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Pension Fund

The Twin City Hospital Workers Pension Plan was established in 1966, and provides a retirement benefit for eligible members with the participating employers, which include:

**Click here to download a copy of the Summary Plan Description, **which has more information about the pension & can help answer more specific questions.

For answers to TCHW Pension Plan questions and exclusive plan participant information, go to: www.tchwpf.com or call 952-814-4605.

Pension Information
Click here for flyer with pension information

You become fully vested in the pension after completing 5 years of service in a qualifying position, meeting the minimum required hours each year, with a participating employer.

Your pension is a Defined Benefit plan. That means that the amount you receive monthly upon retirement will stay the same while you or your beneficiaries (depending on survivor benefit choices) are alive. The longer you work in an SEIU position, the higher your monthly pension payment amount will be when you retire.

Frequently Asked Questions

What do I have to do to get this benefit?
You must work at least 870 hours (approximately 0.4 FTE) for 5 years in an SEIU position at a participating employer. To earn the full pension benefit amount for a year, you must work at least 1,400 hours (approximately 0.7 FTE). If you work between 870 hours - 1,400 hours, you will receive a pro-rated benefit amount for that year when you retire.

What is the normal retirement age for the pension?
65! You can retire earlier or later than 65, which will change your benefits. See the Summary Plan Description for details.

What does it mean to be vested?
Vested means that you are entitled to receive money from the fund when you retire. If your employment ends prior to 5 years, you will not receive this benefit when you retire.

Does this benefit transfer?
Yes! One of the unique benefits of the pension plan is that it is transferable across all contributing employers. If you work for one employer and then accept an SEIU position at any other employer that contributes to this plan, your Vesting and Credit Years will transfer with you and there will be no need to start over from scratch. (Check out the Summary Plan Description for details, especially if you have a break in service between jobs.) The pension does not transfer to the MNA pension (but nothing prevents you from becoming vested in both).

What is the difference between a pension and a 401(K) or 403(B) plan?
You can also contribute a % of your income to a 401(K) or 403 (B) plan - these are retirement accounts that you own. Some employers also offer matching contributions. With these plans, you assume the risk of experiencing losses in a stock market downturn or outliving your savings. A pension involves less individual risk and is more reliable because you will receive the same payment amount each month while you (or your beneficiaries - depending on your choices) are alive. It is highly recommended that you save money for your retirement in any form you can. At the current rates, your Union Pension Plan alone will not provide enough income for a secure retirement. Ideally, when you retire you will have your Union Pension, your own 401(K)/403(B) savings, and social security benefits.