| Q. |
When do I become eligible for
benefits? |
| A. |
You are eligible to participate
in the Annuity Fund if your work is covered by a collective bargaining
agreement with the Union that requires your employer to make contributions to
the Annuity Fund on your behalf. |
| Q. |
When can I start Participating
in the Plan? |
| A. |
Your participation in the
Annuity Fund will begin when your Covered Employment begins. Covered Employment is employment for which
an employer is required to make contributions to the Annuity Fund on your
behalf. Your participation will
continue for so long as you have an Account under the Annuity Fund. |
| Q. |
What is a Plan Year? |
| A. |
January 1st through December 31st |
| Q. |
Do I need to do anything to
enroll in the Plan? |
| A. |
You are provided with
instructions on your initial election when your participation in the Annuity
Fund begins. If you fail to make an
initial investment election, you are deemed to have elected to have all of
your contributions invested in the default Investment Fund. |
| Q. |
When do I become vested? |
| A. |
You are always 100% vested in your Accounts. |
| Q. |
How do I become eligible to
withdraw money from my account? |
| A. |
1. Eligibility for Retirement Distribution -
you are eligible to receive a distribution of your accounts if you retire and
leave Covered Employment at or after age 55.
Retirement for this purpose is your permanent withdrawal from all
employment and self-employment in the industry within the geographic
jurisdiction of the Union. |
|
2. Eligibility for Disability Distribution -
you are eligible to receive a distribution of your Accounts if you leave
Covered Employment before attaining age 62 because of a disability. Disability for this purpose is either: a physical or mental condition which
renders you wholly unable to engage in the customary trade in which you were
employed while in Covered Employment and which is expected to be permanent
and continuous for the remainder of your life, as determined by the Board of
Trustees on the basis of medical evidence satisfactory to the Board; or a
physical or mental condition for which you receive a final award of Social
Security disability benefits. |
|
3. Eligibility for Termination
of Employment Distribution - you are eligible for a Termination of Employment
Distribution if you leave Covered Employment for any reason other than
Retirement, Disability or death, and no Employer Contributions were (or should
have been) received by the Annuity Fund on your behalf of or six 96)
consecutive months. |
| Q. |
May I borrow against my Annuity
Plan? |
| A. |
Yes, you are eligible for a loan
if: You have not defaulted on a loan
in the past two years; you pledge the portion of your Accounts that you
borrow as security for the repayment of the loan; you agree to pay any loan
application and/or recordkeeping fees;
you execute the required loan documentation; and if married, your
spouse consents to the loan and executes such loan documents as may be
required. The minimum loan amount is
$1,000 and the maximum loan amount is the lesser of 50% of the value of your
Accounts or $50,000, reduced by the highest outstanding balance of any loans
you had during the preceding 12 months under the Annuity Fund. |
| Q. |
Can I take a Hardship
Distribution from my Annuity Fund? |
| A. |
Yes, before age 55, while
employed in Covered Employment, you make
a financial hardship withdrawal from your Post January 1, 2004
Employer Contribution Account if you have an immediate and heavy financial
need. For this purpose each of the
following is considered to be an immediate and heavy financial need:
Non-reimbursable medical expenses incurred by your or your spouse, child or
dependents, or necessary to obtain medical care for you or your spouse, child
or dependents; cost directly related to the purchase of your principal
residence (excluding mortgage payments); payment of tuition and related
education fees and room and board for primary, secondary, post-secondary or
special education for your or your spouse, child or dependents; payment
necessary to avoid eviction for your principal residence or to prevent
foreclosure on the mortgage on your principal residence; non-reimbursable
expenses necessary to repair damage to your principal residence due to fire,
storm, flood, landslide, subsidence or cave in, earthquake, or other similar
sudden and unexpected casualty event; or payment of burial and/or funeral
expenses for your deceased spouse, parent, child or dependent, including up
to $2,500 for a monument. |
| |
The following restrictions apply
to a financial Hardship withdrawal:
You may not withdraw more than the amount necessary to satisfy your
financial need plus the amount necessary to pay federal, state, and local
income taxes and penalties reasonably expected to result from the
withdrawal. You cannot have any other
reasonably available assets to satisfy your financial hardship. You will be required to prove or certify to
the Board of Trustees that you have no other assets that can be used to
satisfy your financial hardship. |
| Q. |
Can I take a distribution if I
am still working? |
| A. |
After age 55, while still in
Covered Employment, you may withdraw all or a portion of any of your vested
Accounts for any reason. |
| Q. |
How is my account invested? |
| A. |
Individual Investment Funds have
been established under the Annuity Fund for the investment of your
Accounts. You are provided with a
prospectus or description for each of the Investment Funds when your
participation in the Annuity Fund begins, along with educational material on
the investment of your Accounts.
Details on the investments and objectives of each Investment Fund are
contained in the prospectus or investment fund description for the Investment
Fund. |
| Q. |
What happens to my account when
I die? |
| A. |
If there is no primary
beneficiary or contingent beneficiary at your death, your beneficiary will be
deemed to be your surviving spouse, or if none, your surviving children
(including adopted children), or if none, your estate or intestate heirs. |
| Q. |
How do I designate a Beneficiary
for my Individual Account? |
| A. |
Contact the Fund Office to
obtain a Beneficiary Form. Once the form is completed, it must be returned to
the Fund Office. |
| Q. |
What if I get divorced? |
| A. |
If you are married and have
designated your spouse as your beneficiary, your later divorce will not revoke
or change your beneficiary designation. In such case, your
former spouse will continue to be your beneficiary until you change your
beneficiary designation by filing another completed and signed beneficiary
designation form with the Fund Office.
The consent of your former spouse will not be required in such case,
except to the extent required by a Qualified Domestic Relations Order. |
| Q. |
How do I apply for a benefit? |
|
A. |
You need to contact the Fund Office to obtain a distribution
application. |