| Plan Summary |
| NIGPP Groups |
| Negotiations |
| Glossary |
| Links |
| Home |
|
With the help of the actuary, the Board specifies how certain actuarial calculations are to be done, and what assumptions will be used. These are usually contained in Motions or Resolutions recorded in the minutes of the meetings. An insurance company or other qualified organization or agency selected by the Board with which the Board has entered into a contract or agreement to perform specified administrative functions in the operation of the Plan and Trust Fund A pension payable in
accordance with Section 6.01 of the plan (For
a copy of the plan document, please call 1 800 321-2393). The date as of which
a Participant's Age Pension begins as determined pursuant to Section
6.01(e) of the plan (For
a copy of the plan document, please call 1 800 321-2393). The monthly amount per
Benefit Unit as determined under Section 5.01 as may be modified
by Article VIII. A measure of service
credited to Participants pursuant to Article V which is used to
determine the amount of an Age Pension or Disability Pension payable
under the Plan. The Board of Trustees provided for under the Trust Agreement, consisting of those persons who have affixed their signatures to the Trust Agreement, or the successor or additional Trustees who may be selected in accordance with Article II of the Trust Agreement. The members of the Board are the named fiduciaries of this Plan and serve as the Plan Administrator. For purposes of section
2610.2 of the PBGC Regulations,a Plan Year in which a non-Vested
Participant is not credited with at least 90 Hours of Service or
one-tenth of a Benefit Unit. Notwithstanding the above, a Participant's
Vesting Units and Benefit Units shall be canceled only pursuant
to the provisions of Section 4.01(d) of the plan (For
a copy of the plan document, please call 1 800 321-2393). The Internal Revenue Code of 1986, as amended. Means the Participant's annual taxable earnings and other amounts paid or made available for services actually rendered, excluding deferred compensation, stock options and other distributions which receive special tax benefit. Interest is said to be "compounded" when interest is charged or credited on both the principal and all previously charged or credited interest. The person named by a Participant in the Participant's election of the Contingent Annuity Option described in Section 7.03(a)(1) of the plan (For a copy of the plan document, please call 1 800 321-2393) to receive payments following such Participant's death. Contribution Commencement Date The date specified in each Participation Agreement and supplement thereto, as of which Contributions to the Trust Fund are to start at the rate specified in such Participation Agreement or supplement. The amounts that a Participating
Employer pays to the Plan as required by the Participation Agreement;
the amount or amounts transferred to the Plan from a Predecessor
Pension Plan, if any; and any other lump sum or special amounts
that a Participating Employer pays upon entering into a Participating
Agreement or a supplement thereto. This definition does not include
payments of Withdrawal Liability or payments made by an employer
to a Predecessor Pension Plan. Employment with any Participating Employer in either a job classification or class of Employees for which a Participating Employer is required, pursuant to a Participation Agreement, to make Contributions for each Hour of Service credited thereunder. The bottom part of a fraction (as opposed to the numerator, which is the top part). A pension payable in accordance with Section 6.03. The date as of which a Participant's Disability Pension begins as determined pursuant to Section 6.03(c) of the plan (For a copy of the plan document, please call 1 800 321-2393). Groups of Steelworkers which merged with the NIGPP, with restrictions on benefits upon termination from NIGPP. Groups of Steelworkers which merged with the NIGPP, with restrictions on benefits upon termination from the NIGPP. A participant who leaves Covered Employment and at that time is eligible to receive immediately an Age Pension or a Disability Pension upon submission of an application therefore pursuant to Section 6.01(e) or 6.03(c) of the plan; or the Eligible Spouse of such Participant pursuant to sections 7.01 or 7.04, provided that the Eligible Spouse of a Participant eligible to receive a Disability Pension as described above shall not be deemed an Eligible Retiree if the Participant dies prior to age 55; or the Contingent Annuitant of such Participant pursuant to 7.03(a)(1) of the plan (For a copy of the plan document, please call 1 800 321-2393). The Participant's spouse married to the Participant on the Participant's Age Pension Date or, if the Participant dies before the Participant's Age Pension Date, throughout the one-year period that ends on the Participant's date of death. Any employee of a Participating
Employer or any other employer required to be aggregated with a
Participating Employer under sections 414(b), (c), (m) or (o) of
the Code, except as maybe excluded as employees of a separate line
of business as permitted under section 414(r) of the Code. The term
Employee shall also include any leased employee of any employer
described in the previous sentence as provided in sections 414(n)
or (o) of the Code. The Employee Retirement Income Security Act of 1974, as amended.
