Summary Plan Description Table of Contents
Introduction
The Local No. 701 I.B.E.W. Retirement Savings Fund (the Retirement Savings Fund) is designed to provide you with a source of financial income during retirement.
You become a participant in the Retirement Savings Fund after you earn one Hour of
Service in covered employment in a plan year. After becoming a participant, an “individual account” is established in your name. Employer contributions are made on your behalf to your individual account. You are always 100% vested in, or entitled to, the money in your account. Your account balance includes Employer contributions made on your behalf and investment earnings and/or losses. The expenses of operating the Retirement Savings Fund are subtracted from all individual accounts based on the number of individual accounts maintained by the Plan.
Because your investment needs are unique, you choose how to invest Employer contributions in your account. The Trustees provide investment options with different risk levels to meet participants’ varying investment goals, however, investment results cannot be guaranteed.
Because your investment needs are unique, you decide how to invest your Employer contributions.
In order to access your individual account you can go to www.prudential.com/online/retirement or call 877-PRU-2100 (877-778-2100); Hearing Impaired Service: 877-760-5166.
You can also access information about the Fund and your benefits on our website, www.ibew701fbo.com.
Please take some time to review this booklet. If you’re married, share the information in this booklet with your spouse. If you have any questions about the Retirement Savings Fund, contact the Fund Office at 630-393-1701, prompt #3.
Nothing in this booklet is meant to interpret or change in any way the provisions expressed in the Plan document. If there is a discrepancy between the wording in this Summary Plan Description and the Plan Document, the Plan Document will govern. Only the full Board of Trustees has the discretion and authority to interpret the Retirement Savings Fund described in this booklet. No Employer, Union or any representative of any Employer or Union, in such capacity, is authorized to interpret the Retirement Savings Fund nor can any such person act as agent of the Trustees. The Trustees reserve the right to amend, modify or discontinue all or part of the Retirement Savings Fund whenever, in their judgment, conditions so warrant.