Pension
Members should contact the hall a year prior to their intended date of retirement to ensure a seamless process.
Preface
In the negotiations of 1956 for a new labor agreement, Plumbers Local 98 and Pipefitters Local No. 636 and the Detroit Association of Plumbing Contractors and the Mechanical Contractors Association, on behalf of the Employers represented by them, agreed to create a Pension Program for plumbers and pipefitters employed in the Detroit area. Contributions by the Employers to the Pension Fund began July 1, 1956 at the rate of $.05 per hour.
Many changes have occurred since the Pension Plan was first created. The pension benefits have been substantially increased and improved.
See your current Summary Plan Descriptions for more details.
Latest
The Cash Balance Account is funded at a rate of $6.00 for every hour worked.
Defined Contribution / Wage Reduction Program
Effective January 1, 2021 the wage reduction rates for all straight time hours will be:
$0.50
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
$8.00
$9.00
Participants who are age 50 or older (by 12/31/2021) may elect to increase their wage reduction amount to $12.00 per hour. If you have any questions concerning the Wage Reduction Program, please contact the Fund Administration Office
See your current Summary Plan Descriptions for more details.
Pension Credit Values
Year Benefit Amount
< 1955 $ 17.00
1956 – 1984 $ 29.00
1985 – 1986 $ 51.00
1987 – 1997 $ 70.00
1998 $90.00
1999 $ 100.00
2000 $ 120.00
2001 – 2006 $ 150.00
2007 – 2019 $ 100.00
Pension Resources
Benesys
Capital Mortgage Funding
Defined Contribution Retirement Plan
UA Local 98 Fringe Website
Defined Contribution Pension Fund
Need pension contribution information? For a detailed benefit report showing pension and other contributions made by contractors, contact BeneSys.
(248) 641-4988
(866) 646-8919
248-813-9898
Defined Contribution Pension Fund
Wright Choice
+1 (800) 521-3865
+1 (800) 713-1278
www.wrightchoice401K.com
Defined Contribution Pension Fund
Financial Advisors
Merrill Lynch Wealth Management
Jason May
248-655-4048