About The Ironworkers Local 92 Money Purchase Pension Plan
Purpose Of The Plan
The Plan was established January 1, 1983, as a result of a collective bargaining agreement between the Union and various employers to provide retirement benefits to eligible participants. The Plan is a defined contribution plan subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA). The Plan is financed by employer contributions as specified in the collective bargaining agreement and earnings from investments. The Board of Trustees is responsible for all aspects of the administration and operation of the Plan.
On the valuation date, each participant's account is credited with the contributions made for that participant plus an allocation of investment income earned during the period minus an allocation of the Plan's operating expenses for the period. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account.
An employee becomes eligible to participate in the Plan once they have completed 250 hours of service in a plan year. An employee becomes vested in their employer contributions over a period of time as their years of vested service increase. A year of service occurs in each plan year in which an employee works at least 1,000 hours of service. A year of service for vesting purposes is not earned in any year that the employee works less than 1,000 hours of service with an employer or employers.