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- Normal Retirement AgeYour normal retirement date will be the first day of the month coinciding with or next following your 65th birthday after you have ceased working in covered employment
- Disability-You may retire at any time if you are found totally and permanently disable and have been awarded Social Security Disability Benefits.
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| Q. |
| A. | Any employee who is employed for one hour of service under a collective bargaining agreement is deemed a Participant in the Plan.
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| Q. |
| A. | First, of course, is the amount of contributions that are paid on your behalf. This money along with the contributions in all other Individual accounts; is invested under policies established by the Board of Trustees of the Fund. 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. From this accumulation is deducted a uniform share of the Plan’s operating expenses.
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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 your share of the Plan’s operating expenses.
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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. | A Participant who stops working under a Collective Bargaining Agreement for reasons other than, death, retirement or permanent disability, is entitled to receive a lump sum of the balance of the account if ho hours have been credited to your account for a period of thirty-six (36) months, you have not been employed in the Masonry Industry within the jurisdiction of the Union for thirty-six (36) months and your account was credited with less than $3,500.00 in employer contributions.
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| Q. |
| A. | Yes, the Plan currently has a loan provision which provides for a loan if all the requirements are met. No loans are permitted from the Defined Benefit Pension Plan.
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| Q. |
| A. | The B.A.C Local No. 3 Defined Contribution Pension Plan is signatory to the International Reciprocal Agreement. These contributions are transferred according to the Reciprocal Agreement on a monthly basis. Traveling employees must complete the reciprocal authorization form which is available at participating Local Union offices and send the form to the Fund Manager's office. You may also contact the Administration office to request this form.
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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 30 days before payment of your accrued benefit is to be made.
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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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