A 401(k) Plan is an arrangement established under Internal Revenue Code § 401(k), whereby you are permitted to elect to have your employer reduce your current salary and have the reduced  mount contributed on your behalf to a tax qualified trust. The portion of your salary contributed is not taxed currently. In other words, that portion of your salary is “tax deferred” since you earn it now but you are not taxed on it until you receive it at a later date.

In addition, your employer has agreed to make a 3% contribution for you, if you are eligible pursuant to the collective bargaining agreements. The employer’s contribution is also tax deferred.

The Plan is maintained pursuant to one or more collective bargaining agreements that describe certain obligations a contributing employer may have to the Plan. Copies of any such agreement may be obtained by you or your beneficiary upon written request to the Fund Manager, and is available for examination at the Fund Office.