Thursday, February 5, 2026

Frequently Asked Annuity Questions

Annuity  

Q.When do I become eligible for benefits?
A.
You are eligible upon employment. 
Q.When can I start Participating in the Plan?
A.You can begin participating in the Plan when Employer Contributions are made to the Fund on your behalf or when you elect to participate by voluntary execution and filing a written elective deferral agreement.
Q.What is a Plan Year?
A.A 12-month period beginning on January 1 and ending on December 31.
Q.Do I need to do anything to enroll in the Plan?
A.Your employer will provide you with the forms needed to enroll in the Plan. Lincoln Financial Group is also available to help you to enroll in the Plan. The Plan allows for Pre-Tax Elective Deferrals and Roth Elective Deferrals.
Q.When do I become vested?
A.You are 100% vested in your accounts.
Q.How do I become eligible to withdraw money from my account?
A.
  • Retirement
  • Termination of Employment (3 consecutive calendar months)
  • Disability
  • Age 59 1/2 Inservice Distribution
  • IUOE 324 Pension
  • Death
  • Emergence Withdrawals (Hardship) for medical expenses
  • Purchase of primary residence
  • Post-secondary education expenses
  • Funeral expenses
  • Repair to primary residence due to casualty damage
Q.May I borrow against my Annuity Plan?
A.The Plan does have a Loan Provision. Loans are not available from the Roth Deferral Account. The minimum loan amount is $1,000.00.  Members are only permitted one loan at a time.
Q.How is my account invested?
A.Funds are invested with Lincoln Financial Group.
Q.What happens to my account when I die?
A.Your account is payable to your designated beneficiary. 
Q.How do I designate a Beneficiary for my Individual Account?
A.You may obtain a Beneficiary Designation Form through the Fund office.
Q.What if I get divorced?
A.If a portion of your benefit is assigned to an Alternate Payee, please contact the Fund office for the QDRO Policy and Procedures. Please be sure to update your Beneficiary form as well. 
Q.How do I apply for a benefit?
A.Please contact Lincoln Financial Group or the Fund Office for assistance with obtaining and completing an application.