| Q. |
| A. | You become a participant on the date on which you complete one hour of service in covered employment with a contributing employer. |
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| Q. |
| A. | First, of course, is the amount of contributions that are paid on your behalf. This money is invested under a selection of investments that allows you to make your own investment decisions. The Board of Trustees of the Fund has selected MassMutual to assist in the day to day operations with respect to your account and to provide you with investment alternatives. Any interest or dividends is added to the contributions; changes in the value of investments also result in increases or decreases in the value of each individual account. |
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| Q. |
| A. | Due to the fluctuation in the amount of the yield on investments as wells as the fluctuating value of stocks or bonds or other investment assets, the exact amount you will receive in the future when you are eligible for benefits cannot be determined now. However, the amount you will receive will be calculated as follows: the sum of all contributions received on your behalf, plus all actual investments earnings, minus changes in the value of the Plan’s investments, minus any distribution not yet subtracted from the account as of that valuation date. |
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| Q. |
| A. | No, you may not assign your benefits unless required by law under a Qualified Domestic Relations Order (QDRO). |
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| Q. |
| A. | No. The employer’s contributions are not taxable income to the individual, nor are earnings thereon, as this is tax exempt qualified Pension Trust. However, at the time you access your account and receive a distribution form the Plan, these monies become eligible income; therefore taxes are due at that time. |
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| Q. |
| A. | 1. Normal Retirement Age - Your normal retirement date will be the first day of the month coinciding with or following your 62th birthday after you have ceased working in covered employment. The benefit payable to you is your account balance. 2. Early Retirement Age - Your Early retirement date will be the first day of the month coinciding with or following your 55th birthday after you have ceased working in covered employment. The benefit payable to you is your account balance 3. Disability - You may retire at any time if you are found totally and permanently disabled and have been awarded Social Security Disability Benefits. 4. Termination – At the end of a period of 12 consecutive months if you are not employed (whether in a bargained or non-bargained position) by any Covered Employer in contiguous employment. |
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| Q. |
| A. | When you are ready to retire and access the funds in your individual account, you may contact the Administration office for an application for benefits. All applications must be in writing and filed with the fund office at least 90 days before payment of your accrued benefit is to be made. |
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| Q. |
| A. | If you have met all of the requirements of the Annuity Plan, your benefit payments will begin the month following the month in which you have completed all of the conditions of entitlement to benefits and which is at least 30 days after you have filed an application. |
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| Q. |
| A. | Yes, the claim and appeal procedure is described in detail in the Summary Plan Document and it should be followed precisely if a claim for benefits is denied |
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| Q. |
| A. | There are different types of payment options you can elect depending on your marital status. For more information on what options you are eligible to elect, please contact the Benefit Office. |
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| Q. |
| A. | If at your death prior to retirement you were married, your spouse will receive the Preretirement Surviving Spouse Pension. This benefit is a monthly annuity which is the actuarial equivalent of 100% of your Individual Account balance on the date your Surviving Spouse starts receiving that benefit. This benefit is payable to your spouse for his/her life. If you are not married at the time of your death prior to your retirement, your Beneficiary will receive a lump sum payment of your Individual Account balance. To update your selected Beneficiary, please contact the Benefit Office. ay part or all of your Annuity Plan benefit to your former spouse for reasons such as spousal or child support or division of marital property. Please contact the Fund Office for further information regarding QDRO requirements. |
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| Q. |
| A. | If you are married, your spouse is automatically your Beneficiary, unless you both reject this option in writing, witnessed by a notary public. |