Saturday, July 4, 2020

Frequently Asked Questions

Health Care

Q. When do I become eligible for health insurance coverage through the Health Fund?
A.The current monthly insurance benefit cost is $850. A person will become eligible when their bank has reached $2,550, which is equal to $850 per month for 3 months.
Q.When will I receive my enrollment packet?
A.Your insurance information packet will be sent to you in the middle of the month prior to the month in which you have accumulated $2,550 in your insurance bank. Please be sure to complete and return the forms, along with any requested documents, as soon as possible. You will NOT have coverage until you return these documents.
Q.What are the continuing eligibility requirements? 
A.$850 dollars per month is required to maintain your health & welfare coverage.
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Pension

Q.What is the Pension Fund?
A.The Pension Fund was established to provide Pension and Retirement Benefits to those employees working in the trade for Contractors who have signed an agreement with the Iron Workers Local No. 25.
Q.How do I become eligible for Retirement Benefits?
A.In order to receive a retirement benefit, you must meet certain age and service requirements. The 2013 Pension Summary Plan Description (SPD) is available on this website and describes YEARS OF SERVICE FOR ELIGIBILITY AND VESTING in Section 3.2. It is important to understand, however, that each situation is different and for specific details regarding your individual retirement eligibility, it is recommended that you contact the Pension Department at the Iron Workers Local No. 25 Fringe Fund office to speak with a Pension Specialist.
Q.When can I retire?
A.

Early: Age 55 with at least 10 Credited Years of Service : Active (reduced for every month you are not age 62)

Normal: Age 62 with at least 10 Credited Years of Service : Active (no reduction)

Early Deferred Vested Benefit: Age 55 with at least 10 Credited Years of Service : Inactive (reduced for every month you are not age 65)

Normal Deferred Vested Benefit: Age 65 with at least 5 Credited Years of Service : Inactive (no reduction)

Q.What will my retirement benefit be through the Iron Workers Pension Fund?
A.Retirement Benefits are calculated based on many different factors including, but not limited to your individual years of credited service, your age and retirement date. Determining your retirement benefit is a highly individualized process. The 2013 Pension Summary Plan Description (SPD) is available on this website and describes NORMAL RETIREMENT BENEFITS in Section 4.2.Please keep in mind however that for specific details regarding your individual retirement benefit, it is recommended that you contact the Pension Department at the Iron Workers Local No. 25 Fringe Fund office to speak with a Pension Specialist.
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Annuity

Q.What is my Defined Contribution Annuity/Pension Account and who is Mass Mutual?
A.The Defined Contribution Plan is a type of retirement plan into which your employer makes contributions based on your time worked. Your Defined Contribution Plan is completely separate from your regular Pension Plan. Mass Mutual is a Financial Services Company that holds your funds in your Defined Contribution Account.
Q.What is Mass Mutual's contact information? 
A.Phone: (800) 743-5274
Website: www.retiresmart.com
Q.How often will I receive statements from Mass Mutual?
A.Mass Mutual will mail you a statement each quarter.
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