For this week’s SWMSRCC Top 3, we will focus on the Top 3 questions being asked about Pension with answers provided by the Southwest Carpenters Trust Fund:
I heard that past Pension Credits have increased by 50%. What does that mean for me?
If you worked 1,000 hours in 2020 and received Pension Credit, you received a 50% increase in the value of each pension credit in the 10 years between 2011 and 2020.
When will I receive an updated credit history?
Pension Statements scheduled to be mailed by the end of October. MemberXG is also updated to reflect the changes to Pension Credits and Service Pension Eligibility Credits.
I retired in 2020. Do the recent changes in Pension value apply to me?
Yes, if you worked 1,000 hours in 2020 and if you qualify, you will see an increase in your monthly benefit and any retroactive amounts due for the months already paid in 2021.