Learn About:
Forms and Documents
Important Documents
- Deferred Salary Plan SPD
(PDF, 215K) - Deferred Salary Plan Direct Deposit Information (PDF, 96K)
- Important Deferred Salary Plan Tax Information (PDF, 66K)
- 401(k) Plan Priority Payment Benefit Chart (PDF, 11K)
- August 1, 2007 Plan Changes
Forms
- Change of Address Form
(PDF, 15K) - Designation of Beneficiary Form (PDF, 16K)
- Deferred Salary Plan Application for Benefits (PDF, 76K)
- Deferred Salary Plan Medical
and Dental Record ("Form A") (PDF, 14K) - Deferred Salary Plan Medical
and Dental Record ("Form B") (PDF, 14K) - Landlord Affidavit (PDF, 8K)
- Deferred Salary Plan Coordination of Benefit Payments (PDF, 50K)
Directions: These PDF files require Adobe Acrobat Reader. To download Acrobat click on the button below.
Helpful Resources
Frequently Asked Questions
How can I find out my 401(k) account balance?
You may contact Putnam Investments at 1-877-JIB-401K (1-877-542-4015) 24 hours a day, 7 days a week to obtain account balance information, to change investment funds, or to request a distribution or loan. Remember to have your PIN number available when you call. You may also obtain your account balance online at www.ibenefitcenter.mercerhrs.com.
Is there a maximum amount that an employee can contribute to the 401(k) Plan during the taxable year?
Yes, and it varies by year in accordance with IRS regulations. However, if you are fifty years or older, you are eligible to contribute additional “catch-up” amounts up to the maximum contribution. Remember: These amounts do not include any contributions your employer may be required to make.
401(k) Plan
The Deferred Salary Plan, also called the 401(k) Plan, provides two ways to help you accumulate retirement income.
- You can make before-tax contributions. Most collective bargaining agreements require a mandatory 1% contribution.
- You may receive employer contributions as determined by your collective bargaining agreement.
If you make voluntary, before-tax contributions you can choose your own investments from among the Plan’s options. Employer contributions are automatically invested in the JIB Capital Preservation Fund and must remain in this fund.
Plan Overview
This information provides the highlights of the 401(k) Plan. Complete details are available in the Summary Plan Description (PDF, 215K).
Eligibility and Participation |
You’re in right away. You are immediately eligible to participate in the Plan upon your date of hire if you work for a participating employer. |
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Your Voluntary, Before-Tax Contributions |
You can put your own money in the Plan. Your before-tax contributions are made easy with payroll deductions and are typically based on a percentage of your weekly pay. You may contribute up to the maximum amount allowed by the IRS. If you will be age 50 or older during the calendar year, you can make additional, before-tax “catch-up” contributions above the maximum amount allowed by the IRS, subject to a separate annual limit. Contact Putnam Retirement Services at 1-877-JIB-401k to learn more about these annual limits. |
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Employer Contributions |
Your employer may add to your account. If your collective bargaining agreement requires employer contributions, you will receive one or both of the following:
All employer contributions remain invested in the JIB Capital Preservation Fund. |
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Investment Elections |
Your money can grow. The way your account is invested depends on the type of contribution.
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Rollovers |
You can put money from a prior plan in this one. The Plan accepts rollovers of before-tax contributions from other qualified plans and traditional IRAs. Contact Putnam at 1-877-JIB-401k for rollover forms and instructions. |
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Vesting |
It’s always yours. You are always 100% vested in the value of your before-tax contributions, employer contributions and any rollover contributions to your account (subject to gains or losses). |
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Changing Your Before-Tax Contributions |
You can change your mind. You may increase or decrease your contributions once a quarter. To do so, obtain a form from your employer and return the form to your employer 30 days in advance of the quarter you’d like the change to occur. |
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Loans |
You can borrow money from your account if you need to. You can borrow against your entire account balance up to the lesser of 50% of your vested balance, or $50,000 less your highest outstanding loan balance from the previous 12 months. |
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Withdrawals from Employer Contributions |
Under certain circumstances and with the approval of the Joint Industry Board, you may make a withdrawal from employer contributions while in active employment. To request a form and for more information, contact the Joint Industry Board. |
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Distribution of Your Account |
You collect when you’re ready. Your vested account balance, minus any outstanding loan balances, will be available to you or your beneficiary upon:
If the vested value is greater than $1,000, you may defer distribution until the April 1 following the year in which you reach age 70½ or until you retire, whichever is later. |
Plan Information
Plan Name |
Deferred Salary Plan of the Electrical Industry |
Plan Identification Number |
11-2656063 |
Plan Number |
004 |
| Plan Year |
October 1 through September 30 |
Type of Plan |
This is a Defined Contribution Pension Plan. Your benefits are based upon the amount of money in your contribution account, which consists of the salary deferral contributions and employer contributions. |
Plan Administrator |
Joint Industry Board of the Electrical Industry |
