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The information contained on this website is intended to be a summary only.  In case of a difference, actual Plan Provisions will apply.  Always refer to your Summary Plan Description for details.

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Money Purchase

Effective November 15, 2010 the retirement recordkeeping business of Prudential Retirement Services has changed over to the retirement recordkeeping business of Wells Fargo Retirement Plan

 

How It Works    

  • Participating employers contribute for each participant as specified in their collective bargaining or special agreement; 
  • You may voluntarily contribute an additional 1% to 50% of your pay on an after-tax basis through payroll deductions (up to certain federal limits);
  • You choose your investments from a portfolio of professionally managed investment funds; 
  • Your contributions and earnings grow tax-free until you withdraw them from the plan;
  • Youíre always 100% vested. 

Benefits 

T
he benefits you receive are based on the amount your employer has contributed, the amount you have contributed through voluntary payroll deductions or rollover contribution, the investment earnings or losses on your account and administrative expenses charged to your account. Benefits are paid according to the form of payment you (or your beneficiary) elect at:

  • Retirement (you can retire as early as age 48) 
  • Death 
  • Disability 
  • Termination of employment. 

You have several payment (distribution) options: 

  • If your account is $5,000 or less when youíre eligible for payment, lump sum is your only payment option. 
  • If you donít select a payment option and have more than $5,000, youíll receive monthly payments for life (after you die, if youíre married your spouse will receive monthly payments of half the amount you received). 
  • Other payment options include purchase of an annuity, lump sum, cash annuity, annual installments and partial distribution. 

Please note that you must apply for a distribution to initiate payment.  See your Summary Plan Description for more information and a complete list of payment options.
 

Who's Eligible

You participate if your employer is required to contribute to this plan on your behalf according to a:

  • Collective bargaining agreement with Local Union 1547 of the International Brotherhood of Electrical Workers 
  • Special agreement with the Trustees. 

To find out if your employer contributes, contact the Administrative Office.

The information contained on this website is intended to be a summary only.  In case of a difference, actual Plan Provisions will apply.  Always refer to your Summary Plan Description for details.

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