Wednesday, December 4, 2024

Frequently Asked Annuity Questions


Q. When do I become eligible for benefits?
A.Plan B is designed to provide benefits upon retirement and upon the occurrence of other very limited events. Your Accumulated Share will be paid out as a result of any of the following circumstances:

  • Retirement: A Participant may retire after meeting the age and service requirements for any type of pension provided under Plan A, even if he is not covered by Plan A.
  • Termination of Employment for Other Reasons: A Participant may begin payments under Plan B if he has a termination of employment, in which 12 consecutive months have elapsed during which no Employer contributions have been payable to his Individual Account.
  • Death: If a Participant dies before retirement, payment will be made to his eligible Spouse or Beneficiary.
  • Disability If a Participant at any age becomes disabled, so that he begins receiving Social Security Disability or Supplemental Disability Benefits or Veteran’s Administration Disability Benefits, he may begin Plan B payments. In order to be considered disabled, you must submit acceptable proof of total disability. Acceptable proof of total disability is entitlement to a Social Security Disability or Supplemental Disability Benefit, or entitlement to a Veteran’s Administration Disability Benefit, based on a disability of 75% or more.
  • Qualified Domestic Relations Orders: If a Participant has undergone a divorce or marriage settlement, Plan B benefits may be split or assigned by a QDRO. Payments to an alternate payee under a QDRO may not begin earlier than one (1) year after the date of entry of the QDRO unless (a) you are eligible for benefits by reason of your retirement, disability or death; (b) the QDRO is for child support payments, or (c) you have been married to the Alternate Payee for at least three (3) years prior to the date of entry of the QDRO.
Q. When can I start Participating in the Plan?
A. Employers contribute to Plan B on behalf of each employee who performs work covered by the I.B.E.W. Local Union No. 357 Collective Bargaining Agreement or other agreement that obligates them to contribute to Plan B. To become a Participant in Plan B, an employee must perform work covered by a Collective Bargaining Agreement or other applicable agreement.
Q. What is a Plan Year?
A. The calendar year (January – December) is the plan year.
Q. Do I need to do anything to enroll in the Plan?
A. No. Once you become an employee and perform work covered by the I.B.E.W. Local Union No. 357 Collective Bargaining Agreements, you are automatically enrolled in the Plan.
Q. When do I become vested?
A. All hours worked in any Participating Fund for which Employer Contributions are transferred pursuant to this article shall be counted as vesting service by the Home Fund on an hour-for-hour basis.
Q. May I borrow against my Annuity Plan?
A. If you are an active employee, you may borrow money from your account while you continue to accrue benefits. You may borrow from your Combined Accounts by taking a loan for any purpose or for purchase of a primary residence for yourself.

To apply for a loan, contact John Hancock at (800) 294-3574 or visit their website at www.bcomplete.com for additional information. You will be required to sign a promissory note and a loan agreement. If you are married, your spouse will be required to consent in writing to the making of the loan. Your spouse’s written consent must (1) be obtained within the 90-day period before you are given the loan, (2) acknowledge the effect of the loan, and (3) be witnessed by a notary public. Your spouse’s consent will be binding with respect to your spouse, and if you remarry, any subsequent spouse, with respect to that loan.


Assuming your request meets Plan guidelines, you will receive your loan check in the mail. Payroll deductions from your paycheck will begin within two months of the loan origination date. If repayments do not start timely, contact John Hancock at (800) 294-3574 to ensure that the loan is not placed into default.
Q. How is my account invested?
A.

Plan B provides a variety of investment funds in which you may invest your Combined Accounts. The investment options currently available to you can be found in supplemental materials. After reviewing a description of each investment option, you may direct that all or a portion of your Combined Accounts be placed in one (1) or more of the investment options in whole percentages. If you do not direct the investment of your Combined Accounts, 100% of your Combined Accounts, plus any future contributions, will be invested in the default option selected by the Board. A Participant is allowed to direct the investment of a Rollover Account among the available investment options separately from the allocation of the Participant’s Individual Account.

Q. What happens to my account when I die?
A. If you die before receiving your Accumulated Share, your surviving Spouse or other Beneficiary must file an application with the Trust Fund Office for any benefits that may be due. In order to make it possible for payment to begin with minimum delay, Beneficiaries should contact the Trust Fund Office as soon as possible after a Participant’s death.
Q. How do I designate a Beneficiary for my Individual Account?
A. A Participant may designate a Beneficiary on a form provided by or acceptable to the Board and delivered to the Trustees before death. A Participant may change his Beneficiary (without the consent of the Beneficiary) in the same manner but no change shall be effective or binding on the Board unless it is received by the Board prior to the time any payments are made to the Beneficiary whose designation is on file with the Plan.
Q. What if I get divorced?
A. If a Participant has undergone a divorce or marriage settlement, the Plans’ benefits may be split or assigned by court order. The Plans must recognize any Qualified Domestic Relations Order (“QDRO”) and make payments as directed by the QDRO to any Participant’s spouse (“Spouse”), former Spouse, child or other dependent (“Alternate Payee”).  
Q. How do I apply for a Pension benefit?
A. To apply to receive your Accumulated Share, you must request an application form the Trust Fund Office. At the same time, you can obtain information regarding the amount of your Accumulated Share, optional forms of payment and other information that will help you to make your decisions and complete the application. You may have to provide certain documents, such as a birth certificate, marriage certificate, etc. The Trust Fund Office will tell you what you need.