• 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 Because it is intended to be a retirement fund, the IRS places restrictions on when your account balance can be withdrawn.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.

Your account can be paid to you (usually in a lump sum), or through a direct rollover to another qualifying plan, after you meet the eligibility requirements of the Plan. In general, you become eligible to withdraw your retirement account from the Qualified Savings Plan in one of the following ways:

1. Normal Retirement — You attain the age of 59½.
2. Disability — You incur total and permanent disability and have received a letter from Social Security Disability stating that you have been awarded disability benefits.
3. Termination — You have had no employer contributions made on your behalf to the Plan for a period of 36 consecutive months prior to application and continuing throughout the time between the date the application is submitted and the date the distribution occurs. If contributions are received at any time during the application review period before your benefit is paid, you will not be eligible to receive a termination benefit distribution at that time.

• Your Qualified Savings benefit is payable to your Beneficiaries in the event of your death.
• Certain Qualified Savings benefits may require a mandatory distribution under certain circumstances. The Fund office would notify you if your benefit account would require a mandatory distribution under Plan rules. See When Do I Have to Take Out My Qualified Savings? for information on mandatory distributions.
• Plan rules do not allow benefit distributions for any other reasons, except for certain authorized transfers of contributions to another local’s qualified plan.

You may receive your distribution in one of the following ways:

• Lump Sum — Your entire balance paid to you in one lump sum payment, subject to 20% mandatory federal income tax withholding.
• Partial Distribution — Part of your balance paid to you (must be over $5,000), subject to mandatory 20% federal income tax withholding.
  Note: A partial distribution may only be taken once within a 12-month period.
• Direct Rollover* — Your entire balance directly rolled over to a designated IRA or qualified plan.
• Partial Rollover* — Part of your balance directly rolled over to a designated IRA or qualified plan (must be over $5,000) with the remaining balance to be left in the Qualified Savings Plan Fund for future eligible withdrawal.
• Rollover/Lump Sum Split* — Part of your balance paid to you in a lump sum, subject to 20% mandatory federal income tax withholding, and the remaining balance directly rolled over to a designated IRA or qualified plan.

*The Fund requires a Letter Of Acceptance from the receiving custodian for all direct rollovers. If you are considering making a rollover, please inform your financial advisor that a Letter of Acceptance will be needed.

• Beginning January 1, 2023, the Plan is required to distribute your entire retirement account to you by the time you reach age 73, regardless of whether you are currently working or if you are retired and did not take a full distribution of your retirement account.  If you continue to work after age 73, the Fund will distribute your entire account balance to you annually. If you reached age 70 1/2 before January 1, 2021, you will continue receiving annual distributions of any contributions received to your account. The Qualified Savings Plan does not make Required Minimum Distributions (RMDs).
• The Plan is required to distribute accounts with balances under $500 that have received no contributions for at least 3 years.
• The Fund office will contact Participants before making mandatory distributions from their accounts.

When you become eligible under Plan rules, you may apply for a distribution from your Qualified Savings Account by submitting a completed Application for Benefit Distribution, with additional documentation if required, to the Fund office.

• You may contact the Fund office to have an Application packet mailed to you.
• You may come to the Fund office to get an Application packet.  The staff can assist you with the completion of your Application.   There are no fees for staff to notarize your documents.
• You may download a fillable, printable PDF version of the Application for Benefits with Special Tax Notices regarding benefit distributions here or from the Qualified Savings Plan Webpage.
• You must submit an original, signed and notarized Application by mail or in person.  Applications submitted by fax or email cannot be used to process a benefit distribution.
• Note:  If you are married, your spouse’s notarized signature is also required on the Application.
• Please review the Special Tax notices before applying for your Qualified Savings Plan benefit.
• Contact the Fund office for further information about benefit distributions.

