Reply – Re: IS IT LEGAL FOR THE UNION TO TAKE AWAY A CARPENTERS PENSION MONEY?
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Re: IS IT LEGAL FOR THE UNION TO TAKE AWAY A CARPENTERS PENSION MONEY?
— by bulldog88 bulldog88
Thanks 4 Info Fella's....Also Saw This Article ...Dont Know If It Applies Or Not????......(1) If JOE Carpenter Had 4 Pension Credits....Wouldnt He Be %20 Vested In The Pension Plan????....According To a Rule Called....(Rule Of Parity)....Joe Would Not Lose His Pension Credits If He Was %20 Vested???......Joe Would Only Lose If He Were (Zero Percent Vested)....This Is The RULE.....Rule of parity. Under the so-called "rule of parity," the employee loses the prior service
for eligibility purposes on a permanent basis following the break in service period. As a
result, the employee must start over in satisfying the service requirement, as if he/she
were a new employee. For the rule of parity to apply: 1) the employee must be a plan
participant when the break in service period begins; 2) the employee generally must incur
a minimum of five consecutive breaks in service; and 3) the employee must be zero
percent vested in his/her accrued benefit under the plan. Once a participant becomes
partially-vested (e.g., 20% vested under the plan's vesting schedule), the only break in
service rule that that may apply is the "one year break" rule discussed earlier.....Here Is The LINK....http://www.erisadiagnostics.com/pdfs/A49/servicecrediting.PDF