
* Administering Health, Pension and Vacation Benefits For the Men and Women Who Help Build the Southwest *
Pension Credits are earned for Hours Worked in Covered Employment in increments of 1/12 of a Pension Credit.
You cannot earn more than one Pension Credit in a calendar year and no benefit accrual is attached to less than 7/12 of a credit (less than 700 work hours) in a given year.
However, you may accumulate additional Service Pension Eligibility Credit that is used only to establish your eligibility for a Service Pension.
Each Pension Credit earned has a corresponding Benefit Amount. The Benefit Amounts earned each year are added together and the total becomes your monthly pension benefit at retirement, provided that you have become vested.
Beginning in 2015, the following formula is used to calculate the Benefit Amount for each credit:
Benefit Accrual Rate x Benefit Factor = Benefit Amount
Hours worked and the amount of contributions in a calendar year can be located in your MemberXG account under Work History.
Using the Benefit Accrual Rate Table, locate the number of Hours Worked in Covered Employment during the calendar year and find the Benefit Accrual Rate.
Hours in Covered Employment | New 2021 and later Accrual Rate |
---|---|
0-699 | None |
700-799 | $77.78 |
800-899 | $88.89 |
900-999 | $100.00 |
1,000-1,099 | $111.11 |
1,100-1,199 | $122.22 |
1,200-1,299 | $133.33 |
1,300-1,399 | $144.44 |
1,400-1,499 | $155.56 |
1,500-1,599 | $166.67 |
1,600-1,699 | $177.78 |
1,700-1,799 | $188.89 |
1,800-1,899 | $200.00 |
1,900-1,999 | $211.11 |
2,000-2,099 | $222.22 |
2,100-2,199 | $233.33 |
2,200 or more | $244.44 |
Next, using the Benefit Factor Table shown below, find the Benefit Factor that corresponds to your Average Hourly Contribution Rate for the given year. Your Average Hourly Contribution Rate is calculated by dividing the amount of employer contributions made to the Plan on your behalf by the number of hours you worked in Covered Employment.
Average Hourly Contribution Rate | New 2021 and later Benefit Factor |
---|---|
$0.00-0.99 | 0.0000 |
$1.00-1.24 | 0.2000 |
$1.25-1.49 | 0.2500 |
$1.50-1.74 | 0.3000 |
$1.75-1.99 | 0.3500 |
$2.00-2.24 | 0.4000 |
$2.25-2.49 | 0.4500 |
$2.50-2.74 | 0.5000 |
$2.75-2.99 | 0.5500 |
$3.00-3.24 | 0.6000 |
$3.25-3.49 | 0.6500 |
$3.50-3.74 | 0.7000 |
$3.75-3.99 | 0.7500 |
$4.00-4.24 | 0.8000 |
$4.25-4.49 | 0.8500 |
$4.50-4.74 | 0.9000 |
$4.75-4.99 | 0.9500 |
$5.00 or more | 1.0000 |
If you work 1,800 hours in 2021 at an average rate of $4.00 per hour, the monthly benefit you will accrue will be $160.00.
$200.00 Benefit Accrual Rate x .80 Benefit Factor for 2021 = $160.00 Monthly Benefit Amount
If you work 2000 hours in 2021 at an average rate of $5.00 per hour, the monthly benefit you will accrue will be $222.22.
$222.22 Benefit Accrual Rate x 1.0 Benefit Factor for 2021 = $222.22 Monthly Benefit Amount
For Participants who were credited at least 1,000 work hours and accrued Pension Credit under the Southwest Carpenters Pension Plan during 2020, Benefit Accruals have been increased retroactively by 50% for plan years from 2011-2020.
Participants credited with at least 1,000 hours under the Nevada In-House Hospitality Agreements in 2020 or 2021 are also eligible for the retroactive increase.
Hours in Covered Employment | Revised Value of Benefit Accrual (2011-2020 accrual plus 50% increase) |
---|---|
700-799 | $58.49 |
800-899 | $66.84 |
900-999 | $75.00 |
1,000-1,099 | $83.54 |
1,100-1,199 | $91.89 |
1,200-1,299 | $100.22 |
1,300-1,399 | $108.59 |
1,400-1,499 | $116.94 |
1,500-1,599 | $125.30 |
1,600-1,699 | $133.64 |
1,700-1,799 | $141.99 |
1,800 | $150.00 |
Average Hourly Contribution Rate | 2015-2020 Benefit Factor (See Benefit Accruals for 2011-2020 below) |
---|---|
$0.00-0.99 | 0.0000 |
$1.00-1.24 | 0.2500 |
$1.25-1.49 | 0.3125 |
$1.50-1.74 | 0.3750 |
$1.75-1.99 | 0.4375 |
$2.00-2.24 | 0.5000 |
$2.25-2.49 | 0.5625 |
$2.50-2.74 | 0.6250 |
$2.75-2.99 | 0.6875 |
$3.00-3.24 | 0.7500 |
$3.25-3.49 | 0.8125 |
$3.50-3.74 | 0.8750 |
$3.75-3.99 | 0.9375 |
$4.00-4.24 | 1.0000 |
$4.25-4.49 | 1.0000 |
$4.50-4.74 | 1.0000 |
$4.75-4.99 | 1.0000 |
$5.00 or more | 1.0000 |
* Participants credited with at least 1,000 hours under the Nevada In-House Hospitality Agreements in 2020 or 2021 are also eligible for the retroactive increase.
