Health Care
Who is eligible to become a Participant in the Plan?
Active Members, Non-Medicare Retirees and Dependents.
You must earn 360 Hours of Work to satisfy the Plan's initial eligibility requirements. Your coverage will begin the second month after you satisfy the Plan's initial eligibility requirements.
What if I don’t work enough hours to gain eligibility for the month?
You will be eligible to pay to continue your health coverage under COBRA.
You must have 120 Hours of Work credited to your hour bank within 3 months of the month in which it dropped below 120, to regain coverage. If you don't, you must reestablish initial eligibility, by again working 360 hours.
How do I maintain my monthly Health Care coverage?
You must have at least 120 Hours of Work in your hour bank. If your Employer timely makes contributions on your behalf, you will be credited with your Hours of Work in the month you work the Hours to provide coverage two months later.
Pension
How do I become a Participant in the Plan?
You will become a Participant in the Plan on the earliest June 1 or December 1 following a 12-month period during which you work at least 500 hours of Service in Covered Employment.
I am going through a divorce, what happens to my pension?
If you are getting a divorce, your former spouse may be entitled to receive a portion of your pension benefits. The Plan must comply with any Order (Qualified Domestic Relations Order) issued by the Court. If you or your attorney have any questions or would like assistance prior to the QDRO being finalized, please contact the Trust Fund office.
Does the Pension Plan affect Social Security benefits in any way?
No.
Tax Deferral
When do I become eligible for benefits?
* Participant attains age 55, is receiving a retirement benefit from an Iron Workers pension fund and no Contributions have been made for two (2) consecutive months or *Participant has not worked at least five hundred (500) hours in each of two (2) consecutive calendar years or * Participant has received no Contributions to his Individual Account for a period of six (6) consecutive months or * Participant becomes entitled to SSA Disability benefits or * Termination of Contributions to the Participant's Individual Account for at least thirty (30) days due to terminal illness or * April first (1st) following the calendar year the Participant reaches age 70.5 or * the Participant has attained Normal Retirement Age and terminated employment with his Individual Employer
When can I start Participating in the Plan?
Each Employee shall participate in the Plan on the day they begin work for an Individual Employer or otherwise provided under the terms of applicable Witten Agreement
What is a Plan Year?
The Plan Year is January 1 through December 31.
Vacation
If I choose to have my Credit Union contributions held in the Benefit Office, how often can I request pay out?
Vacation is a bi- yearly payout around November 15th for October deposit closing. It's for prior year from October to September work months. There is a second vacation payout on February 15th for any late contributions for the same work month period that was received in November to January deposit dates.
For Vacation contributions, can I withdraw funds prior to the Annual pay out?
No, funds cannot be withdrawn prior to the bi-annual payout.
Can I have my spouse or another designated person contact the Benefit Office for any of my balances?
Yes, a spouse or designated contact may contact the Benefit Office for any of your balances.