Changes in Plan Benefits

BAY AREA PAINTERS AND TAPERS PENSION

Notice of Changes in Plan Benefits

1. 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.

2. 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.

3. 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.

4. 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.