The NIGPP is a "multiemployer plan", which means it receives and invests contributions from many participating employers and provides pension benefits to the eligible employees (and their beneficiaries) of many employers.
The NIGPP is a "defined benefit" pension plan, which means that retirement benefits are based on a formula that takes into account:
- The time worked for a participating employer(s) in a job or category that is "covered employment" under the Plan for which the participating employer makes contributions to the Plan; and
- The benefit level or contribution rate to which your participating employer(s) and union(s) agreed in their participation agreement with the NIGPP.
The Plan operates on the basis of a "plan year", which begins each January 1 and ends on December 31.