Participants
Everything you need to know about your pension benefits—from how they grow to how you apply for retirement.
Benefits Overview
The Steelworkers Pension Trust provides retirement income funded entirely by employer contributions negotiated through your collective bargaining agreement. No employee contributions are required or permitted. Your benefit grows over your career as your employer makes contributions on your behalf.
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Each year, you receive an accrued benefit letter showing how much your employer contributed in the prior year. Keep track of the hours your employer should be contributing for, so you can verify the amounts match. If something looks off, call us right away at 412-562-1174.
How Benefits Are Calculated
The Steelworkers Pension Trust is a future service plan where your retirement benefit depends on the total employer contributions made to the Trust during your career. When you apply for retirement, the Trust verifies contributions and applies the plan formula to determine your monthly lifetime payment.
Vesting
Vesting means you have earned the right to receive a pension benefit, even if you leave covered employment before retirement age. Under the Steelworkers Pension Trust, you become vested after you meet the plan’s vesting requirements as defined in the Summary Plan Description.
Once vested, your accrued benefit is protected. You can begin receiving a reduced pension as early as age 55, or wait until your normal retirement age for a full benefit.
For each month you wait beyond 55, the early retirement reduction decreases.
Rule of 85
The Rule of 85 is a special provision of the Steelworkers Pension Trust that may allow you to retire with an unreduced benefit before reaching normal retirement age.
How It Works
When your current age plus your total years of covered service equals 85 or more, you may qualify for Rule of 85 retirement benefits. There is one additional requirement: you must have at least 10 months of employer contributions within the 24 months immediately before your retirement date.
Example
A worker who is 58 years old with 27 years of covered service has a combined total of 412-562-1174. If they also meet the recent contribution requirement, they may be eligible for Rule of 85 benefits.
Types of Retirement Benefits
Normal Retirement
You are eligible for a normal (full) retirement benefit when you reach the plan’s normal retirement age as defined in the Summary Plan Description, typically age 65.
Delayed Retirement
If you continue working past age 65, your pension benefit keeps growing as your employer continues making contributions on your behalf. There is no requirement to retire at 65 — you can delay your retirement and receive a larger monthly benefit based on the additional contributions earned during your extended career.
Early Retirement - Benefit Reduction
If you are vested, you may begin receiving a reduced retirement benefit as early as age 55. The benefit is reduced to account for the longer payout period. The reduction decreases for each month you wait beyond age 55.
Earlier Retirement - Rule of 85
If you qualify under the Rule of 85, you may retire without a reduction in benefits and the minimum age requirement is eliminated. See the Rule of 85 section above for details.
Disability Benefit
If you become totally and permanently disabled, you may be eligible for a disability pension. Contact the Trust for more information about disability benefit requirements.