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Q.
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A.
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You are eligible to participate in the Plan if you are an employee of an employer
who is signatory to a Collective Bargaining Agreement between the Local Union No.
684, International Brotherhood of Electrical Workers, (IBEW) and the National Electrical
Contractor Association, (NECA), an you are performing work covered by these agreements
for such employers, or an employee of the Union signatory thereto. You become a
participant when you worked at least 500 hours of Covered Employment within two
consecutive Plan Years.
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Q.
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A.
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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.
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A.
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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.
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A.
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No, you may not assign your benefits unless required by law under a Qualified Domestic
Relations Order (QDRO).
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Q.
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A.
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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, taxes
are due when you withdraw money from your account.
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Q.
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A.
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- Normal Retirement Age-Your normal retirement date will be the first day of the month
coinciding with or next following your 62nd birthday after you have ceased working
in covered employment. The benefit is your account balance.
- Retirement prior to Age 62-You may elect to retire prior to age 62 if you retire
under the IBEW Local No. 684 Defined Benefit Pension Plan (Part A) or any other
IBEW local union pension plan. You can receive your account balance at that time.
- You may retire at any time if you are awarded Social Security Disability Benefits.
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Q.
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A.
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Yes, under certain circumstances, and individual may withdraw the accumulated fund
in his Individual account if you have not been employed in covered employment for
a period of 12 consecutive months, and cease work for any Employer that is a signatory
contractor or any other employer performing work that would be covered if that employee
was a signatory contractor, you may apply for benefits if your Individual account
has a value of less than $5,000.00.
Additionally, hardship distributions are now available from this Plan. These type
of distributions are strictly regulated by the Internal Revenue Code and are limited.
A hardship distribution is 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 as specified below:
- Medical expenses previously incurred by the Participant or the Participant’s spouse
or dependents or necessary for those persons to obtain medical care
- The need to prevent either eviction from his/her primary residence or the foreclosure
of the mortgage of the Participant’s principal residence
- Expenses for to repair damage to the Participant’s principal residence that would
qualify for the casualty deduction under IRC Section 165, whether or not the loss
exceed 10% of the adjusted gross income
- Burial an funeral expenses of an immediate family member (spouse, child, sibling,
parent or grandparent)
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Q.
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A.
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The IBEW Local No. 684 Defined Contribution Pension Plan is signatory to the National
Electrical Industry Pension Reciprocal Agreement. Defined Contribution funds 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.
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Q.
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A.
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All applications must be in writing and filed with the fund office in a manner prescribed
by the Board at least 30 days before payment of your accrued benefit is to be made.
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Q.
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A.
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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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