Tuesday, February 10, 2026

Frequently Asked 401K Plan Questions


Q.

When do I become eligible for benefits?

A.

You are considered eligible to participate in this Plan on the date an Employer is first required to make contributions for fringe benefits on your behalf under a collective bargaining agreement (CBA) or under the terms of employment by the Union.

Q.

When can I start Participating in the Plan?

A.

As an eligible Employee, you may authorize Employers to withhold an amount per hour from your wages.  These elective deferrals are sometimes called "401(k) contributions."

Q.

What is a Plan Year?

A.

The Plan Year is June 1 through May 31.

Q.

Do I need to do anything to enroll in the Plan?

A.You are automatically enrolled. Your employer DC contributions and your 401(k) deferrals will be transferred to your account monthly. If you have any questions, please contact the Union Benefit Office at (888) 390-7473 ext. 3.
Q.

When do I become vested?

A.

All Participants are immediately fully vested in all benefits and your account with Empower - the Fund DC/401(k) Plan.

Q.

How do I become eligible to withdraw money from my account?

A.

At age 59 1/2 your account is payable to you. Hardship withdrawals are available for specific hardship reasons. For Hardship withdrawals, please contact the Union Benefit Office at (888) 390-7473 x 3.

Q.

May I borrow against my Annuity Plan?

A.

No, the Fund does not have a loan provision.

Q.

How is my account invested?

A.

Empower is the Plan recordkeeper. Your account is set up with Empower and you can see the investments available to you on the Empower website: www.Empower.com to register and login.

Q.

What happens to my account when I die?

A.

The full value of your account is payable to your beneficiary as a lump sum.

Q.

How do I designate a Beneficiary for my Individual Account?

A.

Please contact Fund Office for a Beneficiary form at (888) 390-7473 x 3. Beneficiary forms are also available on this website under 'Documents', 'DC/401(k)', 'Forms'.

Q.

What if I get divorced?

A.

Please provide a copy of your Divorce Decree and any property settlement agreements.  If a Qualified Domestic Relations Order (QDRO) is required, you may request a copy of the Plan's QDRO procedures.

Q.

How do I apply for a benefit?

A.

Contact the Fund Office at (888) 390-7473 x to apply for Benefits.