|
Q.
|
|
A.
|
There are four types of benefits; Single Life Annuity, 50% Joint and Survivorship
Annuity, 75% Joint and Survivorship Annuity, Single Lump-Sum Distribution, and Single
Lump-Sum Rollover.
Note: A Participant may choose a combination of a partial rollover,
partial distribution.
|
|
|
|
Q.
|
|
A.
|
The principal source of information on each investment option is its prospectus.
A prospectus is a document which the mutual fund is required by the Securities and
Exchange Commission to produce each year and which contains detailed information
on investing style, past performance, fees assets under investment, as well as other
information.
For information related to retirement planning or investment allocations, please
contact Fidelity at 1-866-848-6466.
|
|
|
|
Q.
|
|
A.
|
The Retirement Plan is a “section 404 (c) plan,” the money in your account will
be invested according to your instructions. The Board of Trustees, with the assistance
of its professional advisors, has designed a program allowing you to decide how
your contributions in the Plan are invested. There are three general categories
of investments that comprise the self-directed investment program: Managed Lifestyle
Portfolios, Publicly Traded Mutual Funds, and Self-Directed Sub Accounts. These
options are described in more detail in the Summary Plan Description beginning on
page 13.
|
|
|
|
Q.
|
|
A.
|
Your account balance is always fully vested. However, benefit payments can be withheld
until you provide all the information needed to process your claim. Benefit payments
can also be reduced or withheld if there has been an erroneous over-payment. Finally,
even though your account balances is always fully vested, you still must meet the
requirements of the Plan in order to receive a payment.
|
|
|
|
Q.
|
|
A.
|
The Plan is funded with contributions by your employer. The amount of the contribution
is determined by the collective bargaining agreement.
After-tax employee contributions are not permitted. However, if you are eligible
for a distribution from another tax-qualified pension or profit sharing plan, you
may be able to have that distribution transferred to the Plan. The rules relating
to the transfer of money from another tax-qualified pension or profit sharing plan
are complicated and not all transfers can be accepted by the Plan. Therefore, you
should check with the Fund Office before you request a transfer to the Plan to make
certain that the Plan can accept it without jeopardizing the tax-favored status
of the Plan.
|
|
|
|
Q.
|
|
A.
|
You become a participant in the Plan as soon as an employer is required to make
a contribution on your behalf.
|
|
|
|
Q.
|
|
A.
|
Answer: The basic criteria for each type of benefits are as follows:
Normal Retirement: Age 65 and terminate employment on or after
your normal retirement age.
Early Retirement: Age 55 and terminate employment on or after your
normal retirement age.
Termination: Any age and no employer contributions including those
received under a reciprocity agreement have been made or are owed to you for 6 consecutive
months.
Disability: Any age and totally and permanently disabled from engaging
in any further employment as a Plumber and Pipefitter.
Death of Participant: Benefits are paid to your eligible surviving
spouse or beneficiary and/or beneficiaries' once application(s) and proper documentation
is submitted.
|
|
|
|
Q.
|
|
A.
|
No.
|
|
|
|
Q.
|
|
A.
|
You will receive a quarterly statement on your NWOPP Retirement Plan.
- You may access your account via the internet. The
web site address is http:/www.netbenefits.com/nwopp . To
access your account information, you will need a secure browser, your Social Security
number and your personal identification number (PIN). The site is available 24 hours
per day, 7 days a week.
- You may contact Fidelity directly at (866) 84-UNION, to speak to a financial advisor.
- On the web-site
you can find out your account balance, investment performance, change your PIN,
change your investment options or request a prospectus of the various investment
options.
- You may also contact the
Benefit Office at (419) 662-1388. They can provide you with the necessary forms
to make changes to your investment options.
-
Address Change Forms, available on the Participant web-site, must be submitted to
the Benefit Office.
- Application
Forms, available on the Participant web-site, must be submitted to the Benefit Office
for processing.
|
|
|
|
Q.
|
|
A.
|
General expenses of administering the Plan will be charged against the various investment
funds on a periodic basis. However, as noted earlier, the fee for a self-directed
sub-account will be charged directly against your account. Also, the fees incurred
by the Plan in reviewing a qualified domestic relations order (QDRO) will also be
charged directly against your account before the assignment of the benefits to the
former spouse occurs.
|
|
|