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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.

 
Home  Retirement Savings Plan

Retirement Savings Plan (RSP) - Voluntary Employee Contributions

You may make voluntary employee contributions to the Retirement Savings Plan (RSP) of 1% to 50% of your gross pay for each pay period through authorized payroll deductions.  A separate employee contribution account will be maintained for you.

If you are working under one of the NECA Constructions bargaining agreements or one of the many NECA Industry Support bargaining agreements, you will be eligible to make 401(k) voluntary contributions Pre-Tax during the first pay period beginning on or after Beginning July 1, 2020.  If you are working under another bargaining agreement or under a special agreement that makes employer contributions to this plan, you are eligibility will depend on whether your employer has taken action to permit these Pre-Tax voluntary contributions.

You must notify your employer in writing through the Voluntary Employee Contributions Election Form to start making voluntary contributions, or to change the percentage rate of your contributions, or to discontinue your contributions.

401(k) voluntary Pre-Tax contributions are tax deductible.  401(k) voluntary pre-tax contributions are made in the same manner as the After-Tax contributions, and are always vested and separated from your After-Tax voluntary contributions.  You may withdraw funds from your Pre-Tax employee contributions account after you terminate employment from a contributing employer.

 

Voluntary After-Tax Contributions

Voluntary After-Tax contributions are not tax deductible.  The earnings that accumulate on your voluntary After-Tax contributions will be tax deferred - no taxes will be due until you withdraw the earnings.  You may withdraw funds from your After-Tax employee contribution account twice per calendar year.   The minimum amount that may be withdrawn is $200.

 When you make a withdrawal from your employee After-tax contribution account, you cannot elect to remove all of the contributions and leave only the earnings.  A portion of the total dollar amount you choose to withdraw will be voluntary contributions and the remaining part will be associated earnings.  Withdrawal of earnings is taxable income and subject to federal income tax withholding of 20%.  No federal income tax will be due on the voluntary contributions you withdraw. 

 

Summary of Material Modifications

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

 

IMPORTANT, PLEASE NOTE:

 The notification to start a payroll deduction for Voluntary Employee Contributions must be given to your employer. If you change employers; you need to notify your new employer immediately that you wish Voluntary Employee Contributions to be made to the Plan on your behalf by completing a new form.  If you donít notify your new employer, no Voluntary Employee Contributions will be made.

Advance notice is required to start the contribution, change the percentage rate, or discontinue the Employee Contribution.  Contact your employer to determine when you must submit your notice to make your election effective for a pay period.  You are responsible for notifying your employer if the correct amount is not being deducted from your pay.

There is some possibility that your maximum voluntary contributions will be less than your election because of limits under federal law.  We will advise you if this applies to you.

You beneficiary previously designated by you and indicated on the Enrollment Form for the Retirement savings Plan will be the beneficiary for both Employer and Employee Contributions Accounts.

 

 
 

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