Thursday, July 7, 2022

Frequently Asked Annuity Questions


Q.

When can I start Participating in the Plan?

A.

An Employee becomes a Participant in the Plan upon completion of two Years of Service (at least 1,000 hours per year).

Q.

What is a Plan Year?

A.

January - December

Q.

When do I become vested?

A.

You become Vested upon becoming a Participant (see above).

Q.

How do I become eligible to withdraw money from my account?

A.

You become eligible to withdraw money from your account upon retirement or termination of employment for at least six consecutive months.

Q.

May I borrow against my Annuity Plan?

A.

No.

Q.

How is my account invested?

A.

The Trust Fund assets are invested at the Trustees' direction.

Q.

What happens to my account when I die?

A.

Your account will be paid out to your Beneficiary.

Q.

How do I designate a Beneficiary for my Individual Account?

A.

If you wish to designate a Beneficiary, please contact the Fund Office at (410) 872-9500.

Q.

How do I apply for a benefit?

A.

If you wish to apply for your benefit, please contact the Fund Office at (410) 872-9500.