Annuity and 401(k) Fund
Did you know?
You should contact both our Referral Hall and Fund Office and those of the Local in which you intend to work to determine whether the other Local will reciprocate benefit contributions back to Local 478. Find out what forms the other Local will require. Please note that most other Locals do not have SUB, so you probably would not accrue any SUB from work performed in such instances, and some do not have an Annuity/401K Plan. Finally if you work in a jurisdiction where they utilize a stamp program, you should pay particular attention to their requirements for redeeming your stamps.
What if I am an Active Member who is required to begin receiving Pension and Annuity benefits under the law that requires me to do so starting on the April 1 of the year following the calendar year in which I turned age 73.
Such Members are considered to be Active Members and may earn and receive Active Health benefits and SUB. Members who voluntarily retire prior to being required to begin receiving Pension and Annuity benefits may work unlimited hours upon attainment of age 73, but such individuals are not eligible for SUB.
General Information
Annuity Fund – Revised Distribution Rule
Effective 10/1/13, Retired, Disabled and Terminated Participants who are eligible for a full distribution of their entire account balance, may request to receive a partial distribution, in the event they do not wish to withdrawal their full account balance. Such distributions must be for a minimum of $2,500 each and are available once every calendar quarter, provided that the Participant meets the existing Plan requirements for a distribution. For example, members seeking a Termination distribution cannot have performed the type of work covered by our Collective Bargaining Agreement for at least six consecutive months at the time of the distribution. Should you have any questions regarding this type of disbursement from the Plan, please contact Christine or Maya at the Fund Office.
The Annuity Plan provides retirement benefits based on assets accumulated in an account established on your behalf with a major mutual fund company, Empower, and funded with employer contributions.
The Plan features a self-directed investment program, which allows you to choose a single pre-diversified fund, or you may select from a variety of investment options to create a well-diversified portfolio.
Members currently have the option to defer any dollar amount, in increments of $0.25, of compensation otherwise payable to you on an hourly basis into a 401(k) feature that has been added to our existing Annuity Plan, and members over the age of 50 have the option to defer additional amounts. While the Plan functions primarily to provide retirement benefits to supplement those available through the Pension Plan, in-service distributions are available on a limited basis.