Qualified Savings Plan Trust
The Qualified Savings Plan Trust is a supplemental retirement fund for members working in Local 841. Contractors pay in at a specified rate on hours worked by the members and the money is then invested. The objective of instituting this Fund was to provide an additional retirement benefit for members.
The Fund is administered locally and is governed by a Board of Trustees with equal representation from the employer and employee sides. When members become eligible for withdrawing their accounts, they have the option of taking a lump sum or rolling the funds into their own individual retirement accounts.
The Local Union is trying very hard to ensure that the members are able to enjoy retirement and maintain a decent standard of living without worry about their retirement income.