Thursday, January 29, 2026

Frequently Asked Annuity Questions


Q. Who is covered under the Annuity Fund?
A. All employees working for employers whose Collective Bargaining Agreement obligates them to contribute to the Fund are covered. 
Q. How does the Fund work?
A. Individual Accounts are established for all employees for whom employer contributions are made. These employees become Participants in the Plan. All employer contributions made on the Participants behalf are credited to that Participants Individual Account.
Q. Do I have to apply for payment from the Annuity Fund when I'm eligible?
A. Yes. You must complete an application. Payment cannot be made until a properly completed application is received, processed and approved. Please know that the application process includes the receipt of all required documents by the Fund office.
Q. Can I borrow against the Annuity Fund?
A. No. Because your individual Account is a part of an accumulated share in the Annuity Fund, the Individual Account holds no loan value.
Q. Can I use the Annuity Fund as collateral? 
A. No.
Q. Can I withdraw from the Annuity Fund for a hardship?
A. No.
Q. When will I be eligible to receive payment from the Annuity Fund?
A.

You will become eligible to receive payment under any of the following circumstances:

  1. You begin receiving benefits from the Local 513 Pension Fund.
  2. You die before you retire.
  3. Reaching age 62.
  4. You are deemed disabled by the Social Security Administration or Veteran's Administration of 75% or more.
  5. Following 36 consecutive months of not working as an operator or as a supervisor of operators.