The information below highlights some of the features of the Annuity Plan. More detailed information is provided later in the booklet.

Becoming a Participant

  • You become a participant on the date you complete one hour of service with a Contributing Employer.
  • You are always 100% vested in the money in your individual account. You need to meet certain eligibility requirements before you are able to access the money in your account.

Your Annuity Plan Account

  • When you first become a participant, an individual Annuity Plan account is established in your name.
  • You determine how your Annuity Plan account is invested.
  • You may change how your account is invested as often as daily.
  • If you do not designate how you want your account invested, effective July 1, 2019, your account balance will be invested in the Fidelity Freedom Fund year that ends within five years after you reach age 65.
  • The value of your account is updated at the end of each business day.
  • Your account balance reflects contributions made on your behalf, investment earnings and/or losses, any distributions made from your account, administrative expenses, and rollover contributions (if applicable).
  • Four times a year you will receive a statement for each quarter ending March 31st, June 30th, September 30th and December 31st showing the balance of your account, unless you elect to receive your account statement by e-mail.

Eligibility for Benefits

In general, you become eligible for benefits when you:

  • Become totally disabled and submit a copy of your Social Security Disability Award;
  • Retire;
  • Terminate employment in the Sheet Metal industry. Your employment is considered terminated if no contributions have been paid to the Annuity Fund on your behalf by a Contributing Employer for at least six consecutive months; 
  • Die, or
  • For withdrawals while still actively employed with a Contributing Employer, reach age 59½.

Choosing How Your Benefit is Paid

The Annuity Plan offers the following forms of payment:

  • Joint and 50% contingent survivor annuity (only available to married participants);
  • Joint and 75% contingent survivor annuity (only available to married participants);
  • Single life annuity;
  • Fixed or variable annuity;
  • Installment payments; and
  • Lump-sum payment (includes partial withdrawals and rollovers).

In the Event of Your Death

If you die before payment of your Annuity Plan benefits begin:

  • If the value of your account balance as of the date of your death is $5,000 or less, the benefit will be paid to your beneficiary as a lump-sum payment.
  • If you are married at the time of your death, your spouse may be eligible for a pre-retirement survivor annuity. This benefit is paid as a monthly annuity payable for his or her life, a lump-sum payment, a fixed or variable annuity, or as installment payments.
  • If you are not married at the time of your death, your benefit will be paid to your beneficiary as either a lump-sum payment, a fixed or variable annuity, or as installment payments.

If you die after payment of your Annuity Plan benefits begin, payments, if any, will continue to your surviving spouse or beneficiary under the form of payment you were receiving.