Retirement Fund

Retirement Fund

The Southern California Pipe Trades Retirement Fund is a defined benefit pension plan where employers contribute to the Fund on behalf of their covered workers under a collective bargaining or participation agreement. 

The Plan calculates your pension benefit based on contributions received during your covered employment. Since 1999, the calculation assigns a benefit value to each pension hour you work based on an accrual rate determined by the Trustees. 

The Plan’s benefit formula uses your prorated pension hours to determine your benefit amount. Pension credits determine when you are eligible to retire. You build pension credit based on your years of covered work. To earn one pension credit, you will need at least 1,260 pension hours per year. You earn up to one pension credit per calendar year. If you stay in covered employment and earn at least 10 pension credits, you can retire and begin receiving benefits as early as age 55. 

However, if under age 65, your benefit is reduced based on your age. Once you earn 25 pension credits, you can retire under a service pension at any age and receive your full benefit. If you earned your first hour of service in the Plan on or after July 1, 2006, you are eligible for a service pension upon earning 30 pension credits.

Qualification for benefits and the amounts are based on your service with contributing employers and your age at retirement. For more information about the Retirement Plan, refer to the Summary Plan Description (SPD). Or contact retirement representatives at the Fund Office.

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