You are eligible to participate in the Plan if you work in a position covered by a collective bargaining agreement between an employer and the union, also known as “covered employment.”
When Your Participation Starts
On July 1 of the Plan year in which you complete at least 100 hours in covered employment. Your participation continues as long as you are working in covered employment.
Your Individual Account
- When you become a participant in the Annuity Plan, an individual account is established in your name.
- Employer contributions are made on your behalf to your individual account.
- Your individual account balance includes monthly employer contributions and earnings and/or losses.
- Administrative expenses of operating the Annuity Plan are deducted from the individual accounts.
Your Valuation Date
The value of your account is updated as of December 31 of each year. It includes:
Employer contributions made on your behalf;
- Investment earnings and/or losses;
- Distributions made from your individual account (if applicable); and
- Administrative expenses, which are allocated proportionately across all individual accounts.