(a) Pre Retirement death benefits: If your death occurs before your retirement, your designated beneficiary will receive a benefit equal to the value of your basic account.

(b)   Post Retirement death benefits: If your death occurs after your retirement and you have not elected to receive your benefit in the form of an insured annuity, your designated beneficiary will receive an amount equal to the remaining value of your basic account. If you have elected an insured annuity, the conditions of the insured annuity contract will determine the death benefits.

(c)    Form of payments to beneficiary: If a benefit is payable from your basic account, your beneficiary will be required to elect one of the methods of receiving benefits under the Plan.

Unless you directly rollover your funds into another qualified Plan or Individual Retirement Account (IRA) by a direct trustee-to-trustee rollover, you are required to report the receipt of such funds as income and, as such, you will be subject to income tax, both state and federal. 

Effective January 1, 1993, any lump sum withdrawal paid over a period of less than five years is subject to mandatory 20% withholding for federal income tax. Even if the withdrawal distribution is rolled over into another qualified pension plan or individual retirement account within 60 days, the Trust will withhold 20% for federal income tax. The Trust is not required to withhold federal taxes if the transfer is from trustee to trustee. Consequently, CONSULT WITH AN ACCOUNTANT REGARDING THE TAX RAMIFICATIONS OF ANY WITHDRAW/DISTRIBUTIONS BEFORE YOU TAKE POSSESSION OF THE BENEFITS. 

Yes, under certain circumstances, an individual may withdraw the accumulated funds in this Pension Plan. They are as follows:

• If an employee is not employed under covered employment for a period of eighteen (18) consecutive months and the account balance is less than $5,000.00 he/she may withdraw the amount in his/her individual account. A request for withdrawal must be in writing and approved by the Board of Trustees. The funds also are available to the employee upon early or normal retirement.
• Additionally, hardship distributions are available. The Solano-Napa Counties Electrical Workers Profit Sharing Plan allows for hardship distributions to be made prior to the date a participant is otherwise eligible to retire. The distributions are strictly regulated by the Internal Revenue Code; are limited, and must be approved by the Trustees after application is made. Hardship distributions are not automatic. A hardship distribution is for an immediate and pressing financial need which cannot be met by obtaining funds from any source other than the participant’s account. Such distributions are allowed subject to the Trustees approval for the following hardships:

1. excessive medical expenses;
2. college tuition and books;
3. down payment on a principal residence;
4. the need to prevent eviction from a rental or foreclosure on a principal  residence;
5. payments for burial or funeral expenses for the employee’s parent, spouse, child or dependent;
6. expenses for the repair of damage to the employee’s principal residence that would qualify for the casualty deduction under IRC section 165, whether or not the loss exceeds 10% of adjusted gross income. 

(a)     Normal Retirement Date: Your normal retirement date will be the first day of the month coinciding with or next following your 62th birthday. The benefit is your account balance.

(b)    Early Retirement: You may elect to retire as early as 55 and receive your account balance at that time if you have ceased work in the electrical industry. Election of Early Retirement may be made only once.

(c)    Disability Retirement: You may elect to retire at any age if you become permanently and totally disabled as determined by the Social Security administration and confirmed by a Social Security award certificate.