| Q. | Where do I mail my loan payments? |
| A. | Loan payments should be mailed to: Plumbers Union Local 393 - Loan Payment P.O. Box 92150 Las Vegas, NV 89193-2150 |
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You must complete an application and mail it to the Pension Department at P.O. Box 2460 San Jose, CA 95109.
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Under the Plan, a participant may borrow half of their account balance in the Plan, up to a maximum of $50,000.00, less repayments in the last 12 months.
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| Q. |
| A. | Yes, hardship distributions are available. Contact the Pension Department for further details or download a hardship application from this site under Documents>Defined Contribution>Defined Contribution Forms. |
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You must meet the eligibility requirements for a distribution to be able to rollover your account.
If you change membership from U.A. Local No. 393 to another U.A. Local Union, you may transfer your entire balance to their defined contribution plan if they have signed an Inter-Plan Transfer Agreement. An Inter-Plan transfer does not require that you be retired.
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If you choose to have the Plan payment that is eligible for rollover PAID TO YOU:
- You will receive only 80% of the payment, because the Plan Administrator is required to withhold 20% of the payment and send it to the IRS as federal income tax withholding to be credited against your federal income taxes.
- Please note that if you receive the payment before age 59 1/2, you also may have to pay an additional 10% penalty tax.
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Eligibility for distribution: All types of distributions (except hardship distributions, Inter-Plan Transfers, and Required Minimum Distribution after age 73) require termination of all employment in the Plumbing and Pipe Fitting Industry.
- You will be entitled to a distribution upon the first day of the month following the occurrence of the latest of the following
- You retire from the Plumbing and Pipe Fitting Industry; or
- You attain age 65; or
- Your fifth anniversary of your first participation in the Plan.
- When you have fulfilled the requirements for early, normal or disability retirement under the U.A. Local No. 393 Defined Benefit Plan and retired thereunder.
- When you become totally and permanently disabled from performing work of the types covered under the Collective Bargaining Agreement, as demonstrated by a Social Security Disability Award or equivalent medical proof confirmed by the Plan's Medical Consultant.
- If you continue to work after becoming eligible for retirement, you must take a Required Minimum Distribution as required by the IRS, on April 1 of the calendar year following the year you attain age 73, even if still employed in Industry Service.
- When you have attained age 52 with 25 or more Years of Benefit Credit under the U.A. Local No. 393 Defined Benefit Plan, and permanently cease to perform all Industry Service in the Plumbing and Pipe Fitting Industry, as defined in the Defined Benefit Plan.
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| Q. |
| A. | You can view your account balance at any time by logging in to www.nwps401k.com. |
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| Q. |
| A. | Yes, you can apply for a loan against your account. You must submit a loan application. The pension department will review your application to confirm that your balance is sufficient to permit you to borrow the amount requested. If you are married, your spouse must consent in writing. |
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You can take a Partial Lump Sum, Total Lump Sum, Rollover, 50% Joint and Survivor Annuity, 75% Joint and Survivor Annuity, 100% Joint and Survivor Annuity, Single Life Annuity, or Monthly Installment Payments. |