| Q. |
| A. | Once you accumulate 80 work hours in one month, your employer will begin making contributions on your behalf and eligibility will begin the second month following. For example, John begins working and accumulates the 80 work hours in the month of January. John's employer will make a contribution on his behalf for the work month of January. John’s insurance will begin on March 1 |
|
| Q. |
| A. | You start participating when you begin working for Employers covered by either a Collective Bargaining Agreement or Subscriber Agreement or the Union that requires them to make contributions to this Annuity Plan on your behalf. There are no minimum service requirements to become a Participant and you remain a Participant as long as the Annuity Plan holds an Individual Account for you. Contributions to the Plan are always 100% vested. |
|
| Q. |
| A. | The Plan Year is January 1st through December 31st. |
|
| Q. |
| A. | No, you become a Participant automatically once contributions are made to the Plan on your behalf. |
|
| Q. |
| A. | You are always 100% vested in your Plan account. |
|
| Q. |
| A. | You are eligible to withdraw funds from your account at retirement; if you become totally and permanently disabled and are eligible for Social Security Disability Benefits; or if you leave employment; or when you receive a pension benefit from the Pension Fund. |
|
| Q. |
| A. | No. The Annuity Plan does not permit loans or hardship withdrawals. |
|
| Q. |
| A. | Under the Annuity Plan, you are responsible to make investment elections in a manner and form prescribed by The Administrator and Recordkeeper. From time to time different investment options will be approved by the Board of Trustees and communicated to you for your consideration. If you fail to make an investment election, there will be a default investment made for your Account. You may also change your investment election and transfer funds from one investment fund to another in accordance with the rules and election periods communicated to you by the Administrator and/or Recordkeeper. |
|
| Q. |
| A. | If you were married at least a full year before dying, your spouse may receive the money in your Individual Account as a monthly annuity payment for life. Your surviving spouse may, however, choose to receive a lump-sum payment of your Individual Account balance instead of the lifetime annuity.
If you are not married, or if your spouse has properly consented to your naming of another Beneficiary; that Beneficiary may choose to receive payment of your Individual Account balance as a lump-sum, or as a lifetime annuity with monthly payments. |
|
| Q. |
| A. | The Benefit Office will send you a Designation of Beneficiary form upon request. If you are married and wish to designate someone other than your legal spouse as Beneficiary, you must obtain your spouse’s written consent, witnessed by a Notary Public. If no designated Beneficiary survives you or you fail to designate a Beneficiary, the balance will be paid to your surviving spouse or, if none, to your surviving children in equal shares or, if none, to your parent or parent(s) in equal shares or, if none, to your estate. |
|
| Q. |
| A. | If you get divorced, please contact the Benefit Office to update your records.
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. |
|
| Q. |
| A. | The first step is to request an application from the Benefit Office. The application form will come with instructions and information about the type of documents you will need to include with your completed application. |