401(k) Plan

You’re in right away. You are immediately eligible to participate in the Plan upon your date of hire if you work for a participating employer.

You can put your own money in the Plan. Your before-tax contributions are made easy with payroll deductions and are typically based on a percentage of your weekly pay. You may contribute up to the maximum amount allowed by the IRS.

If you will be age 50 or older during the calendar year, you can make additional, before-tax “catch-up” contributions above the maximum amount allowed by the IRS, subject to a separate annual limit. Contact Empower at (877) JIB-401K to learn more about these annual limits.

After-Tax (Roth) Contributions: Contributions are also made with easy payroll deductions and the same maximums apply. You may combine before tax and after tax contributions up to the IRS maximums.

Your employer may add to your account. If your collective bargaining agreement requires employer contributions, you will receive one or both of the following:

• Direct employer contributions
• HRA excess contributions

Your money can grow. The way your account is invested depends on the type of contribution.

For before-tax contributions

• Option A – a ready-mixed portfolio
• Option B – mix your own portfolio

For employer contributions

There are no elections. Employer contributions are automatically invested in the Plan’s default fund—the JIB Capital Preservation Fund unless your employer account balance exceeded $50,000 on January 1, 2017 in which case a portion of the amount over $50,000 became available to self direct.

You can put money from a prior plan in this one. The Plan accepts rollovers of before-tax contributions from other qualified plans and traditional IRAs. Contact Empower at (877) JIB-401K for rollover forms and instructions.

It’s always yours. You are always 100% vested in the value of your before-tax contributions, employer contributions and any rollover contributions to your account (subject to gains or losses).

You can change your mind. You may increase or decrease your contributions once a quarter. To do so, obtain a form from your employer and return the form to your employer 30 days in advance of the quarter you’d like the change to occur.

You can borrow money from your account if you need to. You can borrow against your entire account balance up to the lesser of 50% of your vested balance, or $50,000 less your highest outstanding loan balance from the previous 12 months.

Under certain circumstances and with the approval of the Joint Industry Board, you may make a withdrawal from employer contributions while in active employment. To request a form and for more information, contact the Joint Industry Board.

You collect when you’re ready. Your vested account balance, minus any outstanding loan balances, will be available to you or your beneficiary upon:

• Retirement
• Total disability
• Death
• Termination of employment
• There is a separate five year Roth anniversary participation requirement to withdraw any Roth balance.

If the vested value is greater than $1,000, you may defer distribution until the April 1 following the year in which you reach age 70½ or until you retire, whichever is later.