The local union is experiencing severe unemployment and many of our members are currently unemployed. How will this affect their benefits?
In order to earn Pension Credit and increase a benefit a Participant has to work in Covered Employment. If he has attained Vested Status then unemployment will not affect his Normal Retirement Benefit which is payable at age 65, but could affect his ability to retire before this age. If he has not attained Vested Status he could incur a Permanent Break in Service.