Sunday, January 16, 2022

Frequently Asked Questions


Pension

Q. I recently moved, how do I change my address?
A. For your protection, all address changes must be submitted in writing. You can change your address in one of two ways:
  • Mail or fax a letter to the Fund Office with your new address or
  • Complete the Address Change Form located on the website for your convenience.
Q. Can my pension be paid out in one lump sum?
A. No, this is a Defined Benefit Pension Plan which provides you, the participant, a monthly benefit payable for your lifetime.
Q. I am going through a divorce, what happens to my pension?
A. If your former spouse is awarded a portion of your earned benefit through the Plan, it will necessary that you and your spouse complete a Qualified Domestic Relations Order (QDRO) so that the Plan can pay benefits to your former spouse. We strongly recommend that you or your attorney submits any proposed QDRO to the Fund Office for review by Legal Counsel before it is file with the Court House. You may also contact the Fund Office and request that a Sample QDRO be provided to you.
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401(k)

Q. Who is eligible to become a Participant of the Plan?
A. 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.

Q. What is the exact amount of money I would get when I am eligible for benefits?
A. 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.

Q. What is the exact amount of money I would get when I am eligible for benefits?
A. 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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