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1199SEIU Health Care Employees Pension Fund 1199SEIU Health Care Employees Pension Fund SUMMARY PLAN DESCRIPTION OF YOUR PENSION BENEFITS HOME | TABLE OF CONTENTS | HOME | TABLE OF CONTENTS | July 2016 Dear Pension Fund Participants and Retirees: This updated booklet contains a Summary Plan Description (“SPD”) of your Pension Plan as well as a copy of the Plan Document for the 1199SEIU Health Care Employees Pension Fund (the “Plan” or “Pension Fund”). It can help you plan and prepare for Retirement. If you have any questions about the Pension Plan and how it affects you, feel free to make an appointment with a Pension Fund Counselor. When you do, it’s important to make your appointment at least three to six months before you plan to Retire. Your Pension Fund Counselor will explain your pension benefits and options, and help you through the application process. This SPD is a non-technical explanation of your pension benefits. It is written to make it easier for you to understand your rights and responsibilities under the Plan Document and related Trust Agreement. However, it may not provide you with all of the details of the Plan’s rules and regulations, nor does it modify, change or otherwise interpret the terms of the Plan Document. Any words that have an initial capital letter are defined terms and appear in Section XII under the heading “Key Terms and Definitions.” Telephone conversations and other oral statements can easily be misunderstood. Therefore, you should rely on the information provided in the SPD and Plan Document rather than any oral explanation of the Plan’s provisions. Your rights and duties under the Plan are determined solely by referring to the Plan Document and Trust Agreement, as amended. In case of any ambiguity or conflict, the provisions of the Plan Document and Trust Agreement — not those of the SPD — are controlling and will govern your rights and responsibilities under the Plan in all cases. Please note that the Board of Trustees has full and final discretion and authority to determine eligibility, coverage and benefits, and to amend, interpret and apply the Plan from time to time. When you stop working in Covered Employment, your rights and benefits will be determined by the terms of the Plan in effect at that time. The Plan is effective as of January 1, 1991, as amended through January 1, 2015. If you Retired or separated from service before January 1, 2015, you should refer to the Plan and SPD in effect at the time of your Retirement or separation from service. Since the Plan Document or Trust Agreement may be modified from time to time, you should contact the Pension Fund or check the Pension Fund’s website at www.1199SEIUBenefits.org to make sure you are referring to the most current SPD. If you have any questions, or if you want to make an appointment with a Pension Fund Counselor, call (646) 473-8666. Outside New York City, please call (800) 575-7771. The Board of Trustees HOME | TABLE OF CONTENTS 1 | NEED HELP WITH THE SUMMARY PLAN DESCRIPTION (“SPD”)? This SPD contains a summary in English of your Plan rights and benefits under the 1199SEIU Health Care Employees Pension Fund. If you have difficulty understanding any part of this SPD, contact the Pension Fund at: 1199SEIU Health Care Employees Pension Fund 330 West 42nd Street, 10th Floor New York, NY 10036 You may call the Pension Fund at (646) 473-8666, from 8:00 am to 6:00 pm, Monday through Friday, or you may visit the Pension Fund from 8:00 am to 5:00 pm, Monday through Friday, for assistance. Outside New York City, please call (800) 575-7771. ¿NECESITA AYUDA CON EL SUMARIO DE DESCRIPCIÓN DEL PLAN? Este folleto es un sumario en inglés de sus derechos y beneficios bajo el Fondo Nacional de Beneficios de la 1199SEIU. Si usted no entiende este sumario y necesita ayuda, escriba al Fondo: 1199SEIU Health Care Employees Pension Fund 330 West 42nd Street, 10th Floor New York, NY 10036 Puede llamar al Fondo de Pensiones al (646) 473-8666, de 8:00 am a 6:00 pm, de lunes a viernes o puede visitar el Fondo de Pensiones de 8:00 am a 5:00 pm de lunes a viernes para recibir ayuda. Fuera de la ciudad de Nueva York, llame al (800) 575-7771. HOME | TABLE OF CONTENTS 2 | CONTACT THE PENSION FUND Call (646) 473-8666 to speak with a Pension Fund Representative or to schedule an appointment with a Pension Fund Counselor. Outside New York City, please call (800) 575-7771. VISIT A WALK-IN MEMBER SERVICES CENTER Manhattan 330 West 42nd Street, 3rd Floor New York, NY 10036 Monday through Friday, 8:00 am to 6:00 pm Pension Member Services: 10th Floor Monday through Friday, 8:00 am to 5:00 pm Or call for an appointment: (646) 473-8666 Bronx 2501 Grand Concourse, 3rd Floor Bronx, NY 10468 Monday through Friday, 9:00 am to 5:00 pm Pension Member Services: Third Thursday