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Annuity Plan Frequently Asked Questions |
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- How do I participate in the Annuity Plan?
- What is "Covered Employment"?
- Must I name a beneficiary?
- What if I name a beneficiary other than my spouse?
- What if I enter Military Service?
- Can I get a loan against my annuity plan?
- What if I default on my Annuity Loan?
- How do I apply for benefits under the Annuity Plan?
- What if my application for benefits is denied?
- Do I need to pay taxes on my Annuity Plan?
- How do I participate in the Annuity Plan?
- A. 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 is required to contribute to the Plan on your behalf under a collective bargaining agreement.
- What is "Covered Employment"?
- A. When your employer is obligated to contribute to the Annuity Plan on your behalf, usually as a result of collective bargaining.
- Must I name a beneficiary?
- A. If you do not have a designated beneficiary(ies) at the time of your death, or your beneficiary is not living at the time of your death, benefits will be paid to your:
- Surviving spouse; or if none,
- Surviving children, or if none,
- Surviving parents, or if none,
- Siblings, or if none,
- Estate.
- What if I name a beneficiary other than my spouse?
- A. If you are married and wish to designate a person other than your spouse as your beneficiary, your spouse must consent to the designation in writing in the presence of a notary public or designated Plan representative.
- What if I enter Military Service?
- A. If you enter qualified military service, you will receive employer contributions in your individual account upon your return to employment with a contributing employer, if you meet the Plan's and USERRA's requirements.
- Can I get a loan against my annuity plan?
- A. You can take a loan from your account if you have had an account balance for at least three years. For a loan application, contact the Annuity Trust Office. You may borrow from $250 up to the lesser of $50,000 or 50% of the amount of your account as of the last valuation date. You can download the loan package from the Annuity Forms page.
- What if I default on my Annuity Loan?
- A. The rules have recently been changed, please contact our office if you have questions.
Email us at annuity@ironworkerssov.org, or
call 937-454-1744 or toll free 800-331-4277, and ask for the Annuity representative.
- How do I apply for benefits under the Annuity Plan?
- A. When you retire or leave covered employment, you should request an application for a claim for benefits from the Annuity Trust Office. In the event of your death. your spouse or beneficiary should apply for benefits.
- What if my application for benefits is denied?
- A. If your application for benefits is denied, in whole or in part, the Annuity Trust Office will provide you with a written notice that will include the specific reason(s) for the denial. You or your authorized representative may file a written appeal with the Annuity Trust Office no later than 60 days after you receive notice that your application for benefits has been denied (180 days for disability claims). You also have a right to review pertinent documents and to submit comments in writing.
- Do I need to pay taxes on my Annuity Plan?
- A. How your benefit is taxed depends on how and when you receive your distribution from the Annuity Plan. Before the Plan makes a taxable payment to you or your beneficiary, the Plan will provide you with a tax notice. This notice explains the tax rules that apply to distributions from the Plan. To determine what may be the best way for you to receive payment of your individual account and the tax consequences of the benefits you receive, it's a good idea to consult a qualified tax advisor.
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