Retirement

It’s never too early to start planning your retirement! Learn more about the retirement application process here: Retirement Application Process

If you have any retirement-related questions, we encourage you to reach out to Kelly Considine of Alicare. Her contact information is as follows:

Kelly Considine, Alicare

Direct line: (617) 666-3100

Email: kconsidine@alicare.com

Summary of Important Changes to the Local 8 Retirement Fund (April 2019)

Your Summary Plan Description (“SPD”) document provides you with detailed information to help you understand your Local 8 Retirement Fund benefits. This notification summarizes updates that will be made to the SPD as a result of an important change to the plan document recently approved by the Fund’s Board of Trustees. The Trustees oversee the Fund and this notice is sent on their behalf.  If you cannot locate or do not have a copy of the SPD, please contact the Fund’s third-party administrator, Alicare, at 617-666-3100.

Increase in the Benefit Accrual Rate

For participants who work at least 3 months in 2018 or later and start their pension on or after January 1, 2019, the Board of Trustees approved an increase in the amount used to calculate the regular pension as follows:

  • increase the amount for each Pension Credit between January 1, 2016 and December 31, 2018 from $106 to $111; and
  • increase the amount for each Pension Credit after January 1, 2019 from $96 to $116.

This increase in the benefit rate means that presently, if you completed at least 3 Months of Service during calendar year 2018 or later and you start your pension on or after January 1, 2019, for each full Pension Credit you earn after January 1, 2019, you will receive $116.00, and the benefit rate applied to your service between January 2016 and December 2018 will increase to $111.00.

Please note that this change was approved with the understanding that the amount will be lowered prospectively if the Fund’s status under the Pension Protection Act declines so that it becomes endangered, seriously endangered, critical, or critical and declining. The Fund’s zone status is currently not endangered, seriously endangered, critical, or critical and declining.

Example: Assume you stop working on July 7, 2019 and start your pension August 1, 2019 at age 65. You earned a total of 19 and 7/12 Pension Credits (14 earned between January 1, 2000 and December 31, 2013; 2 earned between January 1, 2014 and December 31, 2015; 3 earned between January 1, 2016 and December 31, 2018; and .583 earned after January 1, 2019).  The monthly amount for the Regular Pension will be $1,796.67 per month (14 x $86.00 + 2 x $96.00 + 3 x $111.00 + 7/12 x $116). 

FOR PENSIONS PAYABLE ON OR AFTER JANUARY 1, 2019

Effective for Participants with an initial Annuity Starting Date beginning on or after January 1, 2019 provided the Participant has completed at least 3 Months of Service during calendar year 2018 or later, the monthly amount of the Regular Pension is based on the following formula:

  • $19.15 for each of the Participant’s Pension Credits but not exceeding 10 years, prior to January 1, 1961; plus
  • $50.00 for each of the Participant’s Pension Credits subsequent to January 1, 1961 but prior to January 1, 1977; plus
  • $93.00 for each of the Participant’s Pension Credits subsequent to January 1, 1977 but prior to January 1, 1999; plus
  • $86.00 for each of the Participant’s Pension Credits subsequent to January 1, 1999 but prior to January 1, 2014; plus
  • $96.00 for each of the Participant’s Pension Credits subsequent to January 1, 2014 but prior to January 1, 2016; plus
  • $111.00 for each of the Participant’s Pension Credits subsequent to January 1, 2016 but prior to January 1, 2019; plus
  • $116.00 for each of the Participant’s Pension Credits subsequent to January 1, 2019.