Monthly Pension Benefit:
An eligible retiree receives a monthly pension benefit in an amount based on hours worked, years of employment, and arrangements they may wish to make to continue providing benefits to their spouse after they have passed away. Participants who work, for example, 1,500–1,800 hours a year, for over 20 years, may retire at age 62 with a pension of $2,400– $2,800 a month. If they work 1,500–1,800 hours a year, for over 30 years, they may retire at age 55 with a pension of $3,600–$4,300 a month (after 30 years of pension credit, participants may receive a full pension at age 55 based on the hours they worked).
The Pension Plan also provides eligible participants an opportunity to earn one or more lump-sum retirement benefits, designed to reward long-service employees with a continuous record of employment. Often, these lump-sum awards are rolled over into existing IRAs, and add to the retirees monthly income.
Early Retirement and Health Coverage:
Provisions are also available to allow participants to retire early, provided they have earned enough pension credits to do so. And, through the PDC 30 Health & Welfare Plan, some retirees are eligible for Retiree Medical Benefits which allow them to continue receiving the same health care coverage as when they were actively working, until they become eligible for Medicare.
Ask the Benefits Office a question.
If you are a member, log in to see a more-detailed description of the benefits offered by the Plan by clicking on "My Union" at the top, right of the page.