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Pensions & Annuity

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Local 421 provides two pension for its members, a defined benefit plan that guarantees you a monthly pension benefit at age 60, as well as an annuity that will give you one lump sum at the age of 60.

The defined benefit plan is continually updated and improved to provide our members and their families with the solid financial security they will need to enjoy their retirement years. Vesting in the defined benefit plan is 5 years, and once you are vested you can never lose the retirement benefit.

The annuity plan can enhance your retirement. As a member, contributions are made by your employer(s) into an account just for you. Your money is then invested by professional money managers for a maximum annual rate of return. Once you reach age 60 you will receive all the contributions plus the interest you have earned over the years in one lump sum or you can roll it over into your own personal retirement account.
 

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