DEFINED CONTRIBUTION

PLAN DOCUMENTS AND NOTICES

Summary Plan Description (SPD)

The SPD summarizes the key provisions of the Plan and includes important information about your benefits from the Plan.

Summary of Material Modifications (SMM)

The SPD is updated from time-to-time and includes additional information and changes to the Plan in the form of an SMM.

Summary Annual Report

The Summary Annual Report provides insurance and basic financial information regarding the Plan and informs you of your rights to additional information.

Annual Fee Disclosure

This required annual disclosure provides information regarding the Plan’s fees and investments.

FORMS

Change of Address Form

Complete this form to change or correct your mailing address and return it to the Fund Office.

Change of Name Form

Complete this form to change or correct your name and return it to the Fund Office.

Beneficiary Designation Form

To designate a beneficiary for your death benefit, you must fill out this form and return it to the Fund Office.

FREQUENTLY ASKED QUESTIONS

What contributions fund my account?

Participating employers make contributions to the plan for each hour of ironwork in Local 512’s jurisdiction. The amount is determined under an agreement with Local 512.

The employer contributions made for you go into the plan’s trust fund for investment purposes. They are recorded in a separate account called your “Employer Contribution Account.”

Your Employer Contribution Account in the plan opens with the amount that was contributed for your first 160 hours of ironwork. All subsequent contributions made for you are added to your Employer Contribution Account.

Can I contribute to the Plan?

You are not required or permitted to make salary reduction contributions to the Plan. You can, however, make rollover contributions from another qualified plan. Please contact the Fund Office for more information.

How do I change my investment selection?

To change your investment allocation you will need to contact John Hancock, the Fund Recordkeeper, either by phone or online.

When can I withdraw funds from my account?

You are eligible for payment of your Accounts upon:

Normal Retirement. Age 65 or, if later, 60 months after the first contributions were made for you.
Early Retirement. Age 55 and receipt of an early retirement pension under the Twin City Iron Workers Pension Plan.
Disability. Receipt of a Social Security disability award or a disability pension under the Twin City Iron Workers Pension Plan.
Termination of Ironwork. After 12 consecutive months without any ironwork for a participating employer.

For further information, please refer to your Summary Plan Description or contact the Fund Office.

How do I apply for a distribution from my account?

To apply for a withdrawal, you will need to complete a Distribution Application. Please contact the Fund Office to receive an application.

Can I take a loan from my account or are there hardship distribution options?

Please contact John Hancock to inquire about loans from your account.
The Plan does not allow financial hardship distributions.

Is the Defined Contribution a taxable benefit?

The payment you receive from the Plan will be subject to mandatory withholding of 20% for federal income taxes. You can avoid mandatory withholding only if you arrange to have your benefit transferred directly to an IRA or an eligible retirement plan.

SERVICE PROVIDERS

John Hancock

Visit John Hancock to access your balance, make investment elections, and view your account activity.

LIFE EVENTS

Birth or Adoption

Life Event

You can select a beneficiary by filing a Beneficiary Designation Form with the Fund Office. You may change or revoke your beneficiary at any time by filing a new form. To be effective, your form must be received by the Fund Office during your lifetime.
Marriage

Life Event

You can select a beneficiary by filing a Beneficiary Designation Form with the Fund Office. You may change or revoke your beneficiary at any time by filing a new form. To be effective, your form must be received by the Fund Office during your lifetime.
If you are married, you are subject to some special rules. In general, your spouse must be your beneficiary. If you wish to designate someone else as beneficiary (including a trust for your spouse), your spouse must consent to the different beneficiary. Your spouse’s consent must be in writing and must be notarized or witnessed by a notary public or a plan representative. The only exception is under certain circumstances where the consent cannot be obtained, such as where a spouse cannot be located.
A spouse is a person to whom you are considered married under applicable law including a same-sex spouse to whom the Participant is considered married under the law of the state in which the marriage celebration occurred.
If your marital status changes, you should check to see if a new Beneficiary Designation Form should be filed. This should always be done when a single participant gets married.
Disability

Life Event

You are eligible for payment of your Accounts upon receipt of a Social Security disability award or a disability pension under the Twin City Iron Workers Pension Plan. When you become eligible and want to receive payment, you must file an application form. Please contact the Fund Office for that form..
Moving

Life Event

Did you recently move? Please complete a Change of Address Form.
Loss of Employment/Coverage

Life Event

You are eligible for payment of your Accounts upon termination of ironwork, after 12 consecutive months without any ironwork for a participating employer. When you become eligible and want to receive payment, you must file an application form. Please contact the Fund Office for that form.
Divorce

Life Event

In the event of divorce, your former spouse may have a right to receive some portion of your Account directly from the Plan. Please contact the Fund Office for more information.
Retirement

Life Event
You are eligible for payment of your Accounts upon:
- Normal Retirement. Age 65 or, if later, 60 months after the first contributions were made for you.
- Early Retirement. Age 55 and receipt of an early retirement pension under the Twin City Iron Workers Pension Plan.
- Disability. Receipt of a Social Security disability award or a disability pension under the Twin City Iron Workers Pension Plan.
- Termination of Ironwork. After 12 consecutive months without any ironwork for a participating employer
To apply for a withdrawal, you will need to complete a Distribution Application. Your account will be charged a check writing fee of $25.00 for each distribution other than those listed below:
- A single lump-sum distribution at or after normal retirement (age 65)
- Benefits paid as a result of a participant’s death
For further information, please refer to your Summary Plan Description (SPD) or contact the Fund Office.
Death

Life Event

If you die, the unpaid balance of your Accounts will be paid in a lump sum to your beneficiary.