BAC LOCAL UNION 15 PENSION FUND is a DEFINED BENEFIT PLAN. This type of plan generally provides participants with a monthly retirement benefit upon reaching a specific age and may be adjusted for early retirement. Benefits paid at the time of retirement are typically calculated using a formula based upon years of credited service and compensation information. Benefits are generally payable to the participant upon reaching "normal retirement age" for the remainder of the Participant's lifetime. Benefits accumulated under this type of plan are often referred to as "accrued benefits".
With this type of plan, the Alternate Payee is usually not awarded a lump sum cash payment from the Plan. Rather, the Alternate Payee’s award is typically made in terms of a monthly benefit payable for either the lifetime of the Participant (a "shared payment") or the Alternate Payee (a "separate interest").
Features of the BAC LOCAL UNION 15 PENSION FUND may include:
- Benefits accrued under this Plan are primarily pay related
The Plan features and descriptions presented are provided only as examples and
descriptions a particular type of plan. Participants and Alternate Payees should
review the applicable Summary Plan Description for a detailed description of the
specific terms and options for the specific Plan in question.
The information provided on this page is based upon the most recent Plan tax filings
available. The terms of a specific plan may have changed since the most recently
available tax filing, and as a result, these descriptions and features may not be
current. SimpleQDRO makes no representations as to accuracy of these
SimpleQDRO is neither the administrator, nor a
of this Plan. SimpleQDRO provides this information merely as a courtesy and makes no
warranties as to the current status or accuracy of these descriptions.