IBEW Pension

According to the IBEW 520 website, they offer both an Annuity and a Pension.

Annuity

Pension
How Funded Worker makes contributions, union or employer matches up to a certain %
 Funded completely by the company or union
Value The value of the account is specific to the worker.  Depends on how much the worker put in, how much the union or employer contributed, and the rate of return. Each worker gets the same amount, adjusted for how much they worked.
Control You have some say in how the money is invested.
 Employer or union makes all the decisions, you have no say.
Risk Investment is at risk. Employer or union guarantees the payout (no risk).

Pension details

  1. The 2025 PDF of the plan.
  2. You earn "credits" from work hours.  You get one credit for every year you work at least 1000 hours.  You can’t get more than one credit per year.
  3. The benefit is $33 x your credits.  Let's say you work full time until 47, then half-time until 65,  That's 39 years x $33 = $1287/mo.  That's not a lot, but it’s in addition to the annuity, and your own private investments.  And I presume that amount is adjusted for inflation every year or so.
  4. The amount you get depends on when you start receiving payments.  Your options seem to be to work full-time until about age 47, and then:
    1. Work half-time until 55, then 8 weeks in any one year after that, then start getting the full pension at age 62.
    2. Work half-time until 55, then 8 weeks in any one year after that, then start getting a reduced pension at age 60 or 61.  At age 60 you get 81.5%, at age 61 you get 90.75%.
    3. Retire completely at age 47 and forget the pension.