Announcement date: August 2022
This notice includes important information about the funding status of The Plan.
Notice of Benefit Changes Effective September 2, 2019
The purpose of this Notice is to provide you with information regarding certain changes to the Local 734 Pension Plan (the “Plan”) as required by federal law in accordance with Section 204(h) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).
Notice of Critical and Declining Status for the Local 734 Pension Plan
Notice for the plan year beginning May 1, 2022.
Summary Plan Description – 2021 Edition
Planning for a financially secure retirement is important to you and your family, regardless of your age. Helping you build a financially secure retirement is a major concern of the Trustees of the Local 734 Pension Plan.
The Trustees, which consist of employer and union representatives, are pleased to provide you with this 2021 edition of the Local 734 Pension Plan Summary Plan Description (SPD). The benefits described in this section of our site are effective January 1, 2021 and apply to active employees as of January 1, 2021 and to employees who retire or become disabled on or after January 1, 2021.
Although this section provides accurate and essential information about the plan, you should understand that it is not a complete description. If there is ever a conflict between this site content and the plan’s legal document, the legal document will control. You can obtain a copy of the plan document from the Fund Office. The Trustees will keep you informed of any plan changes. If you have any questions, please contact the Fund Office.
The Board of Trustees, with the assistance of professional advisors, determines the benefits to be provided to all participants of the pension plan. The Trustees retain the right to change the plan, consistent with applicable laws and regulations, in an effort to best serve all plan participants.
This section contains a comprehensive summary plan description that is intended to summarize the official plan documents in clear and understandable language. However, you should refer to the official plan document for more extensive information. Official plan documents include the Trust Agreements, collective bargaining agreements, Pension Plan Document, the latest Plan Annual Report, and documents relating to the Local 734 Pension Fund.
If you wish to examine the formal documents establishing or maintaining the Fund, they are available for inspection at the Fund Office. These documents will also be made available where you work, if at least 50 plan participants are employed there, within a reasonable time following receipt of your written request. To obtain a copy of any document, write to the Fund Office. The Fund Office will state the charge for specific documents on request so that you may find out the cost before ordering. Such charge will not be more than 25 cents per page or the actual cost of copying the entire document. Please direct all requests to:
Local Union No. 734 Pension Fund
6643 North Northwest Highway
Chicago, Illinois 60631
In the event of any conflicts between the information summarized in this section of the site and the official plan documents, the plan documents will govern.