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Money Purchase Frequently Asked Questions

 

How can I check my account balance?

The Money Purchase Plan has changed from Prudential Retirement Services to Wells Fargo Retirement effective November 15, 2010.

  • http://www.retirement.wellsfargo.com                                       The retirement recordkeeping business of Prudential Retirement Services has changed over to the retirement recordkeeping business of Wells Fargo Retirement Plan.

The link above will guide you to accessing your account through the Wells Fargo Retirement Plan Website and the Retirement Service Center.

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I need some of the money in my account - how do I withdraw it? 

A "withdrawal" from your money purchase account is a distribution.  Please review Initiating a Distribution to see if you meet one of conditions for making a distribution.  If you are eligible for a distribution, call the Pension Department at the Administrative Office and request a distribution form. 

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How often can I withdraw my voluntary contributions from my account?

You may withdraw all or part of your voluntary contributions twice each calendar year, as long as your distribution is $200 or more.  Please keep in mind that you cannot withdraw voluntary contributions only, a portion of the withdrawal will be associated earnings.  The earnings are subject to 20% federal income tax withholding and are also subject to a 10% penalty.

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How do I change my allocation between investment options?

Please read over the below letter that was sent out September 20,2010

Sept-2010: *UPDATE* Notice of Change in Plan Record keeper

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May I borrow or take a loan against my Money Purchase account?

No, the Plan does not permit loans; however, you may withdraw all or part of your account under certain circumstances.  Please review Initiating a Distribution to see if you meet one of conditions for making a distribution. 

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Must the Plan withhold taxes from my distribution?

For withdrawals of voluntary contributions, those earnings associated with the voluntary contributions, if any, must be a portion of the amount withdrawn. The associated earnings are considered taxable and are subject to 20% federal income tax withholding.

Please note that the taxable amount of any lump sum distribution may also be subject to an additional 10% income tax unless the distribution is for one of the following reasons:

  • Your death or disability
  • Your retirement on or after age 55
  • To pay for unreimbursed medical expenses which are deductible from gross income for federal income tax purposes 

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