• The Fund office will not usually contact you before your payment date unless there is a question or an issue with your application that must be resolved. It generally takes 4 to 8 weeks (longer if you submit your application between May 26 and July 25) for you to receive your distribution payment, depending on when your Application is received by the Fund office.
• The Fund office will review your Application for Benefit Distribution for eligibility and proper completion.  We will contact you if we have any questions about your Application.
• The Fund may request additional documentation (e.g., disability letter, death certificate, birth certificates, letters of acceptance, etc.,) in support of certain benefit claims, which must be submitted to the Fund before the Application can be processed for benefit distribution.

• Generally, applications received by the 25th of the current month and approved will be paid on the 25th of the following month. (Exception: Applications received between May 26th and July 25th will be paid in August; no benefit distributions are made in July due to the annual Fund audit.)
• Distribution checks are generally placed in the U.S. Postal Service mail the evening of the business day prior to the 25th of the month.  The Fund does not make direct deposits.
• If you are requesting a direct rollover, the direct rollover check will be mailed directly to the receiving custodian.  You will receive a notice by mail that the direct rollover check has been mailed.

• Contributions made by your employer to the Qualified Savings Plan are pre-tax contributions; taxes will generally be due when you receive your benefit distribution.
• Generally, all lump sum payments over $200 are subject to 20% Federal withholding tax.  The Fund withholds and pays this Federal tax from your benefit before you receive your distribution check.
• If you are requesting a direct rollover to another qualified plan, the Fund does not withhold Federal tax from the direct rollover payment.  (You should check with your tax advisor regarding tax on direct rollovers to a Roth IRA.)
• The Fund does not withhold state or local taxes from your benefit distribution.  You should contact a tax professional for more information about state and local taxes that might affect you.
• The Fund does not withhold any tax penalties that might be imposed under IRS regulations. You should review the Special Tax Notices which are included in the Application materials before applying for your Qualified Savings Benefit.
• You may direct the Fund to withhold additional Federal tax by submitting an IRS Form W-4P with your Application.  Please visit the IRS website at www.irs.gov for more information, or contact the Fund office.
• You will receive a 1099-R tax statement, in January of the year following your distribution date, showing the amount of your distribution and the amount of Federal tax withheld and reported by the Fund.

The Plan’s fiscal year ends June 30, and the annual Fund audit takes several months to complete.  After the audit is completed, the accountants prepare a Summary Annual Report (SAR) to be mailed with the Annual Statements.  The Plan’s Fund office then prints, prepares and mails the statements, SAR and any other notices of changes concerning the Fund to all active Plan Participants.

• The Annual Statement is usually mailed mid to late October.  The Annual Statement you receive in October is the only one you will receive that will show your contributions for an entire fiscal year, as well as your balance and any net investment earnings.
• Participants who work between July and December will also receive a semi-annual statement that is intended only for checking hours worked for that period; these are mailed the following March or April.

When you receive a Statement from the Qualified Savings Plan, you should check the following:

• Make sure your address is current and correct.
• Compare the reported hours to your records (check stubs, time book, etc.) to be sure they have been correctly reported to your account.
• Review any enclosed information about changes to the Plan.
• Review the beneficiary information shown on your Statement.  If you need to add or change your Beneficiary, or if your statement includes a message concerning your beneficiary information, contact the Fund office right away to request a Beneficiary Designation form to ensure that your beneficiary designation on file is valid.
• PLEASE NOTE: If your marital status has changed since your last Beneficiary Designation, your Beneficiary as shown on your statement may be invalid. Any change in your marital status (marriage or divorce) will void the designation on file.
• Beginning in Fall 2022, your Qualified Savings Plan Annual Statement will be required to provide you with information about how your current individual account balance would convert to a monthly income amount at retirement. Please note: The Qualified Savings Plan does not offer an option for monthly benefit payments. This is for illustrative purposes only as required by government regulations. The estimated monthly monthly payments shown on your statement are not a guarantee and are based upon various assumptions set by government regulations and outlined on this statement. Again, this is for illustrative purposes only. The Qualified Savings Plan has not changed its benefit options.

