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

Retirement Savings Fund Highlights

The information below highlights some of the features of the Retirement Savings Fund. Detailed information is provided later in the booklet.

Becoming a Participant

  • You become a participant on the first day on which you earn one Hour of Service in covered employment.
  • You are always 100% vested in, or entitled to, the money in your individual account. However, you need to meet certain eligibility requirements before you are able to withdraw the money in your account.

Your Retirement Savings Account

  • When you first become a participant, an individual Retirement Savings Fund account is established in your name.
  • This is a participant-directed Retirement Savings Fund, so you can choose how your Employer contributions will be invested.
  • You may change how your account is invested via the telephone or internet.
  • The value of your account is updated each business day that the New York Stock Exchange (NYSE) is open.
  • If you do not designate how you want your account invested, your entire account balance will be invested in the default fund designated by the Board of Trustees.
  • Your account balance reflects contributions made on your behalf, investment earnings and/or losses and Retirement Savings Fund administrative expenses.
  • Four times a year you will receive a statement showing the balance of your account. You can access your account balance at any time by calling 877-PRU-2100 (877-778-2100) or going online to www.prudential.com/online/retirement.

Eligibility for Benefits

In general, you become eligible for benefits when you:

  • Stop employment or self-employment as an electrician on or after age 55 and complete an application for benefits; or
  • Stop employment or self-employment as an electrician in the construction industry in the geographic jurisdiction of the Union for at least 12 consecutive months; or
  • Die; or
  • Become totally and permanently Disabled; or
  • Reach age 70 1/2 as of April 1 of the next calendar year (72 if you turned 70 1/2 after December 31, 2019), even if you are still working in covered employment.

Choosing How Your Retirement Savings Fund Benefit Is Paid

The Retirement Savings Fund offers the following forms of payment:

  • Lump-Sum Payment; or
  • Equal Monthly Installments;

In the Event of Your Death

If you die before payment of your Retirement Savings Fund benefits begin:

  • If you are legally married at the time of your death, the benefit will be paid to your spouse as a Lump-Sum Payment.
  • If you are not legally married at the time of your death, or you are legally married and your surviving spouse consents in writing to a designated beneficiary then your benefit will be paid to your beneficiary as a Lump-Sum Payment.