Annuity

Enrollment and Eligibility

You are automatically eligible to participate in the plan, based on the terms of your employer’s collective bargaining agreement with the union.

Your Individual Account

When you’re eligible to participate in the plan, an Individual Account will be established for you. You don’t contribute anything.

Your employer will make contributions to your Individual Account on your behalf, according to the terms of your collective bargaining agreement or other applicable agreement. See the Annuity Fund Summary Plan Description (SPD).

How the Plan Works

• Your employer contributes money to your Individual Account for each hour you work in covered employment.
• The money in your account is invested by professional investment managers at the direction of the Trustees. Investments are designed to grow tax-deferred until you retire or leave covered employment.
• The Fund’s investment goal is to obtain a competitive rate of return while safeguarding the value of the Fund’s assets. The value of your Individual Account at any time reflects any changes in the total value of the Fund’s holdings.
• The final amount in your Individual Account reflects the total of employer contributions and the Fund’s investment gains and losses minus Fund administration expenses.

Determining Your Benefit

Your Annuity Plan benefit can grow based on the Fund’s investments. However, the value of these investments changes over time.

At retirement, your benefit will be equal to:

• The value of your Individual Account as of the last valuation date (generally, December 31)
• Plus any contributions your employer has made since the last valuation date
• Minus any distributions or withdrawals you’ve made during the year
• Plus or minus any interest gains or losses from January 1 of the year you apply for a benefit to the date you submit your benefit application form
• Minus Fund administration expenses.

Designate a Beneficiary!

Having a beneficiary designation on file with the Fund Office ensures your account balance will go to the person you want to receive your benefit when you die.

• If you’re married, your spouse is automatically your beneficiary unless they waive their beneficiary rights in writing and the waiver is witnessed and affirmed by a Notary Public or Fund representative.
• If you’re not married, call the Fund Office for a beneficiary card. Complete and return it to the Fund Office as soon as possible.

You can update your beneficiary on file anytime. See the Annuity Fund SPD for plan rules on how benefits are distributed if you don’t name a beneficiary.

Accessing Your Money

Applying for Benefits

• Contact the Fund Office to request an application: 401-942-8690.
• Apply for your benefit at least 30 days before the date you want your Annuity Fund benefit to start (but not more than 90 days before your Annuity Fund benefit start date).

Benefits may begin before the 30-day benefit start period ends if you and your spouse provide the necessary consent.

Receiving Your Distribution Before Retirement

You are eligible to receive some or all of your Individual Account balance if your employment with a participating employer ends but you have not yet retired. To qualify, your employer must not have made any contributions to your Individual Account for at least six consecutive calendar months.

Distributions from your account are subject to a mandatory federal 20% income tax withholding. If you are under age 59½ when you receive your distribution, your distribution may be subject to an additional 10% tax.