Your designated Beneficiaries, if any, will be listed on your Annual Statement.  Beneficiary Designation forms are available by contacting the Qualified Savings Plan Fund office.

 You must complete and return a new form to add or change your beneficiary designation.

• The Fund office cannot add or change your beneficiaries by phone.
• You must provide complete information for yourself and for all your beneficiaries on the Beneficiary Designation form, including name, social security number, birth date, address, telephone number and percent of benefits designated.
• Submitting a new Beneficiary Designation form will invalidate all prior forms; please include all Beneficiary designations on the new form.  Only the Beneficiaries on the new form will be designated.
• Please be sure your form is signed and dated and that all information has been completed before you submit it.
• If you are married, by law your spouse is your legal Primary Beneficiary – even if you have named someone else as Primary on your Beneficiary Designation form unless your spouse has agreed and signed, with notary witness, in the “Consent of Spouse” section on the Designation form.
• If your form is incomplete, the Designation may not be approved by the Plan and the form may be returned to you for completion.

You should complete a new Beneficiary Designation form if any of the following apply:

• You do not have a designated Beneficiary listed, and wish to make a designation;
• You wish to change your designated Beneficiaries;
• You have received a message on your Qualified Savings Statement that the Fund Office needs information or does not have a valid form;
• Your marital status has changed.  Change in marital status will invalidate any prior Beneficiary Designation.  If the Fund is unaware of your change in marital status, the invalidated beneficiary information may still appear on your statement even if it is invalid. If your designation form is invalid because your marital status has changed, your beneficiaries will be determined according to Plan rules, not be the invalidated designation form. It is important that you contact the Fund Office if your marital status has changed.
• See the Summary Plan Description for more information about how the Plan determines beneficiaries.

• PLEASE keep your address, telephone number and beneficiary information updated with the Qualified Savings Plan Fund office to ensure you will receive information about your Qualified Savings account in a timely fashion.
• For security reasons, the Fund office generally does not give specific account information to anyone except the Participant.  If you need account information to be given to another person or financial institution on your behalf, you must authorize the Fund office to release that information.  Please contact the Fund office for further details.

The Qualified Savings Plan Fund has an ongoing list of “missing” Participants whose contact information is no longer valid.  If someone you know has been getting calls and letters from QSP regarding a missing participant, you or a relative might be on the list!  Missing Participant names are sent to a search company that identifies possible relatives and associates; the Fund then attempts to contact those people for help in locating the missing Participant.  The Fund makes exhaustive efforts to locate missing Participants, but we need your help.  Check the missing participants link on the previous page to see if you can help us locate any of our “missing persons.”  If you or someone you know is on the list, please contact our office as soon as possible so the Fund can update the account and provide important Plan information to its Participants.

The Fund office will be glad to answer any questions you may have about your Qualified Savings Plan account. You can contact the Fund in any of the following ways:

By Mail:
IUOE Local 841 Qualified Savings Plan
P.O. Box 10185
Terre Haute, IN 47801

By Phone:
(812) 238-5533
(If after hours, you may leave a message and we will return your call.)

By Fax:
(812) 238-3775

By E-mail:

Tonya Kincaid, Fund Administrative Manager
tkincaid@841qsp.org

Laken Allen, Admin. Assistant/Accounting and Benefits Applications
lallen@841qsp.org

Alexis Sutliff, Employer Contributions
asutliff@841qsp.org

Diana Boyd, Records
dboyd@841qsp.org

Or, stop by the Fund office at 1100 Poplar Street, Suite B, Terre Haute, Indiana, 47807. Our hours are Monday through Friday 8:00 a.m. to 5:00 p.m. EST. (The office may occasionally be closed during lunch hours, so call first if you are planning to come between 12:00 noon and 1:30 pm.)

Any of the Fund office staff members can answer most questions about your account.  We welcome your questions and will be happy to assist you in any way we can.