If you worked 1,500 hours in 2020 at an average rate of $3.50 per hour, the monthly benefit you will earn in 2020 will be $109.64.
$125.30 Benefit Accrual Rate x .875 Benefit Factor for 2020 = $109.64 Monthly Benefit Amount
The Benefit Factor Table based on the Average Hourly Contribution Rate is applied to Benefit Accruals from 2015 or later.
If you worked 1800 hours in 2011, the monthly benefit you will earn in 2011 will be $150.00. Prior to 2015, a Benefit Factor is not applied to the Benefit Accrual.
Hours in Covered Employment | Monthly Benefit Accrual During Calendar Years 2011-2020 |
---|---|
700-799 | $38.99 |
800-899 | $44.56 |
900-999 | $50.00 |
1,000-1,099 | $55.69 |
1,100-1,199 | $61.26 |
1,200-1,299 | $66.81 |
1,300-1,399 | $72.39 |
1,400-1,499 | $77.96 |
1,500-1,599 | $83.53 |
1,600-1,699 | $89.09 |
1,700-1,799 | $94.66 |
1,800 | $100.00 |
Average Hourly Contribution Rate | 2015-2020 Benefit Factor (See Benefit Accruals for 2011-2020) |
---|---|
$0.00-0.99 | 0.0000 |
$1.00-1.24 | 0.2500 |
$1.25-1.49 | 0.3125 |
$1.50-1.74 | 0.3750 |
$1.75-1.99 | 0.4375 |
$2.00-2.24 | 0.5000 |
$2.25-2.49 | 0.5625 |
$2.50-2.74 | 0.6250 |
$2.75-2.99 | 0.6875 |
$3.00-3.24 | 0.7500 |
$3.25-3.49 | 0.8125 |
$3.50-3.74 | 0.8750 |
$3.75-3.99 | 0.9375 |
$4.00-4.24 | 1.0000 |
$4.25-4.49 | 1.0000 |
$4.50-4.74 | 1.0000 |
$4.75-4.99 | 1.0000 |
$5.00 or more | 1.0000 |
From 2011-2014, Benefit Accruals are based on hours alone.
If you worked 1,500 hours in 2015 at an average rate of $3.50 per hour, the monthly benefit you will accrue will be $73.09.
$83.53 Benefit Accrual Rate x .875 Benefit Factor for 2015 = $73.09 Monthly Benefit Amount
The Benefit Factor Table based on the Average Hourly Contribution Rate is applied to Benefit Accruals from 2015 or later.
If you worked 1800 hours in 2011, the monthly benefit you will accrue will be $100.00. Prior to 2015, a Benefit Factor is not applied to the Benefit Accrual.
Benefit Accrual rates for 1999-2010 are based on hours worked in Covered Employment only.
Hours in Covered Employment | Monthly Benefit Accrual During Calendar Years 2008-2014* | Monthly Benefit Accrual for 2007 | Monthly Benefit Accrual 1999-2006 |
---|---|---|---|
Under 700 | None | None | None |
700-799 | $38.99 | $79.72 | $77.78 |
800-899 | $44.56 | $91.11 | $88.89 |
900-999 | $50.00 | $102.50 | $100.00 |
1,000-1,099 | $55.69 | $113.89 | $111.11 |
1,100-1,199 | $61.26 | $125.28 | $122.22 |
1,200-1,299 | $66.81 | $136.67 | $133.33 |
1,300-1,399 | $72.39 | $148.06 | $144.44 |
1,400-1,499 | $77.96 | $159.44 | $155.56 |
1,500-1,599 | $83.53 | $170.83 | $166.67 |
1,600-1,699 | $89.09 | $182.22 | $177.78 |
1,700-1,799 | $94.66 | $193.61 | $188.89 |
1,800 | $100.00 | $205.00 | $200.00 |
Monthly Benefit Accruals before 1999 can be found on pages 27-29 of the SPD.