Annuity Starting Date
The first day of the first period for which an amount under the Plan is paid as an annuity or another form of payment.
A person designated to receive any amount payable under this Plan because of a participant’s death.
Collective Bargaining Agreement or Agreement
A written agreement entered into between the Union and the association, or any employers, where the employers are required to make contributions to the Trust Fund and which is written in conformance with language acceptable to the Trustees. This term also includes any amendments, supplements or modifications.
Contributing Employer or Employer
A contributing employer or employer means any employer who is bound by a collective bargaining agreement with the union and agrees to be bound by the Trust agreement, or any employer who is not party to the collective bargaining agreement, but who satisfies the requirements for participation as established by the Trustees.
Payment made from a contributing employer pursuant to this Plan and the Trust agreement, and collective bargaining agreement or other written agreement requiring payments to the Trust Fund.
Hour of Service
- You are paid or entitled to payment by an employer for performance of duties. These hours will be credited to you for the computation period(s) in which the duties are performed; or
- Back pay, regardless of the reason, is either awarded or agreed to by an employer, to the extent that the award or agreement is intended to compensate you for periods you would have been engaged in the performance of duties for the employer. These hours will be credited for the computation period(s) in which the award, agreement, or payment is made.
Any legal reserve life insurance company that issues contracts under the Plan.
Normal Retirement Date
The date you reach age 62.
Six-month Break in Service
A six (6)-consecutive-month period during which no contributions have been paid to the Annuity Fund on your behalf by a contributing employer, beginning on the date you terminate employment. Any Family Medical Leave Act (FMLA) leave granted by your employer will not be counted as a break in service.
Special rules apply for military service. If you serve in the military, you should check with the Fund Office to determine how this affects your benefits.
Sheet Metal Workers’ International Association Local Union No. 73 Annuity Plan.
Each 12-consecutive-month period beginning June 1 and ending May 31.
The legal entity created by execution of the Plan and the Trust agreement, to which employer contributions are made for the purpose of distributing the capital or principal amount of the Trust and income to participants and beneficiaries in accordance with the Plan.
Sheet Metal Workers’ International Association Local Union No. 73.
The date the investment administrator determines the value of an investment vehicle. Valuation dates will occur on dates determined by the investment administrator, but at least on the last business day of a calendar month. Valuation will occur at the end of each such day, according to the investment administrator’s then current procedures.