Members eligible for pension benefits may receive monthly benefits at age 62 with no reduction in benefits.

Members may elect an early retirement benefit at age 55 with a reduction of 1/2% per month prior to age 62.

Members may elect a Joint & Survivor benefit with "pop-up" benefit option also available, in the event the spouse predeceases the member.

Members must work 1250 hours annually to earn one full pension credit. Effective January 1, 2006, members earn $85 for each full service credit, plus 1/10 credit for every 125 hours worked after the initial 1250 hours. EXAMPLE: 1875 hours worked in 2006 = 1 service credit for the first 1250 hours, plus .5 service credit for the extra 625 hours worked, thus earning service credits worth $127.50 for 2006.

The Local 56 Pension Plan also allocates $.50/hour worked on which contributions are paid to a Supplemental Annuity Pension Plan which is a lump-sum benefit payable after death, disability or upon retirement.

In the event of a member’s death prior to retirement, spouse is eligible for a death benefit depending on credits earned and age of member at time of death.

Designated beneficiary is also eligible for death benefit prior to retirement, calculated @ $1,000 X service credits earned.

Disability benefit payable after five months disability: age 40 for total disability and after age 50 if no longer able to work in the trade.

Effective June 1, 1991, the Union has added a defined contribution pension plan. For every hour worked, your employer will allocate $3.50  (rate effective 6/1/07) to a tax-deferred savings program managed by Masonry Institute (847) 321-2121. (Plasterers' rate is $3.00/hr)

Effective June 1, 1999, the District Council added an additional pension benefit through the International Pension Fund.