Local 17 Fringe Benefit Package
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Pension
· 800 hours in calendar year for one vesting credit
· Vesting requirement is 5 vesting years
· Monthly Pension amount based on total credits
(unlimited as of 1/01/08)
· Credits valued @ $55 per credit as of 1/01/24 (max allowed 3 per year)
· Full retirement at age 55 with 25 years of service or age 62 with 15 years of service
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Health Benefits – Family Plan
· Eligibility begins after 1000 hours worked (approx. 20 weeks)
(1000 hrs = 1 yr coverage) (1000 hrs each year to maintain benefits)
· Family Major Medical plan including Prescriptions
a. $500 deductible per person per year (in network)
b. Unlimited coverage per person per year (no annual limit)
c. After $500 deductible it’s 75% (Insurance) - 25% (you) up to $3000 then 100%.
d. Prescriptions are 25% co-insurance. Prices vary depending on negotiated discounts.
· Dental - $1750 per person per year
· Vision – Member gets 1 exam, 2 pairs of glasses every 2 years.
Dependent gets 1 exam, 1 pair of glasses every 2 years
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Annuity
· $4.90 per hour worked included in fringe package paid by contractor (no payroll deductions)
· You can self direct your account on-line or by phone.
The Entire benefit package is at no cost to employee.
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