Because the Annuity Plan is designed to provide retirement income, certain rules apply when you become eligible to receive the money in your account.

Eligibility for Payment of Benefits

You are eligible to receive your Annuity Plan benefit when you:

  • Become totally disabled,
  • Retire, or
  • Have no contributions paid to the Fund on our behalf during a six-consecutive-month period.

Disability

If you become “totally disabled,” you will be eligible to receive a benefit from the Annuity Plan. You are considered totally disabled if you:

  • Have a physical or mental condition that prohibits you from performing any employment; and
  • Are eligible for a Social Security disability benefit. You must provide proof of your Social Security disability benefit award.

Retirement

You are eligible to receive a benefit from the Annuity Plan when you retire.

The normal retirement date is age 62. Payment may be deferred until no later than April 1 following the calendar year in which you reach age 70½.

If You Leave Employment Before You Retire

You are eligible to receive a benefit from the Annuity Plan if:

  • Contributions have not been paid to the Fund on your behalf within a six-consecutive-month period by a Contributing Employer,
  • You provide proof that contributions have not been paid to the Fund on your behalf during this six-month period, and
  • You file a claim for benefits.

Benefit payments generally begin as of your normal retirement date (generally age 62). However, no payment can begin before the Trustees are able to locate you, your heirs or your legal representative.

If you are eligible to receive an early distribution from the Annuity Plan and are under age 59½ when you withdraw your account balance, your withdrawal will be subject to a 20% withholding tax and an additional early withdrawal tax penalty of 10% (required by law).

In addition, if no contributions have been made on your behalf by a Contributing Employer for six consecutive months and the value of your account is $1,000 or less, the Trustees may distribute your account to you as a lump-sum payment.