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701 E. Tudor
Suite 200
Anchorage, AK 99503

 

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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Retirement Savings Plan (RSP)

T
he RSP 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. 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.

 

Voluntary Pre/After-tax Contributions

Beginning July 2020, If you are working under a NECA Construction bargaining agreements or a NECA Industry Support bargaining agreement that matches any changes made to the Construction agreements, you may make Pre-tax in addition to After-tax voluntary employee contributions of 1% to 50% of your gross wages to the Retirement Savings Plan (RSP)

If you are working under another bargaining agreements or under a special agreement that makes employer contributions to this plan, your eligibility will depend  on whether your employer has taken action to permit these Pre-tax contributions.  Contact the fund office to find out if your employer has submitted a ratified agreement or letter of understanding that includes 401 (k) Pre-tax contributions.

To modify or start making Pre-tax and/or After-tax voluntary contributions, you must notify your employer in writing through the Voluntary Employee Contributions Election Form

 

 

To learn more, please see the following Summary of Material Modifications

Summary of Material Modifications are mailed to all plan participants when a material change is made to the Plan.

 

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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