You can select a beneficiary by filing an approved form with the Fund Office. You may change or revoke your beneficiary at any time by filing a new form. To be effective, your form must be received by the plan office during your lifetime.
You can select a beneficiary by filing an approved form with the Fund Office. You may change or revoke your beneficiary at any time by filing a new form. To be effective, your form must be received by the plan office during your lifetime
If you are married, you are subject to some special rules. In general, your spouse must be your beneficiary. If you wish to designate someone else as beneficiary (including a trust for your spouse), your spouse must consent to the different beneficiary. Your spouse’s consent must be in writing and must be notarized or witnessed by a notary public or a plan representative. The only exception is under certain circumstances where the consent cannot be obtained, such as where a spouse cannot be located.
A spouse is a person to whom you are considered married under applicable law including a same-sex spouse to whom the Participant is considered married under the law of the state in which the marriage celebration occurred.
If your marital status changes, you should check to see if a new beneficiary designation should be filed. This should always be done when a single participant gets married.
If you have recently moved, please complete a Change of Address Form and return to the Fund Office.
In the event of divorce, your former spouse may have a right to receive some portion of your Account directly from the Plan. Please contact the Fund Office for more information.
The only form of benefit offered under the Plan is a lump sum payment.
If your Plan Account balance is less than $1,000 at the time of your Termination of Employment, payment automatically will be made to you (or your Beneficiary) in a lump sum, unless you elect to have such amount transferred directly to an eligible retirement plan in accordance with the terms of the Plan. If your vested Account balance is between $1,000 and $7,000 at the time of Termination of Employment, your entire nonforfeitable Account balance will be rolled over to an individual retirement account (“IRA”) in your name as soon as administratively practicable following the Termination of Employment unless you affirmatively elect otherwise.
If your Plan Account balance is automatically rolled over to an IRA selected by the Plan Administrator, such amounts will be invested in a manner designed to preserve principal and provide a reasonable rate of return. Common types of investment vehicles that may be used include money market accounts, certificates of deposit or stable value funds. Reasonable expenses may be charged against the IRA account for expenses associated with the establishment and maintenance of the IRA. Any such expenses will be no greater than similar fees charged for other IRAs maintained by the IRA provider. For further information regarding the automatic rollover requirements, including further information regarding the IRA provider and the applicable fees and expenses associated with the automatic rollover IRA, please contact the Plan Administrator or other designated Plan representative.
If you die, the unpaid balance of your Accounts will be paid in a lump sum to your beneficiary. Please contact the Fund Office for more information.
