Annuity

Summary Plan Description Table of Contents

  1. Introduction
  2. Retirement Savings Fund Highlights
  3. Contact Information
  4. Beginning Work
  5. Your Retirement Savings Fund Account
  6. Payment of Benefits
  7. In-Service Distribution
  8. Loans
  9. Tax Information
  10. Applying for Benefits
  11. Administrative Facts
  12. Your ERISA Rights

Beginning Work

Becoming a Participant

You become a participant on the first day on which you earn an Hour of Service in covered employment. Participation begins automatically; you do not need to complete any enrollment forms. However, it is important to designate a beneficiary (see below) and be sure to notify the Fund Office if your address changes.

Covered employment means employment for which your Employer is required to contribute to the Retirement Savings Fund on your behalf.

Vesting

You are always 100% vested in, or entitled to, the money in your individual account. See page 8 for information about when you become eligible to access the money in your account.

Naming a Beneficiary

When your participation begins, you need to complete a beneficiary designation form. You may name one or more beneficiary(ies) who will receive your Plan individual account balance in the event of your death.

To change or update your beneficiary information, you need to fill out a beneficiary designation form. If you need a copy of this form, contact the Fund Office at 630-393-1701, prompt #3. You can also change or update your beneficiary information on our website (www.ibew701fbo.com).

Spouse means the individual to whom the Participant is lawfully married under any state law or the laws of a foreign jurisdiction. Effective June 26, 2013, this includes the marriage of individuals of the same gender who are legally married in any state or foreign jurisdiction that recognizes same gender marriages, even if the individuals are domiciled in a state that does not recognize the validity of same gender marriages. A former Spouse will be treated as the Spouse to the extent provided under the terms of a Qualified Domestic Relations Order pursuant to Internal Revenue Code Section 4l4(p). A domestic partner or individuals in civil unions will not be considered a Spouse.

If you’re legally married in any state or foreign jurisdiction, including to a samegender spouse, your spouse will automatically be your beneficiary unless you revoke your election, your spouse automatically becomes your beneficiary once again

If you should die without a valid beneficiary designation, payments will be made, in the following order, to your:

  • Surviving spouse, if any; or
  • Dependent children, in equal shares to each dependent child, if any; or
  • Surviving non-dependent children in equal shares to each child, if any; or
  • Surviving parents (or parent) in equal shares, if any; or
  • Your estate.

For a beneficiary designation to be effective, it must be completed correctly and on file with the Fund Office at the time of your death. You may change your beneficiary designation at any time. In order to obtain the necessary forms, contact the Fund Office at 630-393-1701, prompt #3. You can also change or update your beneficiary information on our website (www.ibew701fbo.com).