Sunday, January 25, 2026

Frequently Asked Annuity Questions


Q. May I borrow against my account?
A. No, the Furniture Workers Annuity Trust Fund does not permit participant loans.
Q. Are the employer’s contributions taxable to me?
A. No, employer contributions are not taxable income to you while held in your account. Your account becomes taxable income to you once you receive a distribution from the Plan.
Q. Who is eligible to become a participant of the Plan?
A. All Employees are eligible to participate in the Furniture Workers Annuity Trust Fund upon completion of 500 Hours of Work in a consecutive twelve-month period commencing with a first hour of Covered Employment.

If an Employee works in Continuous Non-Covered Employment, his/her hours of work in such employment shall be counted toward satisfaction of the 500-hour requirement.
Q. When do I retire?
A. The Furniture Workers Annuity Trust Fund provides that upon attainment of age 55 and provided that no contributions to your individual account have been made for at least three consecutive months, you are eligible to retire.
Additionally, if you are entitled to disability insurance benefits from the Social Security Administration, you will qualify for disability retirement from the Furniture Workers Annuity Trust Fund.
Q. May I withdraw my funds prior to retirement?
A. Generally speaking, a Participant may not receive a distribution prior to qualifying for benefits on account of reaching the Plan’s applicable retirement age.
However, regardless of age, when a Participant has separated from service and there have been no Contributions to the Participant’s Individual Account for six consecutive calendar months and the Participant has not performed any work in Noncovered Employment, or any work in a management position for an Employer engaged in the type of business which hires workers who could be covered by this Plan, you qualify for a distribution.
Please note that if the accumulated share is paid to you before you attain age 55, then such accumulated share shall either be payable as a lump sum, or as a deferred monthly annuity payable upon attainment age 55, or any later age (but not later than attainment of age 65).
Q. May I assign my benefits under the Plan?
A. No, you may not assign your benefits unless required by law under a Qualified Domestic Relations Order (QDRO).
Q. What is the exact amount of money I would get when I am eligible for benefits?
A. Due to the fluctuation of the investments, the exact amount you will receive in the future when you are eligible for benefits can not 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 investment earnings, minus changes in the value of the Plan’s investments, minus your share of the Plan’s operating expenses.
Q. What determines the value of the accrued benefit in my account?
A. First, of course, is the amount of contributions that are paid on your behalf. This money, along with the contributions in all other individual accounts, is invested under policies established by the Board of Trustees. Any interest or dividends are added to the contributions. Changes in the value of investments also result in increases or decreases in the value of each individual account. A uniform share of the Plan's operating expenses is deducted from this accumulation.
Q. Is there a procedure to follow if an application is denied?
A. Yes, the claim and appeal procedure is described in detail in the Summary Plan Description and it should be followed precisely if a claim for benefits is denied.
Q. What is the application procedure for payment of my accrued benefit?
A. When you are ready to retire and access the funds in your individual account, you may contact the Administration office for an application for benefits. All applications must be in writing and filed with the fund office at least 30 days before payment of your accrued benefit is to be made.