What You Need to Know

The Annuity Fund helps you build a solid financial future. The plan is designed to help supplement retirement income provided by Social Security and any personal retirement savings you may have.

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.

Check your annual statements to track your Annuity Fund and retirement benefits!

Each year, you’ll receive an Annuity Fund statement showing the balance of your Individual Account as of the last valuation date (December 31).

In 2022 and each year after that, you’ll also receive a retirement income planning statement that will estimate your retirement income from the Annuity Fund, the Pension Fund (if you’re eligible to participate), and Social Security, at various retirement ages.

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

Payment options if you are married when you retire
  • 50% Joint and Survivor Benefit is the automatic form of payment if you are married when you apply for your Annuity Fund benefits.
  • Qualified Optional Survivor Annuity, which provides 75% of your benefit to your spouse when you die.

You can select an optional form of payment (see below) if you get your spouse’s notarized consent.

Payment options if you are single when you retire

A Straight Life Annuity is the automatic form of payment if you are single at retirement. However, you can elect any of the optional forms of payment (see below).

Optional forms of payment
  • Lump Sum: If you choose the lump sum option, your benefit will be subject to applicable income taxes. You can avoid current income taxes if you roll over your benefit into another eligible employer plan or an Individual Retirement Account (IRA) within 60 days of receiving your distribution.
  • 60 Guaranteed Monthly Payments: The amount in your Individual Account will be divided so that you will receive an equal monthly amount for 60 months. If you die before 60 payments are made, your beneficiary will receive the remaining payments.
  • Automatic Cash-Out of Benefit: If the value of your Individual Account is $5,000 or less at retirement, you will receive the total amount as a lump sum.
You must start receiving your Annuity Fund benefit payments by April 1 of the calendar year following the year in which you reach age 70½.

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.

Deferring Income Taxes on Your Distribution

Ask the Fund Administrator for information about your options to defer or reduce required income taxes on your distribution (for example, rolling over your distribution to an Individual Retirement Account—an IRA).


Call the Fund Office if you have questions about the plan or if you are ready to retire and want to apply for your benefit.

Fund Office
200 Midway Road
Cranston, RI 02920