Sunday, March 3, 2024

Frequently Asked Annuity Questions


Q.

When do I become eligible for benefits?

A.

When you work in a job classification covered by a collective bargaining agreement requiring your employer to make contributions to the Asbestos Workers Local 24 Defined Contribution Annuity Pension Plan on your behalf.

Q.

When can I start Participating in the Plan?

A.

Immediately upon the Plan's receipt of contributions on your behalf from your employer

Q.

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

A.

No

Q.

When do I become vested?

A.

Immediately when the Fund receives contributions made on your behalf for your work in Covered Employment

Q.

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

A.

When you retire, become totally and permanently disabled, separate from employment covered by the Plan (normally for a period of six-months) or the employer is no longer obligated under the agreement to make contributions to the Plan. You may also apply for a Hardship due to: (1) Medical expenses for you, your spouse, or your dependents; (2) Purchase of your principal residence (excluding mortgage payments); (3) Tuition payments, related education fees, and room and board expenses for post-secondary education for you, your spouse, or your dependents but not to exceed twelve months of education; (4) Prevention of your eviction from your principal residence or foreclosure on the mortgage of your principal residence.  Proof of hardship must be provided in order to obtain a distribution.

Q.

May I borrow against my Annuity Plan?

A.

No

Q.

How is my account invested?

A.

You direct how your Individual Account is invested. A variety of investment funds are available to you under the Plan. Information on the investment funds are available through Prudential. You have access to view your account history, transfer between investment funds, check investment performance and project your investments at www.prudential.com/online/retirement.  

Q.

What happens to my account when I die?

A.

Your accumulated share will be paid to your beneficiary in a lump sum.

Q.

How do I designate a Beneficiary for my Individual Account?

A.

By completing an Enrollment form available under the Documents tab.  The completed form should be submitted to the Fund Office.

Q.

What if I get divorced?

A.

Submit a copy of your Divorce Decree to the Fund Office.

Q.

How do I apply for a benefit?

A.

By completing an Application available under the Documents tab and submitting to the Fund Office.