payment for a married person is the “50% Participant and Spouse” pension. This means that upon your passing, your spouse will receive 50% of your monthly benefit for the rest of his or her life. However, if you’re not married, you will receive your full benefit, known as a “Single Life” pension. In this instance, at the time of your passing, no additional benefits will be paid out.

Additionally, if you die before retirement and you are married, the Pension Fund may pay a lifetime benefit to your spouse. If you are not married, the Pension Fund may pay a lump sum payment to the beneficiary who the Fund Office has on file. If there is no beneficiary on file, payment will be made in accordance with the Plan rules.

For more details on the NYCDCC Pension Fund, please visit www.nyccbf.org and click on the “Pension” section under the “Member” tab. For specific details on your pension benefit, please visit the website, click on the “Member Log-In,” and enter your username and password. Once logged in, you will be able to view your personal benefit information, including that which is related to your pension. You can also speak with a representative in our Member Services Department at (800) 529-FUND (3863).