Thursday, September 28, 2023

Frequently Asked Pension Questions

Q. Can I take money out of the Plan?
A. The Plan is designed for retirement. For that reason, the IRS has placed restrictions on when money may be withdrawn from the Plan. You may withdraw money from your Plan account under the following conditions:
  • Death – Your account balance will be paid to your designated beneficiary (beneficiary designation forms are available from the Administrative office).
  • Disability (unable to engage in any type of work covered by the Collective Bargaining Agreement)- This is subject to medical review.
  • Separation from service (24 consecutive months with no contributions, following ten years of continuous participation in the Plan).
If you are eligible for benefits and would like to apply, please click on the Pension Documents tab. Under the Pension Forms section, is the Distribution Application Packet for you to complete and return to the Administrative Office.
Q. How will I know how much is in my account?
A.You will receive a personal statement on a quarterly basis. You may call the Administrative office 8:00 a.m. to 4:00 p.m., Monday through Friday. Through the web site you can find out your account balance, however, address changes for your statements and application requests must be made through the Administrative office.
Q. How do I become a participant in the Pension Fund?
A. You will become a Participant when you work one Hour of Service in Covered Employment.
Q. How do I become vested in my account?
A. Once you become a Participant you are 100% vested in the value of your Individual Account.
Q. How will my contributions be invested?
A. Contributions made on behalf of a Participant are credited to his/her Individual Account. All Individual Accounts are pooled and invested by the Trustees as an aggregate amount. Each Individual Account is credited with a pro-rata share of the Plan’s overall investment return. The Individual Accounts are subject to a monthly valuation.
Q. Does the Plan allow for distributions based on a personal hardship?
A. No, hardship distributions are not allowed.
Q. Does Plan allow for loans?
A. No, loans are not allowed.