SEIU 280’s Pension Plan

(SEIU National Industry Pension Plan)

· This is a defined pension plan: This means you earn a monthly pension to be paid at retirement for the rest of your life.

· Your benefit is based upon years of pension credit or a percentage of the amount of contributions made to the plan on your behalf. All monies paid into the fund are in lieu of wages. This pension is in addition to any social security you may have earned.

· Vesting. You become vested in the pension plan after 5 years of service beginning in May of 1994. Which means you have a pension that cannot be taken away from you. . Permit days worked after December 15, 1982 do not count toward vesting, since no contributions were paid.

· Retirement. Normal retirement is at 65 years of age with 5 years of service for those retiring after May of 1994. Early retirement for someone who started in Local 280 in 1975 or before is 50 years old with a reduction for each year from the maximum. For those who started in Local 280 after 1975 it is 55 years of age with a reduction for each year from the maximum. For those of you whose length of service and age add up to the 80 rule you may retire at age 62 with 100% pension benefit. The "Rule of 80" is when you add together your age and the length of vested service in the pension plan.

· Retirement Options. In general there are four different payment choices for your pension benefit:

1. 50% husband and wife

2. 100% husband and wife

3. 50% joint and survivor

4. Straight life annuity

50% Husband	and Wife	100% Husband-Wife	50% Joint Survivor
5 years younger	89.00%	80.00%	89.00%
3 years	89.80%	81.20%	89.80%
1 year	90.60%	82.40%	90.60%
Same Age	91.00%	83.00%	91.00%
1 year older	91.40%	83.60%	91.40%
3 years	92.20%	84.80%	92.20%
5 years	93.00%	86.00%	93.00%

Note: To be able to choose the 100% Husband –Wife Benefit, the member must be alive, and commence his benefits under the 100% Husband-Wife Benefit. (The member is the only one that can choose this option. In an emergency, contact the Benefit Fund or the Guild office).

Reduction for Early Retirement

Percent of Normal Retirement

	Age + Pension Credit	Age + Pension Credit	Age + Pension Credit
	Total 80 or more and	Credit Total 80 or	Credits Total Less
	Retired from Active	more.	than 80.
	Employment*
65	100%	100%	100%
64	100	100	94
63	100	100	88
62	100	100	82
61	97	94	76
60	94	88	70
59	91	82	64
58	88	76	58
57	85	70	52
56	82	64	46
55	79	58	40

*Requires some Pension Credit or vesting Credit in your year of retirement or in the prior calendar year.

· How to obtain your Pension. To obtain your pension: A. you must submit a properly completed application. B. you must have a waiting period to review your choices, C. your spouse’s consent to the benefit payment must be received, D, your compensation for employment has ceased, or reduced to levels allowed.

· Death Benefits Before Retirement. If you die before you retire, this plan may provide a Survivor’s benefit depending on your Vested status, your age when you die, and your marital status. Explanations and rules for eligibility are described below for deaths, which occur after May 1, 1994.

Death Benefits for Vested Participants if you Die Before Age 55

If you are vested and you are not retired, even if you are no longer working, your surviving spouse (if you have been married for at least a year before your death) has a choice of the following three options. (If you are not married, or married for less than one year at the time of your death, your beneficiary has the choice of options 2 and 3 only).

Option 1. A lifetime Survivors’ Pension as if you had retired on a 50% Husband-and-Wife Pension the day before your death, with your spouse receiving 50% of your monthly pension amount. These payments will begin on the first day of the month after you would have reached age 55 if you had lived, and include any adjustments for early retirement.

Option 2. 60 monthly payments equal to 50% of your monthly pension as if you had retired on the day of your death, without reduction for early retirement. If the total of these payments is less than 50% of the contributions made on your behalf, an extra payment of the difference is paid with the first check; or

Option 3. A single lump sum equal to the greater of 50% of the contributions made on your behalf or the 60 payments described above, discounted at 6% interest.

