Saturday, January 31, 2026

SBM Defined Contribution Frequently Asked Questions


Q.When do I become eligible for benefits?
A. You are immediately, 100% vested in your account with the first contribution made on your behalf by your employer to the Pension Trust Fund. There is no length of service required for vesting.
Q. When can I start Participating in the Plan?
A. Membership is automatic with the first pension contribution made on your behalf by your employer.
Q. What is a Plan Year?
A. The fiscal records for the Plan are kept on a 12-month period from January 1 ending on December 31.
Q. Do I need to do anything to enroll in the Plan?
A. Membership is automatic with the first pension contribution made on your behalf by your employer.
Q. When do I become vested?
A. You are immediately, 100% vested in your account with the first contribution made on your behalf by your employer to the Pension Trust. There is no length of service required for vesting
Q. How do I become eligible to withdraw money from my account?
A. Retirement - attainment of age 62 years or older;  Disability - as determined by Social Security Administration (Award letter required) or Termination - attainment of age 45      
Q. May I borrow against my Defined Contribution Plan?
A. There are no provisions in the Plan for loans.
Q. How is my account invested?
A. The funds are invested in various investments by the Investment Manager.
Q. What happens to my account when I die?
A. Upon the death of a Participant before your retirement or other termination of employment, all amounts credited to your Employer Account shall be become distributable to your Beneficiary.
Q. How do I designate a Beneficiary for my Individual Account?
A. Designation of Beneficiary forms are available from the Administrative office.           
Q. What if I get divorced?
A. If you and your spouse become divorced, please contact the Administrative office as we will require a copy of the Divorce documents, Settlement Agreement, and/or Qualified Domestic Relations Order.
Q. How do I apply for a benefit?
A. You may send a letter to the Administrative office requesting an application or contact the Administrative office via phone.