How will I become a Participant?

 

You will become a Participant as of the first day of the month after you have worked at least 400 Hours of Work during a period of 12 consecutive months or less or 2 consecutive Plan Years for an Employer who is obligated under a Collective Bargaining Agreement to make contribution to the Money Purchase Fund on your behalf.

 

 

What is the Plan Year?

 

The Plan Year is any 12-month period beginning July 1^st and ending June 30^th.

 

 

How do I become entitled to Benefits?

 

You become entitled to Benefits or vested when you meet the eligibility requirements for becoming a Participant.

 

 

What is vesting?

 

Vesting must that you are entitled to 100% of your Account Balance at the time you retire, become disabled, separate from service at the Trade or your beneficiary will be entitled to 100% of your Account Balance if you should pass away to make contributions to the Fund on your behalf.

 

 

 

When can I receive my Account Balance?

 

You can receive your Account Balance at retirement or when you have separated from service.  A separation from service is 12 consecutive months without contributions to the Money Purchase Plan on your behalf by either an Employer or contributions transferred under the Reciprocity Agreements.

 

 

Can I receive a lump sum distribution?

 

Yes.  When you are eligible for distribution by may either elect a lump sum distribution of your Account Balance or you may elect to have your Account Balance converted to a monthly benefits and paid for the remainder of your life.