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You are eligible to participate in the Plan if you work for an employer that is required to make contributions to the Annuity Plan for the work you perform. For most Participants, this means working in a position covered by a collective bargaining agreement between the employer and the union.
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You become a Participant in the Plan as of the day you complete one hundred (100) hours of work in Covered Employment within any Plan Year.
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The Plan Year is June 1st through May 31st.
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No, you become a Participant automatically after you work one hundred hours of work in Covered Employment within a Plan Year.
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You become vested when you meet the requirements for Participation.
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Yes. As of September 19 2012 , you may elect to defer $150 , $2.50 or $3.50 an hour from your wages. Please contact your employer for more information.
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Yes. The Plan accepts rollovers from other plans. Please contact the Fund Office Toll free at (855) 641-4966 for additional information.
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You are eligible to withdraw funds from your account at retirement; if you become totally and permanently disabled as defined by the Plan; or if you leave employment for a minimum of twelve (12) consecutive months, and are not eligible for retirement benefits.
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No. The Annuity Plan does not permit loans.
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Yes. To be eligible for a hardship withdrawal you must have completed five (5) years of Participation in the Plan, and have an immediate and heavy financial need. You may apply for a withdrawal of an appropriate portion of your Credit Account. The amount cannot be more than 50% of your account balance. A withdrawal based upon financial hardship also cannot exceed the amount required to meet your immediate need created by the hardship and not available from other resources reasonably accessible to you. Your resources include those assets of your spouse and minor children which are reasonably available to you. The Trustees make all determinations as to the existence of financial hardship and the amount required to meet the need created by the financial hardship, and will consider all relevant facts and circumstances. Your request for a hardship withdrawal must be in writing to the Board of Trustees.
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Valuation date is the last day of the Plan Year, May 31st, or any other date established by the Trustees on which the Credit Accounts are revalued.
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If you are actively employed when you die, the Fund Office will contact your spouse or beneficiary. Otherwise, your spouse or beneficiary will need to notify the Fund Office of your death to get the process started. You should alert your spouse or beneficiary to that need.
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If you get divorced, please contact the Fund Office to update your records. If you wish to change your beneficiary designation, the Fund Office can provide you the proper form.
Please note: Your former spouse may have rights to all or part of your benefit even if you designate a new beneficiary.
A court may issue a Qualified Domestic Relations Order (QDRO) in connection with your divorce requiring the Annuity Plan to pay part or all of your Annuity Plan benefit to your former spouse for reasons such as spousal or child support or division of marital property. Please contact the Fund Office for further information regarding QDRO requirements.
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The first step is to request an application from the Fund Office. The application form will come with instructions and information about the type of documentation you will need to include with your completed application.
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