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Effective June 23, 2008 the retirement recordkeeping business of Union Bank of California will be changing to Prudential Retirement Services

Accessing Your New Account - Creating a User Id and Password

• First you need to register your account and create a password.  You can either register online at www.prudential.com/online/retirement or on the phone by calling 877-PRU-2100 (877-778-2100).  You will be asked to enter your account number - which is your Social Security Number - and then asked to create a User Id and password.  Remember to keep your User Id and password in a safe place and have it available when you use the website or call. 

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;
• You’re always 100% vested. 

Benefits 

The 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 you’re eligible for payment, lump sum is your only payment option. 
• If you don’t select a payment option and have more than $5,000, you’ll receive monthly payments for life (after you die, if you’re 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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