I’m Retired
SASMI…There for You Later
Most members know SASMI for its assistance during their careers, but SASMI is also “there for you later” — as in, during your retirement.
The SASMI benefits you may be eligible to receive in retirement depend on when you worked in the industry and when you retired.
- HCRA (or HCRA B) – You’re eligible if you worked after 2010 and then retired.
- Service-Based HCRA (previously called the Retiree Health Premium benefit) – You may also be eligible for this benefit. If you retired after 2010, this amount was combined with the HCRA amount. If you retired prior to 2010, you may have a retiree health premium benefit remaining.
- Severance Benefit – If you worked prior to 2010 and retired after 2010, you may be eligible for a Severance Benefit.
Initial Eligibility
SASMI retiree benefits are available to members who are eligible for a pension from the Sheet Metal Workers’ National Pension Plan or another SMART Local Union defined benefit pension plan (including a defined contribution plan) and who are not current employees with a sheet metal industry employer.
If you stop working in covered employment before retirement, you may also be eligible for a benefit if you leave active employment but before you are eligible to receive a pension. For details, see the Plan Document.
Note that there are additional eligibility rules for each specific benefit.
Retiree Death Benefit
A Retiree Death Benefit is available for your beneficiary for up to five years (60 months) after your retirement and is based on your years of future service credit.
Eligibility
Your named beneficiary may be eligible to receive a Death Benefit from SASMI if:
- You were eligible for both SASMI active benefits and for the HCRA when you retired; and
- You would have been eligible for the Death Benefit as an active participant if you had died the day before you retired; and
- Your beneficiary files the appropriate paperwork within a year of your death.
Amount of Benefit
The table below shows the amount of the benefit your named beneficiary may be eligible to receive depending on the number of months your death occurs after your retirement date.
| Years of Future Service Credit |
First 12 months (year 1) after retirement |
Months 13 -24 (year 2) after retirement |
Months 25 -36 (year 3) after retirement |
Months 37 -48 (year 4) after retirement |
Months 49 -60 (year 5) after retirement |
|---|---|---|---|---|---|
| 5 – 9.5 | $5,000 | $0 | $0 | $0 | $0 |
| 10 – 14.5 | $10,000 | $5,000 | $0 | $0 | $0 |
| 15 – 19.5 | $20,000 | $13,333 | $6,667 | $0 | $0 |
| 20 – 24.5 | $30,000 | $22,500 | $15,000 | $7,500 | $0 |
| 25 – 29.5 | $40,000 | $32,000 | $24,000 | $16,000 | $8,000 |
Returning To Work
If you retire, then return to work and you re-establish eligibility for SASMI active benefits, you will not be eligible for most SASMI active benefits, like the Supplemental Unemployment/Underemployment Benefit, the Welfare Benefit, the Travel Benefit, or the Death Benefit. However, you will be eligible for the Annual Physical Benefit and other “non-deduct” benefits available to active participants.
Contributions made to SASMI on your behalf when you return to work will be applied to your HCRA.