Hours Bank
| Hours Bank | You can “bank” any hours that you work in a calendar year in excess of 1,600.
The extra hours can be applied to a year in which you do not earn a full pension credit—meaning you have at least 250 hours but not 1,000 hours. You cannot bank hours for vesting service purposes. |
| Hours Bank Rules | - You may bank hours in excess of 1,600.
- You may bank hours for work in covered employment since 1984.
- You may apply hours to years in which you earned at least 250 hours but less than 1,000 hours since 1962 if you’ve earned at least 250 hours in 1995 or later. Otherwise, you may apply banked hours to years including 1985 or later.
- For purposes of earning your minimum of 250 hours, your eligible military service and eligible periods of disability may be counted as hours worked.
- Hours remaining in your bank when your pension starts are converted to pension credits (1,000 banked hours = ¼ pension credit - up to five pension credits). To be eligible, you must have worked at least 250 hours in 2003 or later and retired after January 1, 2004. |
| View Summary Plan Description |
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