The Annuity Fund and the Pension Fund work together to give you financial security when you retire. Your pension guarantees you a steady, minimum income. Your annuity is tied to the overall health of the economy, protecting you from inflation and giving you an opportunity to grow your balance.
You’re eligible to participate in the Annuity Fund if your employer is required by a collective bargaining agreement, or another written agreement, to contribute to the Annuity Fund.
How It Works
Your employer contributes to your account for each hour you work in covered employment. Then, the Annuity Fund invests the contributions for you.
Each payday, your employer will provide you with a receipt showing the number of hours you worked and the amount of your contribution. Check this receipt for accuracy. If your receipt is incorrect, or if you don’t receive a receipt, notify your Local Union immediately.
Making Withdrawals
You’re eligible to receive a distribution from your Annuity in any of the following circumstances:
- You retire with a pension from the Pension Fund.
- You turn age 62.
- The Annuity Fund hasn’t received any employer contributions to your account in the previous 12 months.
You can also take a loan from your annuity if you’ve participated in the Annuity Fund for at least five years. Contact the Fund Office for details.
Forms of Payment
The way you receive your annuity depends on whether you’re single or legally married. The default option if you’re married is the 50% Joint and Survivor Annuity, but you can also elect a 75% Joint and Survivor Annuity. Both options provide your spouse with an annuity after your death. You can waive the joint and survivor options even if you’re married, but your spouse must consent in writing.
If you’re single, the default option is the Single Life Annuity, which gives you equal monthly payments during your lifetime. You can also choose a lump-sum payment of your account balance, equal monthly payments for up to 10 years, or a combination of both options. Make sure to designate a beneficiary to your annuity so the Fund Office knows where to send payments in the event of your death.
Vesting
You’re immediately vested in all contributions to the Annuity Fund. That means you have a non-forfeitable right to the money in your account.
Applying for Benefits
You must file an Annuity Application Form with the Fund Office.