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General Glossary of Terms |
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The following are commonly used terms in relation to the
Benefit, Pension, and Annuity Plan.
If you have additional questions, please contact the Plan Administrator.
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| Administrator |
The Iron Workers District Council of Southern Ohio
and Vicinity Benefits Trust, Pension Trust, Annuity Trust. The Administrator co-ordinates enrollment
into the Plans, processes claims, and
answers all Member questions regarding the Trust Plans.
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| Annuity |
Pension income purchased from a life insurance company.
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| Beneficiary |
The person(s)/Estate that you designate to receive Life Insurance,
Accident Insurance and/or Pension benefits upon your death.
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| Pension Benefits |
The income that you will receive at retirement.
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| Self- Pay |
Mechanism that allows members to pay monthly premiums out of their pocket and continue to
participate in the Benefits Plan.
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| Social Security |
Government provided Pension payable to all US citizens
from age 65 based on your years of work experience in
the US, and subject to clawback if your retirement income
after age 65 exceeds a certain level.
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| Weekly Indemnity |
A benefit that pays a specific amount per week for up to
26 weeks if you are unable to work due to sickness or accident.
See Weekly Indemnity for details on this benefit.
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