The Joint Pension Trust has been in existence since July 1, 1976 and presently covers approximately 8,500 active and retired participants from among 25 GCC/IBT local unions. The fund is open to all segments of the GCC and is totally employer contributed with contribution rates established upon negotiation by each individual local union. There are no minimum or maximum contribution rates, and locals have negotiated contributions on an hourly, daily, and weekly basis, as well as a percentage of wages.

The Joint Pension Trust has reciprocity agreements with the GCC Supplemental Retirement and Disability Fund and the GCC Employer Retirement Fund as well as several local union pension funds.

The Plan provides the following:

• Full retirement benefits to active participants at age 62
• Early retirement benefits between ages 55 and 62 with a 3% reduction for each year prior to age 62
• Disability benefits payable at any age
• Benefit eligibility with five years of vesting service

The formula for calculating benefits is based upon 3.07% of annual contributions to determine the monthly benefit, for each year of service, payable at age 62. A $20 per week contribution for a person working full-time would provide a monthly benefit of $31.93 ($20.00 x 52 weeks x 3.07%). A contribution rate of $30 per week would provide a monthly benefit of $47.89, while a $40 per week contribution would provide a monthly benefit of $63.86.

Based upon 52 weeks of employment per year, the following benefits would be provided upon retirement: