No. A 401(k) plan is a “defined contribution” individual account plan under which your benefit at retirement depends on the value of assets in your account when you collect your benefit. Our Plan is a “defined benefit” pension plan under which the benefit is calculated under a stated formula. The benefit calculated under this formula is not directly affected if Plan investments decline in value.

Generally, no. However, if the actuarial present value of your Vested benefit is $7,000 or less, your benefit will be paid in a single lump sum distribution and will not be eligible for monthly lifetime benefits.

If the value of your Vested benefit is less than $1,000, it will automatically be paid in one lump sum, even if you do not submit an application.

Yes. If you have a qualified surviving spouse, your spouse may be eligible for the plan’s 50% Pre-Retirement Surviving Spouse Pension, subject to the plan’s eligibility requirements. 

If you are not married or if there is no QDRO awarding a pre-retirement death benefit to an alternate payee, the Plan pays a benefit to a non-spouse Beneficiary in one of the following three forms of benefits: 

1. A 50% Pre-Retirement Non-Spouse Pension for the lifetime of the Beneficiary,
2. A 60-month annuity, or
3. A Lump Sum Death Benefit ranging from $3,000 to $10,000 based on your number of Vesting Credits. 

To learn more about this benefit, see the section of the Summary Plan Description entitled “If You Die Before Retirement”.

Yes. While you pay no taxes on the contributions that Contributing Employers make to the Plan while you are working, the monthly pension payments you receive from the Plan are taxable. You will receive more information on tax withholding when you become entitled to a Plan distribution.

Log into the Member section of our website at www.nyccbf.org and select “View Pension Estimate” from the menu.

You can change your address by filling out a Change of Address form and following the instructions located on the form. You can find the Change of Address form here: Change of Address Form

• 870 hours worked in a year (or more) = 1 Vesting Credit (you cannot get more than 1 Vesting Credit in a year but additional hours are factored into your benefit calculation.)

• 600 hours = ½ Vesting Credit

• 300 hours = ¼ Vesting Credit

If you are eligible for benefits, it takes two to three months to process an application, depending on when it is filed.

No. Your former spouse’s right to a survivor benefit vested at the time of your retirement, and your subsequent divorce does not affect his or her right to a survivor benefit. Therefore, your former spouse will be entitled to the survivor benefit when you die. Your new spouse will not be entitled to a survivor benefit.

No. You cannot do that under this Plan. If your spouse dies before you, your benefit will pop up to the unreduced amount that would have been payable if you were not married when you retired, but you may not name a new beneficiary.

No. This Plan does not allow you to borrow or withdraw money.

No. You cannot change the optional form of pension–such as changing from a 50% Participant and Spouse option to a 75% Participant and Spouse option, or a Single Life Pension, or removing the Social Security Level Income option. Nor can you change the type of pension that you are receiving unless you cease to be eligible for that pension and subsequently qualify for a different type of pension.

Your payment options are as follows: 

• Single Life (not married) 

• 50% Participant & Spouse Pension (married) 

• 75% Participant & Spouse Pension (married)  

• Social Security Level Income 

To qualify for a Regular Pension:

• You must establish Participation in the Plan.
• • You become a Plan Participant on the first January 1 or July 1 after you work at least 870 Hours of Service in Covered Employment in a period of two consecutive calendar years.
• You must also satisfy certain Age and Vesting Credits requirements:
• • Age 55 and 15 Vesting Credits. You can retire on a Regular Pension at age 55 if you have at least 15 Vesting Credits. If you earn your 15^th Vesting Credit after age 55 but before age 65, you will be eligible to begin your Regular Pension at that time.
  • Age 65 and 5 Vesting Credits. If you do not have 15 Vesting Credits but you earned at least 5 Vesting Credits, you can begin your Regular Pension at age 65.

Important Notes:

• The complete eligibility rules are described in the Pension Plan. The Summary Plan Description also has important information.
• To receive your Regular Pension, you must actually retire and submit an application to the Fund Office. However, if you are age 70 or older, you may receive your Regular Pension even though you continue to work in Covered Employment or for a Contributing Employer.
• The above summary reflects the current Plan rules. Different rules may apply based on when you last worked in Covered Employment.
• In addition to a Regular Pension, the Fund also offers a Disability Pension and a Pro-Rata Pension.
• If you have questions about your individual circumstances, please contact the Pension Department at 800-529-FUND (3863).

Effective July 1, 2006: 

• You receive 1% of annual employer contributions on your behalf. 

• You must work at least 300 hours per year.  

• Monthly benefits may be reduced based on the option you select. 

Your monthly pension payments will be sent/deposited at the beginning (first business day) of each month.