Eligibility for Pension Benefits

The Pension Plan provides several different types of pensions as follows:

A Normal Pension if:

  • You are at least age 65; and
  • You are vested with 5 or more Vesting Service Credits (including one Hour of Service on or after January 1, 1999)

A Vested Pension if:

  • You are at least age 62; and
  • You are vested with at least 10 or more Vesting Service Credits without a Permanent Break in Service.

A Regular Pension if:

  • You are at least age 62; and
  • You are vested with at least 10 Pension Credits without a Permanent Break in Service.

An Early Retirement Pension if:

  • You are at least age 55 but not yet age 62; and
  • You are vested with at least 10 Pension Credits without a Permanent Break in Service.

A Service Pension:

A Service Pension is an immediate, unreduced benefit based on years of service, not retirement age. The Southwest Carpenters Pension Plan currently provides for a Service Pension when a Participant earns 30 years of Service Pension Eligibility Credits. As of 2021, Service Pension Eligibility Credit is earned at the rate of 1/12 of a year for every 100 Hours Worked in Covered Employment to a maximum of 2200 hours (1 and 4/12)

Service Pension Eligibility Credit Earned for years 2021 and Later

Hours Worked in Covered Employment in a Calendar Year Service Pension Eligibility Credit Earned in the Calendar Year
Fewer than 300 hours None
300-399 3/12 Year
400-499 4/12 Year
500-599 5/12 Year
600-699 6/12 Year
700-799 7/12 Year
800-899 8/12 Year
900-999 9/12 Year
1000-1099 10/12 Year
1100-1199 11/12 Year
1200-1899 One Year
1900-1999 1-1/12 Year
2000-2099 1- 2/12 Year
2100-2199 1- 3/12 Year
2200 and over 1- 4/12 Year

Participants who were credited with at least 1,000 hours and accrued Pension Credit under the Southwest Carpenters Pension Plan during 2020 will be credited with the same Service Pension Eligibility Credits listed above for Plan Years 2011 through 2020 according to hours credited in each year. Participants who worked in Covered Employment under the Nevada In-House Hospitality Collective Bargaining Agreement will qualify if they worked at least 1,000 hours in either 2020 or 2021.

The following chart applies to Service Pension Eligibility Credit for periods before 2021.

Service Pension Eligibility Credit Earned for years 1976 to 2020

(Except as shown above)

Hours Worked in Covered Employment in a Calendar Year Service Pension Eligibility Credit Earned in the Calendar Year
Fewer than 300 hours None
300-399 3/12 Year
400-499 4/12 Year
500-599 5/12 Year
600-699 6/12 Year
700-799 7/12 Year
800-899 8/12 Year
900-999 9/12 Year
1000-1099 10/12 Year
1100-1199 11/12 Year
1200 – and over One Year

For periods prior to 1976, see page 14 of the SPD or contact the Administrative Office.