Page 32 of the links provided above says it all guys. Why would you restrict anyone wanting to go back to work after retirement. Hell you will lose all your pension benefit if you start your own business. I will try to transfer below;
If you return to work after you have retired and while you are receiving a pension from the National
Pension Plan, your pension may be suspended, depending upon your age and the type of work
you are doing.
If you have reached normal retirement age, your pension
benefits will be suspended for any month in which:
■■ You work 40 or more hours in any industry and
geographical area which was covered by the Plan
when you retired, and
■■ Your employment is in any trade or craft in which
you worked at any time under the Plan after your
contribution date, which is generally the date on which
a contributing employer first became obligated to
make contributions to the Plan (or a prior plan) on
your behalf.
If you have not reached normal retirement age, you cannot
receive pension benefits and work for a contributing
employer or for any other employer "including self employment" in the same or related business or industry
from which you retired, regardless of the number of hours
worked or the geographical area in which you worked.
Further, you may not work in any employment that would
be disqualifying employment at normal retirement age.
Your pension benefits will not be suspended after you
have reached the date at which benefits must be paid
automatically generally, the later of the April 1st
following the year during which you retire or the April 1st
following the year during which you reach age 70½.
If you are thinking about accepting any employment
after you retire, please contact the Fund office to get
a ruling on that employment.
You can also download a “Ruling on Employment” form
from the Plan’s website at www.iamnpf.org. You are
required to report all employment to the Fund office within
30 days of the start of such employment.
The Trustees may require you to periodically provide
information about your employment status.
Disability pensioners are required to report any employment
to the Fund office within 15 days of returning to work.
Failure to make a timely report of employment may result
in disqualification of benefits for six months.
If the Trustees find, from any source, that you have
worked in employment as just described and you have not
notified the Fund, the Trustees will presume that you are
working 40 hours a month in disqualifying employment
and will suspend your pension for that month and each
subsequent month until you give written notice that you
are no longer working or establish that the employment
is not disqualifying employment.
***The self employment restriction is just pathetic. My father has a pension and he has no restrictions what-so-ever to obtain work again after retirement (except for the ages) and he now owns his own business and still receives his full monthly pension. Hell he even went back to work 3 months after retirement, same job, but not as an employee, but as a contractor, to consult and direct and performing the exact same services. The other restrictions upon this pension system is that the pensions could be stopped if you guys voted out the IAM. When you have a restriction to your retirement funds if you change unions is just plain stupid and scare tactics to keep the union from being voted out, and if any union has to have that clause as a keeper clause for the union to stay protected from being fired is just as pathetic as the employment and self employment restrictions if not worse.
You guys need to put your money in a 401K system that pays a decent % with dollar for dollar match.