Sunday, June 15, 2025

Frequently Asked Retirement Savings Questions


Q. Can I change my monthly benefit amount?
A. You may change your monthly benefit amount once each calendar year.
Q. Can I take my benefit in a lump sum?
A. The benefit may be paid as a lump sum only when the Account balance is $5,000 or less, or you are 65 years old & over.
Q. When is the earliest age at which I may retire from the Plan?
A. Generally speaking, you can retire at age 55. However, you may be eligible for benefits at age 45 if you are classified as a B-10 or B-30 on May 31, 1999 and have a vested benefit. Please contact the Trust Fund Office to determine when you are eligible for benefits from the Plan.
Q. What happens if I die before retirement?
A. If you are married, for at least one year, at the time of your death, your spouse may elect a monthly benefit or take a Lump Sum. If you’re not married, your beneficiary will be paid the entire Account Balance. Please ensure that your beneficiary designation is current with the Trust Fund Office. You may obtain a beneficiary designation form either from this site or from the Trust Fund Office.
Q. When am I 100% Vested?
A. Prior to January 1, 1999 you are 100% Vested after 10 full years of service. On and after January 1, 1999 you are 100% Vested after 5 full years of service.

Effective January 1, 2011, an Employee who has worked one hour after January 1, 2011 shall be fully (100%) vested upon having 1,000 Hours of Work in six consecutive quarters. For an Employee who was fully (100%) vested when his prior period of employment terminated and has withdrawn his entire Account balance, that Employee must satisfy this vesting schedule as if he were a new Employee.

For an Employee who was a Participant in the Fund prior to January 1, 2011, that Employee shall be entitled to vest in accordance with this Vesting Schedule or the Vesting Schedule in effect prior to January 1, 2011, whichever Vesting Schedule is more beneficial to that Employee.
Q. Is there any other way to be eligible before age 55 or age 45 if you are classified as a B-10 or B-30 on 5/31/1999 and have a vested benefit.
A. Only if you are disabled and receiving Social Security Disability Benefits.
Q. Can I direct investment of any assets in the Plan?
A. No. The Plan does not provide for individually directed investments.
Q. May I withdraw or borrow against the contributions made on my behalf?
A. No. Regardless of whether you leave the industry or not, benefits are payable only when you retire or upon your death.