Frequently Asked Questions
Frequently Asked Questions
I.B.E.W. Local 340 Profit-Sharing Plan
Who pays for the Plan?
When do I retire?
- Normal Retirement- Your normal retirement date will be the first of the month coinciding with or next following your 62nd birthday.
- Early Retirement- You may elect to retire as early as age 55 and receive your account balance at that time.
May I withdraw money from my account if I become disabled?
May I withdraw my funds prior to retirement?
If an employee is not employed under covered employment for a period of twelve (12) consecutive months and the account balance is less than $10,000.00, he/she may withdraw the amount in higher individual accounts. A request for withdrawal must be in writing and approved by the Board of Trustees.
Additionally, hardship distributions are available. This Plan allows for hardship distributions to be made prior to the date the participant is otherwise eligible for early retirement. The distributions are strictly regulated by the Internal Revenue Code, are limited and must be approved by the Trustees after the application is made.
What form of payment do I have available?
- You may elect a full lump sum amount equal to the value of your basic account.
- You may choose to purchase a 50% Joint & Survivor Annuity or 100% Joint & Survivor Annuity.
- You may purchase from an insurance company a single life annuity.
- You may elect to receive your accumulated share in equal monthly installments
What Death Benefits are payable under the Plan?
- Pre-retirement death benefits: If your death occurs before your retirement, your designated beneficiary will receive a benefit equal to the value of your basic account.
- Post-retirement death benefits: If your death occurs after your retirement and you have not elected to receive your benefit in the fonn of an insured annuity, your designated beneficiary will receive an amount equal to the remaining value of your basic account. If you have elected an insured annuity, the conditions of the insured annuity contract will determine the death benefit payable.
Can I transfer my account balance to another IBEW Pension Plan?
Is interest credited to the account?
What is the future of the Plan?
The Plan is available to give members of the I.B.E.W. Local 340 a practical and convenient program of providing for an income after they retire from work. It is expected that the Plan will be continued indefinitely, but the right to discontinue participation at any time is reserved to the Board of Trustees of the Plan. However, no change or discontinuance will adversely affect the amounts previously allocated to each individual’s account.
It is very important that all Participants have a current Beneficiary Election on file, and that the Administration office has a current address for all Participants. A Participant Statement, which details all account activity for the Plan Year (January 1 – December 31), is mailed to Participants annually, usually in May. This is an important document that should be saved each year.
The above is a very brief highlight of Plan provisions. All questions regarding your individual account, benefit options, and application procedures should be directed to the Plan Administrative Office. Download your Summary Plan Description.