Saturday, November 26, 2022

Frequently Asked Annuity Questions


Q.

When do I become eligible for benefits?

A.

Benefits are payable at Normal Retirement age 65 and retired, Early Retirement age 55 and retired, Total and Permanent Disability with a Social Security Award, Death or Termination of Employment, have not performed work within the jurisdiction of the Union for 180 days.

Q.

When can I start Participating in the Plan?

A.

You become a Participant when your Employer is required to make a contribution on your behalf.

Q.

What is a Plan Year?

A.

The Plan Year is a 12-month period beginning June 1 and ending the following May 31st.

Q.

Do I need to do anything to enroll in the Plan?

A.

You are enrolled in the Plan when contributions are made on your behalf per he Collective Bargaining Agreement between the Employer and the Union.

Q.

When do I become vested?

A.

You are 100% vested when the Plan receives the first contributions on your behalf.

Q.

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

A.

Benefits are payable at Normal Retirement age 65 and retired, Early Retirement age 55 and retired, Total and Permanent Disability with a Social Security Award, Death or Termination of Employment, have not performed work within the jurisdiction of the Union for 180 days.

Q.

May I borrow against my Annuity Plan?

A.

No - There is no loan provision.

Q.

How is my account invested?

A.

The funds are invested in a Trust. The Trustees try to obtain the highest investment yields available, consistent with safe financial management.

Q.

What happens to my account when I die?

A.

The Benefit will be paid to the Beneficiary. If one is not designated, payment is made to your Surviving Spouse or Estate.

Q.

How do I designate a Beneficiary for my Individual Account?

A.

Beneficiary form must be on file with the fund office.

Q.

What if I get divorced?

A.

Provide a copy of the final divorce decree and Settlement Agreement. If benefits are to be paid to a former spouse, a Qualified Domestic Relations Order will be required to segregate the assets. Please contact the Fund Office.

Q.

How do I apply for a benefit?

A.

Contact the Fund office for an application.