401(k) Plan FAQs

You may contact Empower at (877) JIB-401K or (877) 542-4015, 24 hours a day, 7 days a week to obtain account balance information, to change investment funds, or to request a distribution or loan. Remember to have your PIN number available when you call. You may also obtain your account balance online at www.jib.retirepru.com.

Yes, and it varies by year in accordance with IRS regulations. However, if you are fifty years or older, you are eligible to contribute additional “catch-up” amounts up to the maximum contribution. Remember: These amounts do not include any contributions your employer may be required to make.

You may receive your own full account balance when one of the following occurs:

  • You retire;
  • You die (in which case, your named beneficiary will receive the distribution);
  • You become totally or permanently disabled;
  • You terminate employment from and withdraw from the Industry (may be subject to a 10% IRS penalty);
  • You reach age 59½ and apply for a distribution; or
  • You request a “hardship withdrawal,” which is approved by Empower in accordance with the rules of the Plan for the amount needed. Please see pages 31-33 of the Summary Plan Description for more information about hardship withdrawals.

In addition to the events listed above, you may also receive a distribution from your Employer Contribution Account for any one of the following:

  • Supplementary Unemployment Benefits
  • Supplementary Workers’ Compensation Benefits
  • Supplementary Disability Benefits
  • Supplementary Economic Assistance Benefits (medical or dental expenses not covered by insurance and Long-Term Care, Medicare Part B and COBRA premiums)
  • Supplementary Financial Assistance Benefits (delinquent rent and mortgage)
  • Vacation and Supplementary Vacation Benefits
  • Holiday Benefits
  • College Tuition Reimbursement
  • Child Care Reimbursement
  • Non-College Private School Tuition
  • Jury Duty Benefits
  • Funeral Leave Benefit
  • Adoption Expenses
  • Wage Replacement/Election Day Benefit
  • Picket Duty Benefit
  • Inclement Weather Benefit
  • Medical Exam Day Benefit

The new benefits are available to participants based on classification and applicable Collective Bargaining Agreement.

The benefits described above will be subject to a 10% IRS penalty if under age 59½.