A. You become a Participant in the Plan as of the first date an employer becomes obligated under the applicable collective bargaining agreement to make a contribution to the Annuity Fund on your behalf.

A. You are always 100% vested in the money contributed on your behalf.  In other words, you have a non-forfeitable right that money, even if you separate from service.

A. You apply for benefits by filing an Application for Retirement Benefits form with the Fund Office.

A. In an effort to encourage savings for retirement, the IRS generally imposes a 10% penalty on the amount of your withdrawal.  This penalty is in addition to any income tax you may owe on the withdrawn amount

The 10% penalty does not apply to:

– A withdrawal after you have reached age 59½;
– A distribution to your beneficiary following your death;
– A distribution to you due to your total and permanent disability;
– A withdrawal after you have reached age 55 and have ceased all employment;
– A payment to an alternate payee pursuant to a Qualified Domestic Relations Order.

You can also avoid the 10% penalty (and income tax on the distribution) if you roll the distribution over to an IRA or to another qualified plan which accepts rollover contributions.

A. Upon your death, the balance of your account is paid to your designated beneficiary.     You may choose anyone as your beneficiary.  However, if you are married, your spouse must provide notarized written consent to the designation of anyone else as your beneficiary. If there is no designated beneficiary on file with the Fund, your account balance is paid to your spouse.  If you have no surviving spouse, the account balance is paid to your surviving children in equal shares.  If there are no surviving children, the account balance is paid to your estate.

A. Yes.  You may apply for a loan if you have had an account balance for the three consecutive years before applying for the loan and have had contributions made on your behalf by an employer during the two consecutive years before applying for the loan.  The maximum loan amount is the lesser of $50,000 or 50% of your account balance.  Your spouse must give written, notarized consent to the loan.  The maximum period for paying back the loan is five years.  If you default on your loan payments, you cannot apply for any additional loans.

Your loan must be needed to provide relief from a financial emergency (i) resulting from your disablement or the death of an immediate family member or (ii) which, if not satisfied, will result in the loss of your home.  In order to get a loan, you must provide documentation that you were unable to obtain a loan from at least two banks or other lending institutions.