Reduced early retirement benefits can commence at age 55 with at least 10 years of credited service. Unreduced benefits are payable at the attainment of Normal Retirement Age (age 62 with 10 years of credited service).

The Plan offers a single life annuity, and joint & survivor annuity options with the survivor percentage at 50%, 66-2/3%, 75% and 100% (note: the higher the survivor percentage, the lower the participant monthly benefit). Please refer to your plan’s Summary Plan Description for details.

You can change your form of benefit at any time during the retirement processing period. Once you begin receiving monthly defined benefit plan payments, you cannot change your form of benefit.

You cannot work any Industry service until normal retirement age, and only up to 40 hours per month after normal retirement age, and still receive your pension benefits. These suspension rules do not apply after you attain age 70 1/2.

Benefit checks are mailed two days before the first of the benefit month. Direct deposits are made on the first of the benefit month.

Yes, pension benefits are taxable.

Yes, Allied Fund Administrators must receive your request by the 15th of the month for the change to be reflected in the following month’s payment. Changes must be in writing. Print and complete a Change of Withholding form and mail to Health Services & Benefit Administrators.

Changes of address must be in writing. Print and complete a Change of Information form and mail to Health Services & Benefit Administrators.

Annual statements for the Defined Benefit Plan are mailed approximately four months after the end of the plan year. Quarterly statements for the Defined Contribution Plan are mailed approximately three months after the end of each quarter.

If you have a vested interest in the Defined Benefit Pension Plan and you are married, your spouse is entitled to the Qualified Pre-retirement Survivor Annuity. The benefits your spouse would receive would be the same as if you had elected a Joint & 100% Survivor annuity on the day after you died. Death benefits are also payable to the beneficiaries of vested unmarried participants. Under the Defined Contribution Plan, your account balance would be payable to your spouse or other named beneficiary upon your death.

There is now a hardship provision under the Defined Contribution Plan. If you are experiencing a financial hardship that is immediate and heavy and cannot be met from other reasonably available resources, and the hardship has been caused by a specific situation, you may qualify to withdraw up to 50% of your vested interest in funds that have been in the account for at least two years.  You may not withdraw more than $20,000 net per hardship distribution and you may not take more than one hardship distribution in any 12-month period.  Generally, the financial need must be due to:

• Unreimbursed medical bills for the participant, spouse or dependent;
• Costs of post-secondary education for the participant, spouse or dependent;
• The cost of preventing eviction or foreclosure on the employee’s principal residence;
• The cost of any other demonstrated bill which causes the employee, the employee’s spouse or dependents present or impending want or privation;
• Burial or funeral expenses for the employee’s eligible spouse or dependent.

The amount available for a hardship distribution is limited, and the amount requested may not be greater than the amount necessary to relieve the financial need. To determine if you qualify for a hardship distribution, you must complete the Hardship Withdrawal Application and Election Forms, and return them to Health Services & Benefit Administrators along with your proof of hardship.

You can also authorize the Health & Welfare Plan to accept an automatic deduction from your hardship distribution for payment for health & welfare coverage for up to three consecutive months. The following are the requirements to have your authorization qualify as payment to the Health & Welfare Plan:

• You must be eligible for a hardship distribution from the Defined Contribution Plan within three months from the time you lose coverage;
• You must complete and sign both an Authorization for Automatic Deduction for Health & Welfare Plan and the Hardship Withdrawal Application and Election Forms; and
• Your requested hardship distribution must be sufficient to cover the cost of the Health & Welfare Plan payments.

You may revoke this authorization at any time.

A participant is entitled to a distribution of his account under the following circumstances: (1) upon Normal or Early Retirement from the Defined Benefit Pension Plan, (2) upon Disability, or (3) upon the completion of six Plan Years that he/she has not been employed in work covered under the collective bargaining agreements of Plasterers 66.

No loans are allowed from either the Defined Benefit or Defined Contribution Plan.

At the time of retirement, you indicate your beneficiary on your retirement application. For all married participants, the spouse is the beneficiary unless he/she has consented to another beneficiary. This consent must be certified by a notary public. Unmarried participants can change their beneficiary at any time by completing the Change of Beneficiary Designation Form and returning it to Health Services & Benefit Administrators. Married participants must also obtain the written and notarized consent of spouse in order to change beneficiaries. The Plans have an order of succession if no beneficiary is indicated: spouse, children, parents, brothers and sisters, estate.