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May I receive benefits from the Annuity Plan prior to retirement, withdrawal from the industry or total disability?
No. You can only receive payment of Annuity benefits from the Plan upon retirement, total withdrawal from the industry or total disability.
How are benefits paid under the Annuity Plan?
Effective August 1, 2007, monthly benefits up to $2,500 are paid from account balances greater than $5,000 at the time of application. Account balances less than $5,000 at the time of application are paid in a single lump-sum. While balances less than $1,000 are paid automatically, you must apply for your distribution if the balance is greater than that amount. In addition, if your account balance is over $20,000, the Plan allows for a one-time lump sum distribution of up to $20,000.
The Annuity Plan provides you with a valuable supplement to other retirement income. All contributions to the Annuity Plan come from your employer, based on the collective bargaining agreement between the Union and your employer, and are automatically credited to your account.
The amount of the benefit paid to you or a beneficiary is determined by the amount of money in your account when you retire, become disabled, terminate employment, or die.
This information provides the highlights of the Annuity Plan. Complete details are available in the Summary Plan Description (PDF, 173K).
Eligibility and Participation |
You are a participant immediately upon the Plan’s receipt of your first employer contribution. Contributions are based on the collective bargaining agreement. |
Employer Contributions |
Your employer makes all contributions. Employer contributions are specified by the collective bargaining agreement and are credited directly to your account. Contribution amounts are based on your job class or length of service and an hourly or daily rate determined by the collective bargaining agreement. Trustees adjust your account twice a year based on the balance on March 31 and September 30, reflecting gains, losses and expenses. |
Vesting |
It’s always all yours. You are always fully vested in your account as of your first day of participation in the Plan. |
Distribution of Your Account |
You can get benefits when you stop working. Your account balance will be available to you or your beneficiary upon:
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Types of Benefits |
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You may retire and begin receiving retirement benefits at the age of 55. The monthly maximum, fixed benefit is $2,500, which is paid until your account is exhausted. |
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Upon termination of employment or permanent disability, you will be entitled to receive up to $2,500 per month until your account is exhausted. If the account balance is $20,000 or less, the account may be payable in a single lump-sum upon request. If your account balance is over $20,000, the Plan allows for a one-time lump sum distribution of up to $20,000. If the balance is $1,000 or less, payment can automatically be made in a lump-sum. |
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If you die before retiring under this Plan, your surviving spouse may be eligible to receive benefit payments of up to $2,500 per month until the account is exhausted, or a monthly annuity for life. |
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In addition to payment from your account balance, your beneficiary may receive a death benefit based on your age and years of continuous participation when contributions were made to the Plan. |
Required Distributions |
IRS requires minimum payments to begin no later than April 1 following the year in which you reach 70½, or the year in which you retire or terminate employment, whichever occurs last. Active participants who had a balance in the Annuity Plan of the Electrical Products Industries prior to October 1, 2001 and attain age 70½ after this date may commence payment the April 1st following their attainment of age 70½, even if employed. |
Plan Name |
Annuity Plan of the Electrical Industry |
Plan Identification Number |
13-6123600 |
Plan Number |
003 |
| Plan Year |
October 1 through September 30 |
Type of Plan |
This Plan is a Defined Contribution Plan. Participants receive a definite amount each month until their account balance is exhausted. |
Plan Administrator |
Joint Industry Board of the Electrical Industry |
