Purpose of this Summary
This Summary Plan Description is meant as a convenient, easy-to-read reference guide to your Pension Plan. It does not, however, provide every detail of the full Plan and does not change, expand or otherwise interpret the terms of the Plan. If there is any conflict between this Summary Plan Description and the official Plan documents, the official Plan documents will take precedence in all cases.
Your benefit rights can only be determined by referring to the Full Rules and Regulations of the Plan. Copies of the Trust Agreement, Collective Bargaining Agreements and other official Plan documents are also available to you through the Fund Office (though a reasonable charge may be requested for printed copies).
Additionally, upon written request, you may receive a complete list of the Employee and Employer organizations sponsoring the Plan and information as to whether a particular Employer or union is a sponsor of the Plan.
Overview of the Pension Fund
The Pension Plan and Pension Fund were created by the Employers (The Hotel Association of New York City, Inc.) and the Union (The New York Hotel and Motel Trades Council, AFL-CIO) with the Industry-Wide Collective Bargaining Agreement. The Plan was created for the exclusive purpose of providing eligible employees and their beneficiaries with a pension at retirement.
You do not need to pay into the Pension Fund. Benefits are financed solely by the contributing Employers. Additionally, you cannot contribute extra money to your Pension; individual accounts are not established for each eligible employee.
The Pension Fund is a separate trust fund, whose only purpose is to pay for Pension benefits and the costs of administering the Plan. The Plan is intended to qualify and meet the special requirements of Section 401(a) of the Internal Revenue Code of 1986, as amended. Also, the Plan is an employee pension benefit plan under the Employee Retirement Income Security Act of 1974, as amended (ERISA). Benefits provided under the Plan are insured under the Plan termination insurance provisions (Title IV) of ERISA. This Pension Plan is a Defined Benefit Plan, meaning you are able to calculate the amount of your pension benefits using a set formula. The Plan is administered by a Board of Trustees consisting of an equal number of representatives of the Union and of the Contributing Employers. No individuals, other than the Trustees or their representatives, have any authority to interpret the Plan or to make any promises to you about the Plan or your benefits under the Plan.
Questions? Contact Us
New York Hotel Trades Council &
Hotel Association of NYC, Inc. Pension Fund
305 West 44th Street
New York, NY 10036
Phone: (212) 586-6400 ext. 4125
Fax: (212) 586-6117