Come out and join us for the DC16 Community Day of Action. Get involved in your Community and get rewarded with a Golden Ticket which gives you an extra raffle ticket at the VAC (Volunteer Activist Committee) banquet. If you volunteer and get signed in for at least 3 events you will get an invite […]
April 22, 2025Changes in Plan Benefits
Posted April 4, 2025
BAY AREA PAINTERS AND TAPERS PENSION
Notice of Changes in Plan Benefits
- Additional Accrual from July 1, 2003 to December 31, 2020
The Pension Plan Trustees voted to retroactively increase the multiplier from 1% to 1.5% applying to the period from July 1, 2003 to December 31, 2020. You are eligible for this benefit if you worked a minimum of 400 hours in the calendar year 2020.
- Additional Accrual for Participants with 25 Years of Service
Effective January 1, 2024, the Pension Trustees approved a 0.33% increase in benefit accruals for participants with 25 or more years of service who have not yet retired.
- Additional Accrual for Industry Training
Effective January 1,2025, if you complete 16 hours of industry-related training from July 1 to June 30 of the prior year, you well be credited in the immediate subsequent calendar year of $1.00 per hour moved from off benefit to on benefit contributions. You must complete 16 hours of training between July 1 to June 30 each year to continue to receive the $1.00 per hour of covered work in the following Calendar Year.
- Additional Accrual from July 1, 2003 to December 31, 2023
The Pension Trustees decided to retroactively increase the multiplier by o.5% for the period from July 1, 2003 to December 31, 2023. To qualify for this benefit, you must have worked a minimum of 400 hours in the calendar year of 2023.
This last increase needs to be finalized by the attorneys.
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