We are pleased to announce that the Board of Trustees have made several meaningful benefit improvements designed to reward your continued dedication and strengthen the long-term value of your Pension Plan.
I. A Higher Accrual Rate-Because Every Hour Counts
Effective January 1, 2026, the Pension Plan's existing accrual rate will increase from $91.25 to $94.25.
What Does That Mean?
If you're actively working on December 31, 2025 (and haven't experienced an accrual freeze or break in service), every year of credited service you've already earned will be recalculated at the new, higher rate.
In plain English-your past work just became more valuable.
And here's the part worth pausing on: most other Locals and trades don't do this. They simply raise their accrual rate going forward, leaving past credits untouched.
Your Fund doesn't follow that path. It rewards the work you've already done-the hours you've already put in, the jobs you've already built, the years you've already earned. Why?
Because progress, when done right, doesn't just build the future--it honors the past.
How does it translate in practice?
A full accrual credit equals 1,600 hours of work. Under the new rate, that means $94.25 for every full credit earned.
And remember-since 2023, your pension rewards extra effort. You can earn more than one full accrual credit in a calendar year:
|
Hours Worked (2025) |
Accrual Credit Earned |
Pension Credit |
|
1,600 - 1,799 |
10/10 (One Full Credit) |
$94.25 |
|
1,800 - 1,999 |
11/10 (Eleven-Tenths) |
$103.67 |
|
2,000 or More |
12/10 (Twelve-Tenths) |
$113.10 |
Why it matters:
Every extra hour you put in builds more than projects-it builds security. The Board recognizes the value of that effort and ensures your retirement reflects it.
II. Early Retirement: The Good News Continues
The Trustees have again voted not to increase the early retirement reduction percentage-holding steady at 3.9%.
Why does that matter?
In prior years, benefit increases were often paired with higher early retirement reductions. Not this time. In fact, 2026 will mark the third straight year of a rate increase without an increase in the early reduction factor. That's a rare combination-and one that directly benefits members.
III. A 2.5% Boost for Retirees, Beneficiaries, and QDRO Alternate Payees
Effective January 1, 2026, all retirees, disabled participants, surviving beneficiaries, and eligible former spouses (as specified in their Qualified Domestic Relations Orders) who are receiving benefits as of December 31, 2025, will receive a 2.5% increase to their annual pension.
Because even in retirement, your years of contribution continue to grow in value.
In summary:
These improvements reflect more than numbers-they're a recognition that every hour on the job site, every late night, every season spent building something lasting is an investment not just in your craft, but in your future.
Your work builds more than buildings-it builds security, dignity, and legacy.
And that's worth celebrating.