The Fund is a defined benefit plan: it pays like an an annuity (a fixed amount every month for as long as you live)
The Fund is a multi-employer plan: you can receive contributions from recording contracts, orchestra gigs, local engagement contracts, etc.
Vesting period
Each $750 in wages in one year = 1/4 year credit
$3000 in wages in one year = 1 year credit
You need 5 years of credits to be vested
Vesting means your benefits are guaranteed; you cannot lose the credits you have already earned regardless of what happens in the future
Break in service: if you are not vested and you go 5 years without earning any credits all previous credits will be forfeited
You can begin receiving pension at age 55 (age 65 for full benefits)
Age When Your Pension Benefit Begins
For Contributions for Covered Employment before 2004
For Contributions for Covered Employment Between 1/1/2004 and 3/31/2007
For Contributions for Covered Employment after 4/1/2007
55
$2.33
$1.28
56
$2.60
$1.40
57
$2.88
$1.54
58
$3.16
$1.70
59
$3.44
$1.87
60
$3.72
$2.07
61
$3.91
$2.29
62
$4.09
$2.53
63
$4.28
$2.82
64
$4.46
$3.13
65
$4.65
$3.50
Payment of benefits
If you have under $5000 in total anticipated payments, you will receive a lump sum
If you are single (or with the consent of your spouse): you will receive a life annuity
If you are married: you will receive a joint-survivor annuity
Joint-survivor pays at a slightly reduced rate based on the difference in ages between you and your spouse
Your spouse continues to receive 50% of your monthly benefit upon your death
Single pensioners can also request joint-survivor and specify a beneficiary of their choice
Disability benefits
Payable if you have 10 years of vesting credit
If you continue to work after retirement:
Under age 65: your benefits will increase one month after turning age 65
Age 65 or older: your benefits will increase on July 1 of each year based on the previous year's additional credits earned
If you die before collecting your pension: your pension will be paid to your beneficiary as a joint-survivor annuity
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