The terms defined below have special meanings when they describe your Pension Plan benefits. Please read these definitions and refer to this Section often when you read other parts of this SPD.
Actuarially Adjusted or Actuarially Reduced – See Section 7, How Benefits Are Paid.
Administrative Committee of the Board of Trustees – The Committee appointed by the Board of Trustees to decide Participant appeals from denials of benefits.
Beneficiary – The person you name to receive benefit payments after your death. If you do not name a Beneficiary or if your named Beneficiary does not survive you, your benefits are paid to the first living person on the following class list:
your natural or adopted children
your brothers and sisters
the executors or administrators of your estate
Note: If you are married and you die before you retire, your Spouse is automatically your Beneficiary. You may designate a Beneficiary other than your Spouse when you retire, provided your Spouse consents to the designation.
Benefit Service – Contributory Hours for which you are entitled to accrue benefits.
Break-in-Service – After June 30, 2001, a Plan Year in which you do not have 250 Hours of Work. Before July 1, 2001, a Plan Year in which you were not credited with at least 500 Hours of Work.
Collective Bargaining Agreement – A collectively bargained contract that obligates an employer to contribute to the Trust on behalf of employees.
Contiguous Non-Covered Employment – Non-Covered Employment with a Contributing Employer, immediately before or after you work in Covered Employment with the same Contributing Employer.
Contributing Employer – An employer who contributes to the Plan on behalf of employees, under the terms of the Trust Agreement, pursuant to a Collective Bargaining Agreement or Written Agreement.
Contribution – Money that an employer pays to the Plan on behalf of an Employee under terms of a Collective Bargaining Agreement or Written Agreement.
Contributory Benefit Service – The total number of Contributory Hours you work divided by 2,000.
Contributory Hour – An Hour of Work for which an employer is obligated to make a Contribution to the Trust on your behalf.
Contributory Vesting Service – Vesting Service for which an employer is obligated to make a Contribution to the Trust on your behalf.
Contributory Years of Service – See Section 4.3
Covered Employment – Employment for which an Employer is obligated to make a Contribution to the Trust on your behalf.
Early Retirement – A type of Plan benefit payable before your Normal Retirement Age. See Section 4, When You May Retire for details on qualifying for this benefit.
Election Period – The 90-day period before a Participant’s Retirement Date.
ERISA – The Employee Retirement Income Security Act of 1974 and any amendments and regulations associated with the Act. See Section 14.4, Your Rights Under ERISA.
Five Year Certain Life Annuity – See Section 7, How Benefits Are Paid.
Hour of Work – An hour for which an employee is paid or entitled to be paid for the performance of duties, receives a back pay award, or is entitled to be paid for non-work by a Contributing Employer, to the extent credit is required by applicable Department of Labor regulations.
Joint Annuitant – The individual who receives a benefit after you die, if you choose a Joint Annuity form of benefit. See Section 7, How Benefits Are Paid.
Joint Annuity – See Section 7, How Benefits Are Paid.
Maternity or Paternity Leave – See Section 3.4.3, Waiver of Break-in-Service During Maternity and Paternity Leave.
Minimum Retirement Age – The earliest age at which you may retire. See Section 4, When You May Retire.
Normal Retirement Age – Age 65 or, if later, the fifth anniversary of the date you became a Plan Participant. See Section 4, When You May Retire.
Normal Retirement Benefit – Benefits earned and to be paid at Normal Retirement Age.
Overlay – Special benefit formula for which Participants who have at least 1,000 Contributory Hours after June 30, 1997 may be eligible. See Section H.5,Benefit Service Before July 1, 1990: The Overlay.
Participant – An employee who meets the requirements of Section 2, Participation, a former employee who is vested, or a retiree receiving a pension benefit.
Pension Plan or Plan – The Alaska Teamster Employer Pension Plan, or Plan.
Plan Year – July 1 through June 30. A Plan Year is designated by the calendar year in which it ends. For example, Plan Year 2016 refers to July 1, 2015 through June 30, 2016.
Qualified Retirement – A type of Plan benefit payable before your Normal Retirement Age. See Section 4, When You May Retire for details on qualifying for this benefit.
Relevant Documents – See Section 14.3.7, Relevant Documents.
Separate from Service – A requirement that you terminate your employment relationship with your last Covered Employer. See details under Section 9,Separation from Service.
Spouse – The person to whom you are married on your Retirement Date or death; whichever is earlier.
Straight Life Annuity – See Section 7, How Benefits Are Paid.
Suspendible Employment – Employment in the State of Alaska, in an industry in which employees were employed in Covered Employment when you became eligible to retire, and in a trade or craft in which you were employed at any time in Covered Employment. See Section 10, Suspendible Employment.
Trust Fund, Trust or Trust Agreement – The legal entity and document (Agreement and Declaration of Trust) which provides for adoption of the Plan, and which holds Plan assets.
Trust Customer Service Office – Third party administrators that can assist you with inquiries.
Trustees – The joint Board of Trustees designated to carry out certain duties under the Plan.
USERRA – Uniformed Services Employment and Reemployment Rights Act. Refer to Section 13.4, Military and Uniformed Service.
Vesting Service – Service which determines vesting status. You earn a year of Vesting Service toward your benefit at Normal Retirement Age according to Section 3, Vesting. (Contributory Years of Service, defined above, are used to determine whether you qualify for certain early retirement benefits and are calculated differently than Vesting Service.)
Written Agreement – An agreement obligating the employer to make Contributions to the Trust on behalf of non-collectively-bargained employees. Such employees may participate under the Plan under the terms of policies and agreements adopted by the Board of Trustees.