of each month, 10:00 am to 4:00 pm Queens 97-30 64th Road Rego Park, NY 11374 Monday through Friday, 9:00 am to 5:00 pm Pension Member Services: Third Thursday of each month, 10:00 am to 4:00 pm Brooklyn 25 Elm Place, 1st Floor Brooklyn, NY 11201 Monday through Friday, 9:00 am to 5:00 pm Pension Member Services: Third Thursday of each month, 10:00 am to 4:00 pm HOME | TABLE OF CONTENTS 3 | Staten Island 790 Port Richmond Avenue Staten Island, NY 10302 Monday through Thursday, 9:00 am to 5:00 pm Friday, 8:00 am to 4:00 pm Pension Member Services: First and third Thursdays of each month, 10:00 am to 4:00 pm Long Island 100 Duffy Avenue, 3rd Floor Hicksville, NY 11801 Monday through Friday, 9:00 am to 5:00 pm Pension Member Services: Monday through Friday, 8:30 am to 4:30 pm Westchester Berkeley College Building 99 Church Street, 4th Floor White Plains, NY 10601 Monday, Wednesday and Thursday, 9:00 am to 5:00 pm Pension Member Services: Monday through Friday, 9:00 am to 5:00 pm HOME | TABLE OF CONTENTS 4 | TABLE OF CONTENTS Letter from the Board of Trustees ..................................1 OVERVIEW OF YOUR PENSION PLAN ..............................9 SECTION I – PARTICIPATION ......................................13 I. A Participation ..........................................14 SECTION II – EARNING YOUR PENSION ............................17 II Earning Your Pension: How Your Service Counts Under the Plan ....................18 II. A Vesting ...............................................19 II. B Credited Service .......................................21 SECTION III – IF YOU STOP WORKING IN COVERED EMPLOYMENT .....25 III If You Stop Working In Covered Employment .................26 III. A Before You Are Vested ..................................27 III. B After You Are Vested ....................................30 III. C Benefit Calculation for Separate Periods of Service ............31 III. D If You Change Jobs .....................................33 III. E Employment After Retirement .............................34 SECTION IV – TYPES OF PENSIONS ................................35 IV Types of Pensions ......................................36 IV. A Unreduced Pensions ....................................37 IV. B Reduced Pensions .....................................38 IV. C Disability Pensions .....................................39 IV. D When Your Pension Begins ...............................41 IV. E Postponing Your Pension Start Date ........................42 IV. F If You Are Age 70½ and Have Not Started Receiving Your Pension ..................................43 HOME | TABLE OF CONTENTS 5 | SECTION V – HOW YOUR PENSION IS CALCULATED .................45 V How Your Pension Is Calculated ...........................46 V. A Calculating a Pension for Credited Future Service .............47 V. B Calculating a Pension for Credited Past Service ...............52 V. C Calculating a Pension: Two Examples .......................54 V. D Adjustments to Your Pension ..............................56 V. E Getting a Pension Estimate ...............................59 V. F Pension Protection Act: Rehabilitation Plan ..................60 SECTION VI – CHOOSING YOUR PENSION OPTION ...................61 VI Choosing Your Pension Option ............................62 VI. A Normal Forms of Payment ................................65 VI. B Rules Regarding All Benefit Options ........................66 VI. C Applying for Benefits — Filing Your Application ...............68 VI. D Delayed and Retroactive Pension Starting Dates ..............70 VI. E Paying Taxes on Your Pension .............................71 VI. F Direct Deposit .........................................72 SECTION VII – PROTECTING YOUR SPOUSE BEFORE YOU RETIRE .....73 VII Protecting Your Spouse Before You Retire ...................74 VII. A If You Are Still Working, or Stopped Working, in Covered Employment on or After August 23, 1984 ...........75 VII. B If You Stopped Working in Covered Employment Before August 23, 1984 .......................76 SECTION VIII – HOME LOANS FROM THE PLAN ......................77 VIII Home Loans from the Plan ...............................78 VIII. A Using Your Pension Benefit to Get a Home Loan ..............79 VIII. B Securing Your Loan .....................................80 VIII. C Making Loan Payments ..................................81 HOME | TABLE OF CONTENTS 6 | SECTION IX – OTHER INFORMATION YOU SHOULD KNOW ............83 IX Other Information You Should Know ........................84 IX. A Notice of Denial ........................................85 IX. B Your Right to Appeal ....................................86 IX. C Assignment of Benefits ..................................87 IX. D Pension Benefit Guaranty Corporation ......................89 IX. E How
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