The Employees’ Security Fund (ESF) Pension Plan is designed to help you better prepare for your future financial security once you stop working. Employer contributions and earnings on investments (if any) fund the Plan. You are not required or permitted to contribute to the Plan.
Below are the Pension Plan highlights. Complete details are available in the Summary Plan Description.
You’re in right away. You are a participant in the Plan after you complete one hour of service in covered employment.
These factors determine your pension amount:
- The type of pension applied for
- The unit benefit amount in effect at the time of your retirement
- Your Pension Credits (years of service)
- Your age and the age of your spouse, in the case of a Husband and Wife Pension
Pension Credits are used to determine the amount of your benefit and the type of benefit you’re eligible for. The number of Pension Credits you have is generally based on your years of service.
You are fully vested after you have completed five years of service. However, if you ended work in covered employment before January 1, 1999, you needed 10 years of service to become fully vested. You earn one year of Vesting Service for each calendar year in which you work at least 1,000 hours. Being vested means you have earned an irrevocable right to your benefit and it cannot be cancelled or taken away.
There are four pension types available. Each has its own eligibility requirements and level of benefits:
How your pension is paid depends on your marital status at retirement:
- If you’re married, your pension benefit will be paid as a Joint and Survivor Pension unless you and your spouse choose otherwise.
- If you’re single, your pension benefit will be paid as a Single-Life Pension with the guarantee that if you die before receiving 36 monthly payments, the remaining payments will go to your beneficiary. Please note that this form of payment does not apply to the Vested Pension type of benefit.
You must begin receiving your pension by April 1 of the calendar year following the year you reach age 70½.
Plan Name: Employees Security Fund of the Electrical Products Industries Pension Plan
Plan Identification Number: 11-6169793
Plan Number: 001
Plan Year: January 1 through December 31
Type of Plan: This is a Defined Benefit Plan. Participants receive a definite amount per month for each Pension Credit.
Plan Administrator: Joint Industry Board of the Electrical Industry
Forms and Documents
Social Security Administration