News & Changes

Increase in pension accrural rates - $110 and $105

June 2007

The Board of Trustees, has amended the Pension Plan of the Iron Workers District Council of Northern New Jersey to provide an increase in the pension accrual rates which are summarized below.

Effective January 1, 2007, the Regular Pension accrual rate shall be $110.

If you retire on or after January 1, 2007, and earn (or will earn) at least 1/4 of a pension credit in the calendar year immediately before January 1, 2007 or in any calendar year after January 1, 2007, the amount of your monthly pension will be $110 multiplied by the number of pension credits that you earned.

Effective July 1, 2007, the Regular Pension accrual rate shal be $105 for pensioners and beneficiaries who retired from the Fund during the period of January 1, 2003 through December 31, 2006.  If you retire between January 1, 2003 and December 31, 2006 and earned at least 1/4 of a pension credit in the calendar year immediately before January 1, 2003, or in any calendar year after January 1, 2003, the amount of your pension will be $105 multiplied by the number of pension credits that you earned.

The amount of your pension will be calculated in accordance with the Pension Plan.

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