|
Q.
|
|
A.
|
You are eligible to participate in the Plan if you work for an Employer that is
required to make contributions to the MFOW Money Purchase Pension Plan for the work
you perform. For most Participants, this means working in a position covered by
a Collective Bargaining Agreement between the Employer and the Union.
|
|
|
|
Q.
|
|
A.
|
You start participating when you begin working for an Employer covered by a Collective
Bargaining Agreement that requires them to make contributions to the MFOW Money
Purchase Pension Plan on your behalf. There are no minimum service requirements
to become a Participant and you remain a Participant as long as the Plan holds an
Individual Account for you. Contributions to the Plan are always 100% vested.
|
|
|
|
Q.
|
|
A.
|
The Plan Year is June 1st through May 31st.
|
|
|
|
Q.
|
|
A.
|
No, you become a Participant automatically once contributions are made to the Plan
on your behalf
|
|
|
|
Q.
|
|
A.
|
You are always 100% vested in your Plan account.
|
|
|
|
Q.
|
|
A.
|
You are eligible to withdraw funds from your account at retirement; if you become
totally and permanently disabled; or if you leave employment.
|
|
|
|
Q.
|
|
A.
|
No. The MFOW Money Purchase Pension Plan does not permit loans or hardship withdrawals.
|
|
|
|
Q.
|
|
A.
|
Under the Plan, you are responsible to make investment elections in a manner and
form prescribed by the Plan Manager. From time to time different investment options
will be approved by the Board of Trustees and communicated to you for your consideration.
If you fail to make an investment election, there will be a default investment made
for your Account. You may also change your investment election and transfer funds
from one investment fund to another in accordance with the rules and election periods
communicated to you by the Plan Manager.
|
|
|
|
Q.
|
|
A.
|
If you were married, your spouse may receive the money in your Individual Account
as monthly payments or a lump-sum payment of your Individual Account balance. If
you are not married, or if your spouse has properly consented to your naming of
another Beneficiary; that Beneficiary may choose to receive payment of your Individual
Account balance as a lump-sum.
|
|
|
|
Q.
|
|
A.
|
The Union Office will send you a Designation of Beneficiary form upon request. If
you are married and wish to designate someone other than your legal spouse as Beneficiary,
you must obtain your spouse’s written consent, witnessed by a Notary Public. If
no designated Beneficiary survives you or you fail to designate a Beneficiary, the
balance will be paid to your surviving spouse or, if none, to your surviving children
in equal shares or, if none, to your parent or parent(s) in equal shares or, if
none, to your estate.
|
|
|
|
Q.
|
|
A.
|
If you get divorced, please contact the Union Office to update your records. Please
note: Your former spouse may have rights to all or part of your benefit even if
you designate a new beneficiary. A court may issue a Qualified Domestic Relations
Order (QDRO) in connection with your divorce requiring the MFOW Money Purchase Pension
Plan to pay part or all of your benefit to your former spouse for reasons such as
spousal or child support or division of marital property. Please contact the Fund
Office for further information regarding QDRO requirements.
|
|
|
|
Q.
|
|
A.
|
The Union Office will send you the necessary paperwork upon request.
|