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Retirement Savings Plan (RSP)
The 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 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.
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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