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The Iron Workers District Council of Southern Ohio Annuity
Trust (the Annuity Plan or Plan) is designed to supplement
your other retirement benefits. The benefits described in
this booklet apply to Plan participants as of January 1, 2006.
If you left covered employment before January 1, 2006, your
benefits may be different.
When you become a participant in the Annuity Plan, 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 individual
account. Your individual account balance includes employer
contributions made on your behalf and earnings and/or losses.
The expenses of operating the Annuity Plan are substracted
from the individual accounts.
Since your investiment needs are unique, you choose how to
invest the employer contributions made to the Annuity Plan
on your behalf. With some investment knowledge and the flexibility
to choose among the Annuity Plan investment optinos you can
help build the retirement nest egg you'll need.
Please take time to review the Summary Plan Description.
If you are married, share the information with your spouse.
Contact the Annuity Trust Office at (937) 454-1744 or (800)
331-4277 if you have any questions about your benefits.
Your rights are governed by the Annuity Plan document,
as amended from time to time. If any inconsistencies exist
between this web site and the Plan document, the provisions
of the Plan document, as they may be amended from time to
time, will prevail. The Trustees reserve the right to amend,
modify, or terminate the Plan at any time.
ANNUITY PLAN HIGHLIGHTS
The information below highlights some of the features of the Annuity Plan. More
detailed information is provided Annuity SPD.
Becoming A Participant
- You become a participant as of the first day of the Plan year in which you work at least one hour of work in covered employment for an employer that contributes to the Plan on your behalf under a collective bargaining agreement.
- 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 access the money in your individual account.
Your Individual Account
- When you first become a participant, an individual account is established in your name.
- You determine how your Annuity Plan individual account is invested in increments of 1%.
- You may change how your individual account is invested monthly by notifying Putnam Investments.
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- If you do not designate how you want your individual account invested, your individual account balance will be invested in a default fund or funds designated by the Board of Trustees.
- The value of your individual account is updated each business day that the New York Stock Exchange (NYSE) is open.
- Your individual account balance reflects contributions made on your behalf, investment earnings and/or losses, any distributions made from your individual account, and administrative expenses.
- Each quarter you will receive a statement showing the balance of your individual account.
- The Annuity Plan also offers a loan program. Click here to download an Annuity Loan Form
Eligibility For Benefits
In general, you become eligible for benefits when you:
- Become totally disabled;
- Retire; or
- Leave covered employment. You are considered to have left covered employment if employer contributions have not been made to the Fund on your behalf for at least 12-consecutive months.
Choosing How Your Benefit Is Paid
The Annuity Plan offers the following forms of payment:
- Single-life annuity;
- 50% husband--and wife annuity;
- Fixed monthly payments (up to 120 months);
- Lump-sum payment; or
- A lump-sum payment and fixed monthly payments.
In The Event Of Your Death
If you die before payment of your Annuity Plan benefits begin, your account balance will be paid to your.
- Surviving spouse (if you are married) as a preretirement survivor annuity benefit; or
- Designated beneficiary (if you are not married) in a lump-sum payment or fixed monthly payments (up to 120 months).
Your surviving spouse or beneficiary may also elect the following optional forms of payment:
- Fixed monthly payments (up to 120 months);
- Lump-sum payment; or
- A lump-sum payment and fixed monthly payments.
If you die after payment of your Annuity Plan benefits begin:
- If you were married and receiving a 50% husband--and-wife annuity, your spouse will receive 50% of the monthly benefit you were receiving, payable for his or her life.
- If you were receiving fixed monthly payments, your surviving spouse or designated beneficiary will receive the remaining monthly payments (if any).
- If you received your benefit as a lump-sum payment or single-life annuity, or all fixed monthly payments have been made, no further benefits are payable.
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