What are the eligibility requirements for a Regular Pension from the NYCDCC Pension Plan?
What are the eligibility requirements for a Regular Pension from the NYCDCC Pension Plan?
March 23, 2022
To qualify for a Regular Pension:
- You must establish Participation in the Plan.
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- You become a Plan Participant on the first January 1 or July 1 after you work at least 870 Hours of Service in Covered Employment in a period of two consecutive calendar years.
- You must also satisfy certain Age and Vesting Credits requirements:
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- Age 55 and 15 Vesting Credits. You can retire on a Regular Pension at age 55 if you have at least 15 Vesting Credits. If you earn your 15th Vesting Credit after age 55 but before age 65, you will be eligible to begin your Regular Pension at that time.
- Age 65 and 5 Vesting Credits. If you do not have 15 Vesting Credits but you earned at least 5 Vesting Credits, you can begin your Regular Pension at age 65.
Important Notes:
- The complete eligibility rules are described in the Pension Plan. The Summary Plan Description also has important information.
- To receive your Regular Pension, you must actually retire and submit an application to the Fund Office. However, if you are age 70 or older, you may receive your Regular Pension even though you continue to work in Covered Employment or for a Contributing Employer.
- The above summary reflects the current Plan rules. Different rules may apply based on when you last worked in Covered Employment.
- In addition to a Regular Pension, the Fund also offers a Disability Pension and a Pro-Rata Pension.
- If you have questions about your individual circumstances, please contact the Pension Department at 800-529-FUND (3863).
