Sheet Metal Workers’ Local 10 Pension Fund

 

The Sheet Metal Workers' Local #10 Pension Fund was created to help provide financial security to you and your family upon your retirement, death, or disability.  The benefits provided by the Plan are funded by employer contributions for workers covered by various sheet metal collective bargaining agreements.  The Plan is a Defined Benefit Plan that provides a monthly retirement benefit upon retirement age. You must become vested under the rules of this plan in order to be eligible for a benefit.  

In order to be vested for a normal retirement you must have at least 5 years of service on an annual basis (generally in April or May you are mailed an annual pension statement).  This statement includes the amount of service credits you have accrued.  You can also contact the Benefits Office by emailing Sheila Rice at srice@smwbenefits.com or by calling (651) 770-0991 ext 401/1 (800) 396-2903 and request a letter of vesting be sent to you. Please provide your name, social security number, date of birth, and your current address.  Please allow at least 7-14 days for the information to be mailed to you. 


Request An Estimate Of Benefits:
If you are nearing retirement age, please contact the Benefits Office if you would like an estimate of benefits from the Sheet Metal Workers' Local #10 Pension Fund by e-mailing Sheila Rice at srice@smwbenefits.com or by calling (651) 770-0991 ext 401/1 (800) 396-2903.   Please provide your name, social security number, date of birth, and your current address.  Please allow at least 7-14 days for the information to be mailed to you. 

What Options Do I Have For Retirement:


Are You Planning On Retiring:

Please be advised that if you are planning on retiring within the next 6 months, you should take action now in order to ensure that you will receive benefits immediately upon retirement.  Although the Sheet Metal Workers' Local #10 Pension Fund only requests 3 months notice, the Sheet Metal Workers' National Pension Fund requests up to 6 months in advance.

You must apply for your retirement benefits from this fund by contacting the Benefit Office at (651) 770-0991/ 1 (800) 396-2903 and making a retirement appointment with Sheila Rice or by emailing Sheila Rice at srice@smwbenefits.com.

Please click here for all necessary Sheet Metal Workers' #10 Pension Fund forms required for retirement:

Please review the Sheet Metal Workers' Local #10 Pension Fund Summary Plan Description for a detailed explaination of the above retirement options.  

If you are already Retired, or if you would like to change the amount of your federal tax being withheld or elect/change your direct deposit please print/view the documents below:

 

Current Accrual Rate:

For work performed on and after January 1, 2017, the amount of a participant's regular pension will be determined by multiplying all contributions earned in a year by .66%.  A special calculation is no longer required when a participant works and earns contributions at more than one hourly rate in a year - the formula bases the benefit on total, actual contributions earned.  


Example: Jerry worked 1,800 hours in 2017.  His contribution rate is $3.00 per hour.  Thus total contributions earned by Jerry in 2017 were $5,400.00.  (1,800 hours x $3.00 per hour).  Jerry's regular pension earned in 2017 is $35.64. This is calculated by multiplying $5,400.00 in contributions by .66%.


Please note: You must have at least 1400 hours contributed on your behalf in a calendar year in order to accrue a full pension credit for that year. Partial credit is applied in tenths.


Summary Plan Description:
This document will provide a summary of the benefits provided by the Plan.  Please click on the link below for the latest version of the Summary Plan Description (SPD) along with any changes since the printing of the booklet which are documented in the attached Summary of Material Modifications.  You can also contact the Fund Office at (651) 770-0991 to request that a document be mailed to you.


Please click here to print/view the SMW Local #10 Pension Fund Summary Plan Description:   SMW Local #10 Pension Fund SPD

(The Summary Plan Description provides a detailed description of the eligibility requirements for coverage and the benefits provided through the health fund.  If you view this document make sure you also review the Summary of Material Modifications provided below.)

Please click here to print/view the SMW Local #10 Pension Fund Summary of Material Modifications:  SMM 10 2013.pdf 

                                                                                                                                                                  SMM 12 2016.pdf

 

(The Summary of Material Modifications include any changes made to the Plan since the Summary Plan Description was last printed.)