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·        The Qualified Savings Plan is a defined contribution profit sharing retirement plan funded by pre-tax contributions from employers according to the terms of a collective bargaining agreement.  

·        Union employers contribute 100% of the contributions to the Plan, based on hourly rates negotiated with Local 841 for hours you work as an operator within Local 841 jurisdiction.  You may not contribute directly to the Plan.

·        You are always 100% vested in the employer contributions made on your behalf. 

·        A separate account is maintained for each Participant.  Accounts are invested as a pooled Fund according to investment policies determined and monitored by the Trustees.  Your account will be increased (or decreased) as of the last day of each Plan Year (and any other dates determined by the Trustees) by your share of the Trust Fund’s net earnings (or losses) for that Plan Year. The Plan Year currently ends as of June 30 each year.

·        Qualified Savings benefits are provided in lump sum distributions or direct rollovers and are separate from monthly pension benefits you may be entitled to under other Plans.

·        Your Qualified Savings account is not a vacation fund, a bank savings account or a 401(k) plan.  Because it is intended to be a retirement fund, the IRS places restrictions on when your account balance can be withdrawn.

·        You cannot receive loans or hardship distributions from your account. 


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