VESTING
Vesting Service Credit
Vesting Service Credit is another measure of an Electrician's work in Covered Employment for pension purposes. But Vesting Service Credit differs from Pension Credit in several respects:
(1) it is earned only for work after
December 31, 1964;
(2) certain additions and exceptions apply;
(3) it is only used to establish the Electrician's vested right (explained in the Vesting of Credits section on page 11) (Article II, Section 5 of the Rules); and
(4) it is used in determining when an Electrician has incurred a Permanent Break in Covered Employment (see page 15 for an explanation or Article II, Section 4 of the Rules).
Vesting Service Credit is not used to determine the amount of your monthly pension; it is only used to determine when you have attained a nonforfeitable right to a Pension. The amount of your pension is calculated on the basis of your Pension Credits and Benefit Units.
You earn Vesting Service Credit for work in Covered Employment after December 31, 1964, as follows:
After becoming an Active Participant, you will be credited with one year of Vesting Service for each year (after December 31, 1964) in which you complete 300 hours of service in Covered Employment. If you work in noncovered employment for a period after December 31, 1975, so long as your employment is continuous with Covered Employment, your hours of service in the noncovered employment will be counted toward Vesting Service.
No Vesting Service Credit is given for years preceding a Break (under rules in effect prior to February 1, 1976; or years preceding a Permanent Break in
Covered Employment (see page 15) (Article II, Section 4 of the Rules).