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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.
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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.
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You are always 100% vested in the employer contributions made on your behalf.
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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.
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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.
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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withdrawn.
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You cannot receive loans or hardship distributions from your account.
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