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QUICK SUMMARY OF THE PLAN
This Quick Summary is provided for your convenience. Please refer to the full Summary Plan Description and Formal Plan Text for complete information about your rights under the Plan.
Note: The California Winery Workers Pension Trust Fund experienced a mass withdrawal of all contributing employers during the 2007 and 2008 Plan Years. Withdrawn employers are no longer required under their Collective Bargaining Agreements to contribute to the Plan on behalf of their employees. Therefore, you will have no further benefit accruals under this Plan, effective with the date of withdrawal of your employer during the 2007 or 2008 Plan Year. The Plan is considered terminated effective December 31, 2008 for some purposes, because all contributing employers have withdrawn, no additional contributions on behalf of employees will be made, and benefit accruals have ceased. However, the Plan continues to be administered by its Board of Trustees, and continues to pay benefits. |
Vesting Credits: 1 Year for 160 hours of covered employment in a Plan Year through the 2008 Plan Year, or the Plan Year in which your employer ceased to have an obligation to contribute to the Plan on your behalf, if earlier.
Vesting: Ten years of Vesting Credit, or five years of Vesting Credit and attainment of age 55; or for Participants active in 1999 or thereafter, five Years of Vesting Credit.
Eligibility for benefits: All types of retirement require termination of all employment in the winemaking industry, and in your employer's industry if not winemaking. Benefits are payable under the following conditions:
Normal Retirement (unreduced): age 65 and vested.
Early Retirement (reduced): age 55 and vested.
Forms of benefit:
Married Participants: 50% or 75% Joint and Survivor Annuity, unless waived with spousal consent.
Non-married Participants: Single Life Annuity. Selection of a Single Life Annuity by a married Participant is subject to spousal consent.
Pre-Retirement Death Benefits: Monthly benefits for life for your surviving spouse, if you die with a vested interest in the Plan, equivalent to the survivor portion of the 50% Joint and Survivor Annuity, to commence any time after you would have reached early retirement age.
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