Death Benefits for Vested Participants if You Die after 55

If you are vested and you are not retired, even if you are no longer working, your surviving spouse (if you have been married for at least one year before your death) has a choice of the following three options. If you are not married, or if you are married for less than one year at your death, your beneficiary has the choice of option 2 or option 3.

Option 1. A lifetime Survivor’s Pension as if you had retired on a 50% Husband –and-Wife pension the day before your death, with your spouse receiving 50% of your monthly pension amount. These payments will begin on the first day of the month after the month in which you die, and include any adjustment for early retirement.

Option 2. 60 monthly payments equal to the amount of your monthly pension as if you had retired on the day you died, without any reduction for early retirement. If the total of these payments is less than 100% of the contributions made on your behalf, an extra payment of the difference is paid with the first check: or

Option 3. A single lump sum amount equal to the greater of 100% of the above contributions made on your behalf or the 60 payments described above, discounted at approximately 6%.

Death Benefits for Participants who are 65 or older and not vested

If you are a participant and not Vested at the time you die, your spouse (or beneficiary) may still receive a Survivor’s benefit payment. To be eligible for this benefit you must be at least 65 years of age and have earned some Future Service Pension Credit during the year you die, or the previous year. The Survivor’s benefit will be a lump sum equal to 50% of all contributions made on your behalf.

· Rules Related to Death Benefits. The ability to defer benefits: Your surviving spouse may choose to defer the lifetime Survivor’s Pension until a later date. However, your spouse cannot delay payments after December 1^st, of the year in which you would have reached 70 ½, or December 1^st of the year of your death if you die after reaching 70 ½.

Break in Service: Whichever type of Survivor’s benefit your spouse (or beneficiary) chooses, only contributions made after a Permanent Break-of Service will be counted when calculating the Survivor’s Benefit.

Naming a Beneficiary. You may name or change your beneficiary by properly completing the beneficiary designation form that is available from the Benefit Funds Office. You may change your beneficiary as often as you may wish, but benefits will be paid only to the person most recently and properly named by you. A beneficiary is properly designated when you complete and file a designation form with the Benefit Funds Office.

If you are not married, you may designate any person or persons as your beneficiary to receive any eligible death benefits. If you are married, you must designate your spouse as your beneficiary. To designate a beneficiary other than your spouse, you and your spouse must sign the necessary waiver form and the signatures must be witnessed by a Notary Public Your spouse must state in writing that he or she waives the right to be the beneficiary. The spouse may waive the right for a particular other person to be the beneficiary or may give you the right to name or change the beneficiary as you see fit.

If you are not married and name a beneficiary, and then later get married, the designation is invalid unless it names your new spouse. If you name your spouse as the beneficiary and later divorce, the designation is invalid. You must file a new form after the divorce or marriage, which can name your current or former spouse or anyone else, subject to the above limitations.

If you do not name a beneficiary or your beneficiary dies first, any benefits payable under the plan will be paid in the following order: First, to your surviving spouse: if no surviving spouse, then to your children. If deceased, your child’s share goes to his or her children: if no surviving spouse or surviving children, then to your surviving parent(s): if no surviving spouse, children, or natural parents, then to your surviving brothers and sisters: if no surviving spouse, children, natural parents, brothers or sisters, then to your estate.

· Death Benefit Application Process. To apply for death benefits, your spouse or beneficiary should follow the instructions under "Pension Application Process" on Page 23 of the Summary Plan description. When the Benefit Funds Office has received the completed forms and any other required information, benefits generally will begin on the first of the following month. The first payment will include retroactive payment to the first day of the month after the participant’s death that he or she was eligible for a pension without any early retirement reduction.

The foregoing 4 pages are a synopsis of the SEIU National Industry Pension Fund ‘s Summary Plan Description booklet. No guarantee is made to the accuracy of this information. To obtain the actual Summary Plan Description, or if you have questions, please call the SEIU Benefits office at (800) 458-1010 or (415) 905-8484.