Money Purchase Plan Frequently Asked Questions



How will I become a Participant?


You will become a Participant as of the first Hour of Work is remitted by an Employer who is obligated under a Collective Bargaining Agreement to make contribution to the Annuity Fund on your behalf.



What is the Plan Year?


The Plan Year is any 12-month period beginning January 1st and ending December 31th.



How do I become entitled to Benefits?


You are 100% vested in your Account Balance at all times.



What is vesting?


Vesting means 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 having less than 241 Hours of Work remitted during a period of 6 consecutive months 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