A law which governs how employees are treated under the Plan when they leave employment temporarily for medical reasons, or for reasons associated with childbirth/adoption. See Section 3.01(d) of the plan (For a copy of the plan document, please call 1 800 321-2393). An insurance company, bank, or trust company selected by the Board with which the Board has entered into a contract or agreement to hold and invest any portion of the assets of the Trust Fund and/or to pay benefits under the Plan. Any Employee or former Employee deemed to be a highly compensated employee under section 414(q) of the Code. (a) Each hour for which a Participant is paid, or entitled to payment, by a Participating Employer for the performance of duties, excluding any such hours in excess of the number of hours that comprises the Participating Employer's bona fide standard workweek -- except if Contributions are received for such hours (the hours so credited to the Participant shall be for the period or periods in which the duties were performed); and (b) Each such hour for which back pay, irrespective of mitigation of damages, is awarded to a Participant or granted to the Participant by a Participating Employer to the extent that such award or grant is intended to compensate the Participant for periods during which the Participant would have been engaged in the performance of duties for the Participating Employer (these hours shall be credited to the Participant for the period or periods to which the award or grant pertains rather than the period in which the award, grant or payment was made). (c) An hour of service shall also include each hour for which contributions are received by the Plan on account of a period during which no duties are performed, provided that: 1. A provision for the
payment of such contributory hours is contained in a collective
bargaining agreement between the Participating Employer and Union
and such provision is uniformly applied to all Participants in a
bargaining unit, and Calendar year. The consolidation of a Predecessor Pension Plan with the Plan. A supplement to a Participation Agreement between a Participating Employer and a Union, in such form and circumstances as the Board may prescribe, regarding the merger of a Predecessor Pension Plan with the Plan. The first day of the month coinciding with or next following the Participant's 65th birthday. If the 62/30 Option is effective, see Section 6.02 of the plan (For a copy of the plan document, please call 1 800 321-2393). The top part of a fraction (as opposed to the demoninator, which is the bottom part). The monthly pension amount, if any, provided under a prior pension plan as stipulated in the Offset Supplement to the Participation Agreement, by which an Age Pension or Disability Pension otherwise payable under the Plan shall be reduced as provided in Sections 6.01(b) or 6.03(b) of the plan (For a copy of the plan document, please call 1 800 321-2393). An Employee, former Employee or retired Employee of a Participating Employer who is credited with service or is receiving an Age Pension or Disability Pension under the Plan pursuant to the terms of a Participation Agreement. For purposes of section 2610.2 of the PBGC Regulations, a non-vested former Employee as of the end of any Plan Year in which the Participant incurs a Break in Service under the Plan is not a Participant. a) An Eligible Employer, as defined in the Trust Agreement, which has executed a Participation Agreement with a Union, with the approval of the Board, and 1. is making Contributions to the Trust Fund, or 2. is obligated to make Contributions to the Trust Fund; or, b) under the conditions
specified in the Trust Agreement, a Union. An agreement and all
supplements thereto, that are approved by the Board, between a Participating
Employer and a Union in such form as the Board may prescribe to
affect adherence to the Trust Agreement and to provide coverage
to Participants. A Participation Agreement or supplement thereto
may not be modified without the approval of the Board. The Pension Benefit Guaranty Corporation. The National Integrated Group Pension Plan as herein set forth and as hereafter amended. The assets of the Plan as determined for the Plan's actuarial valuations. The twelve month period from January 1 to December 31. Post-Retirement Spousal Benefit The form of an Age Pension for a Participant with an Eligible Spouse pursuant to Section 7.01(b) of the plan (For a copy of the plan document, please call 1 800 321-2393). Post Retirement Spousal Benefit The form of an Age Pension for a Participant with an Eligible Spouse pursuant to Section 7.01(b).
The monthly pension amount, if any, accrued under a Predecessor Pension Plan, as stipulated in the Merger Supplement to the Participation Agreement, to be provided under the Plan, subject to the provisions of Section 8.06 of the plan (For a copy of the plan document, please call 1 800 321-2393). A pension plan maintained by a Participating Employer before the earliest Contribution Commencement Date of the Participation Agreement between the Participating Employer and Union, which has been merged with the Plan.
Also called a "QDRO" (pronounced "QUA-dro"). A court order which is part of a divorce settlement, which directs a portion of a participant's pension to be paid to a former spouse (Domestic Relations Order, or DRO), and which is accepted by the Plan (i.e., "qualified"). An election to waive the Post-Retirement Spousal Benefit pursuant to Section 7.06 of the plan (For a copy of the plan document, please call 1 800 321-2393). If not otherwise identified refers to a section of this Plan. A section of the tax code which describes the conditions a Plan must meet in order to be a "qualified" plan, and for contributions to the plan to be tax deductible to the employer. The date a Participant
is hired into employment by a Participating Employer. Units of benefit accrual
and vesting credit under the Plan prior to January 1, 1976. Social Security Retirement Age Age 65 in the case of a Participant attaining age 62 before January 1, 2000, age 66 for a Participant attaining age 62 on or after January 1, 2000 and before January 1, 2017 and age 67 for a Participant attaining age 62 on or after January 1, 2017. The Agreement and Declaration of Trust dated as of December 27, 1965 establishing the National Integrated Group Pension Trust Fund, as amended. The National Integrated Group Pension Trust Fund. An organization of any kind, or any agency or Employee representation committee or plan, in which Employees participate and which exists for the purpose, in whole or in part, of dealing with Participating Employers concerning grievances, labor disputes, wages, rates of pay, hours of employment, or conditions of work. Has met the requirements,
described in Section 4.01 of the plan (For
a copy of the plan document, please call 1 800 321-2393),
as one condition for an Age Pension or Disability Pension. A measure of service
credited to Participants pursuant to Article IV which is used to
determine the nonforfeitability of Benefits Units under the Plan. The period of time following an Employee's commencement of employment with a Participating Employer, not exceeding 12 months, as stipulated in the Participation Agreement, that may be required as a condition of participation in the Plan and for which Contributions to the Trust Fund are not required or payable with respect to such Employee under the terms of the Participation Agreement. The amounts owed to the Plan, resulting from a Participating Employer's withdrawal from the Plan as provided in Article XII.
|
