Changes to the Annuity Plan
December 2006: Annuity Plan changes, effective February
1, 2006, in the "no contributions for one-year"
rule for retired participants.
Please read the full text of the Update below:
December 2006
Dear Participant & Retiree:
At the September Trustee's meeting, the Trustees decided
to eliminate the "no contributions for one-year"
rule for retired participants. Basically, this rule required
a retired participant to wait 12-consecutive months during
which no contributions were made (or were required to be made)
on the participant's behalf before he/she is allowed to receive
a distribution from the Iron Workers District Council of Southern
Ohio & Vicinity Annuity Fund (the "Fund").
Effective February 1, 2006, a retired participant may receive
his/her distribution from the Fund at any time after meeting
the requirements for retirement.
Example: John Jackson retired and began receiving his monthly
pension under the Iron Workers District Council of Southern
Ohio & Vicinity Pension Fund. John returned to covered
employment, met the eligibility requirements for participation,
and subsequently re-retired.
Prior to February 1, 2006, John would not have been able
to receive a distribution under the Fund until 12-consecutive
months after his re-retirement date.
Effective February 1, 2006, John may receive his distribution
at any time after his initial retirement or his re-retirement
date, since he no longer has to meet the no contributions
for one-year rule.
If you have questions about this announcement or your pension
benefits in general, we encourage you to contact the Fund
Office.
Sincerely,
Board of Trustees
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