Your Pension Plan Benefits
Being vested means that you have earned a guaranteed right to a pension. Learn more about how you become vested at our How you qualify for pension benefits page.
The normal retirement age is 65. You may begin collecting your pension as early as age 60, but for each month you receive a pension before age 65, your pension is reduced. You may begin your pension as late as age 72. For each month after age 65 that you wait to begin your pension, the monthly amount is increased. For details, visit our When you can begin your pension page, or refer to the Pension Plan and 401(k) Plan Summary Plan Description.
To apply for your pension, you must complete a pension application and return it to the Retirement Services Department, along with proof of birth. You may download application materials here.
With 10 years of vesting service, the minimum pension is $200 per month at age 65. For five to nine years of vesting service, there is no minimum pension; your pension amount will be determined based on your actual earnings under the Plan and your years of service.
The IRS places a limit on the pension benefits that you may receive each year. For 2021, the limit is $230,000. For the limits for any other year, visit www.irs.gov.
Most contracts limit the amount that may be accrued towards your pension. The IRS also has set an earnings limit by employer, when determining your pension benefits under the Plan.
Here are the limits for the following years:
| 1989 | $200,000 | 2006 | $220,000 |
| 1990 | $209,200 | 2007 | $225,000 |
| 1991 | $222,220 | 2008 | $230,000 |
| 1992 | $228,860 | 2009 | $245,000 |
| 1993 | $235,840 | 2010 | $245,000 |
| 1994 | $150,000 | 2011 | $245,000 |
| 1995 | $150,000 | 2012 | $250,000 |
| 1996 | $150,000 | 2013 | $255,000 |
| 1997 | $160,000 | 2014 | $260,000 |
| 1998 | $160,000 | 2015 | $265,000 |
| 1999 | $160,000 | 2016 | $265,000 |
| 2000 | $170,000 | 2017 | $270,000 |
| 2001 | $170,000 | 2018 | $275,000 |
| 2002 | $200,000 | 2019 | $280,000 |
| 2003 | $200,000 | 2020 | $285,000 |
| 2004 | $205,000 | 2021 | $290,000 |
| 2005 | $210,000 |
Your pension benefits will increase if you return to covered employment. For every year you work in covered employment, those earnings will be applied and will increase your monthly pension benefit.
If the Social Security Administration has determined that you are totally and permanently disabled, the Equity-League Benefit Funds also considers you disabled. Learn more in the Pension Plan and 401(k) SPD.
Borrowing money against your pension benefit is not allowed.
Your pension cannot be rolled over, borrowed against, taken out, or transferred to another retirement account. This includes individual retirement accounts (IRAs), money market funds, or other pension funds.
You may qualify for more than one Equity-League Benefit Funds pension. However, you may take only one as a pensioner. If you qualify for more than one type of Equity-League Benefit Funds pension, you will automatically receive the one with the highest benefit.
Once you start to receive one type of pension, you can only convert to another type in limited circumstances, as described below:
- If you take a disability or terminal illness pension, and you recover, you may change to a regular, service, or early retirement pension if you qualify.
- If you take a regular pension, and you subsequently qualify for a service pension, you may change to a service pension.
- If you take a regular, service, or early retirement pension and later become ill and qualify for a terminal illness benefit, you may change.
- If you take an early retirement pension, and you become disabled, you may convert to a disability pension as described above.
If you earn an Equity-League Benefit Funds pension, it does not affect your rights to receive any other non-Equity-League Benefit Funds pension that you have earned. This is true whether or not you have begun taking your Equity-League Benefit Funds pension
Annual earnings statements, officially called Reports of Covered Earnings and Pension Accruals, are sent out each year, with reporting data for the previous year. For example, statements for the current calendar year will be sent out in the following calendar year. However, remember, that you may view your pension earnings accruals at any time at our Self-Service Portal. If you notice any discrepancies, contact the Equity-League Benefit Funds office.
Currently, only pensionable earnings are applied towards your pension. The weekly limit on pensionable earnings that applies to you depends on the type of contract for your covered employment. Earnings under contracts that do not require contributions to the Pension Fund are not included in your statement, nor do they increase your pension accruals.
If you are a pensioner and you continue to work, your pension increase can be effective as early as January 1 of the following year. The annual increase is currently 3% of your pensionable earnings plus $144, if you worked at least two weeks of covered employment during the year. The increase will be reflected in your monthly pension benefit retroactive to January 1.
Questions About Beneficiaries
It depends on the amount of service you accumulated before you die, whether you die before or after you retire, and what payment option you chose, if you began taking your pension before your death. Learn more at our survivor benefits page in the Pension Plan and 401(k) SPD.
At the present time, no life insurance policy is included with the Pension Plan.
If you are married, your spouse is automatically your beneficiary. If you wish to designate someone else, you and your spouse must both consent in writing on forms provided by the Retirement Services Department. If you are not married or if your spouse consents, you may designate anyone as your beneficiary. Beneficiary forms are available from our Pension Forms page.
Following a divorce or legal annulment, your ex-spouse will be automatically removed as your beneficiary, unless a Qualified Domestic Relations Order (QDRO) stipulates otherwise.
If there is no QDRO preventing you from doing so, you may actively re-designate your ex-spouse as beneficiary through the following steps:
- Download the simplified Re-designation of Former Spouse as Beneficiary Form from our Pension Forms page.
- Complete, sign and date the form.
- Mail the completed form to:
Equity-League Trust Funds
Attention: Benefit Services Department
165 W 46th St, 14th Floor
New York, NY 10036
You will find that information in the Pension SPD Click here.
Yes, if you have both earned a pension from Equity-League Benefit Funds, both you and your spouse are entitled to separate pensions.
Yes, a pensioner’s spouse may collect his or her Equity-League Benefit Funds pension while also collecting a survivor benefit from the Pension Plan.
Even if you have begun taking your own Equity-League Benefit Funds pension, you may be named the beneficiary of another’s Equity-League Benefit Funds pension. If this is the case, and the pensioner dies, you will receive a benefit as a beneficiary in addition to your own pension.
Summary Annual Funding Notice