Glossary

A number of somewhat technical terms are used in Trust documentation and are defined below. It will probably be necessary to refer to these definitions frequently in order to fully understand the explanations made in the correspondence received/viewed.

Accrual Rate:
The rate at which your pension benefit accrues expressed as a percentage of Employer contributions received by the Trust on your behalf. For a more detailed explanation, please reference the Trust Summary Plan Description (SPD).

Covered Employment:
A person is in “Covered Employment” during the periods he is employed by a Participating Employer who is making contributions to the Trust on behalf of that person. Covered Participant:
A Participant who is currently working in covered employment.

Earliest Retirement Age:
The earliest retirement age is Age 55.

Group:
For employees who are represented by the Union, a “group” means the collective bargaining unit, i.e., the employees covered by a single collective bargaining agreement. For example, if an Employer has employees at only one location who are represented by the Union, and all those employees are in a single collective bargaining unit and covered by a single collective bargaining agreement, then the collective bargaining unit is a group. Where an Employer has employees at several locations who are represented by the Union, and all these employees, regardless of location, are in a single collective bargaining unit and covered by a single collective bargaining agreement, then the bargaining unit employees at all these locations constitute a single group. If, however, each location has its own collective bargaining unit and its own collective bargaining agreement, then the Union employees at each location are a separate and distinct group.

Participant:
A Participant is an employee who at one time or other was covered under the Plan, meaning that the employee’s employer was paying contributions to the Trust on behalf of that employee.

Participating Employer:
An Employer who employs Covered Participants and is currently paying contributions to the Trust on their behalf.

Retiree/Pensioner:
A Participant who has retired and is receiving pension benefits from the Trust.

Retirement from Employment:
A Participant is considered as retired from employment only if he or she has made a complete, bonafide severance and termination of his or her employment relationship with the employer who was his or her most recent Participating Employer. 

Terminated Vested Participant:
A former Vested Covered Participant who has terminated employment with all Participating Employers but who is not yet eligible to receive pension benefits because he has not yet reached retirement age and retired or who has reached retirement age but has not yet applied for retirement benefits.

Vested Covered Participant:
A Covered Participant whose pension has become “Vested”, a term which is described on pages 5 and 6 of the Summary Plan Description (SPD).

Vested Participant:
A person who is either a Vested Covered Participant or a Terminated Vested Participant.