Annuity Plan

Forms
Documents
Questions

The Annuity Plan provides you with a valuable supplement to other retirement income. All contributions to the Annuity Plan come from your employer, based on the collective bargaining agreement between the Union and your employer, and are automatically credited to your account.

The amount of the benefit paid to you or a beneficiary is determined by the amount of money in your account when you retire, become disabled, terminate employment, or die.

Plan Overview

This information provides the highlights of the Annuity Plan. Complete details are available in the Summary Plan Description.

Eligibility and Participation

You are a participant immediately upon the Plan’s receipt of your first employer contribution. Contributions are based on the collective bargaining agreement.

Employer Contributions

Your employer makes all contributions. Employer contributions are specified by the collective bargaining agreement and are credited directly to your account. Contribution amounts are based on your job class or length of service and an hourly or daily rate determined by the collective bargaining agreement.

Trustees adjust your account twice a year based on the balance on March 31 and September 30, reflecting gains, losses and expenses.

Vesting

It’s always all yours. You are always fully vested in your account as of your first day of participation in the Plan.

Distribution of Your Account

You can get benefits when you stop working. Your account balance will be available to you or your beneficiary upon:

Retirement
Termination of Employment
Social Security Awarded Permanent Disability
Death

Types of Benefits

Retirement

You may retire and begin receiving retirement benefits at the age of 55. The monthly maximum, fixed benefit is based on the total contribution amount, which is paid until your account is exhausted. For more information, please refer to Summary of Material Modifications (SMM) effective January 1, 2025.

Termination of Employment or Disability

Upon termination of employment or permanent disability, you will be entitled to a fixed maximum monthly benefit based on your total contribution amount. This benefit will be paid monthly until your account balance is exhausted. For more information, please refer to Summary of Material Modifications (SMM) effective January 1, 2025.

Qualified Pre-Retirement Survivor

If you die before retiring under this Plan, your surviving spouse may be eligible to receive benefit payments per month until the account is exhausted. Please refer to Summary of Material Modifications (SMM) effective January 1, 2025.

Death Benefit

In addition to payment from your account balance, your beneficiary may receive a death benefit based on your age and years of continuous participation when contributions were made to the Plan.

Required Distributions

IRS requires minimum payments to begin no later than April 1 following the year in which you reach 73, or the year in which you retire or terminate employment, whichever occurs last. Active participants who had a balance in the Annuity Plan of the Electrical Products Industries prior to October 1, 2001 and attain age 73 after this date may commence payment the April 1st following their attainment of age 73, even if employed.

Plan Information

Plan Name

Annuity Plan of the Electrical Industry

Plan Identification Number

13-6123600

Plan Number

003

Plan Year

October 1 through September 30

Type of Plan

This Plan is a Defined Contribution Plan. Participants receive a definite amount each month until their account balance is exhausted.

Plan Administrator

Joint Industry Board of the Electrical Industry

Forms

Documents

Frequently Asked Questions

Upon my death, what Annuity Plan benefits are payable to my beneficiary?
Your named beneficiary is entitled to receive monthly distributions of any remaining account balance. In addition, the Annuity Plan pays a maximum death benefit of up to $67,500 to the named beneficiary, which will first be distributed in monthly installments of up to $2,500. The amount is based on your age and years of service. A one-time lump-sum payment, equal to the greater of 25% of the total initial account balance plan plus the death benefit or $20,000, is also available.
May I choose the date when I wish to receive Annuity Plan benefits due to retirement or withdrawal from the industry?
You may elect to receive monthly payments at any time between your retirement or withdrawal from the industry and the April 1st following the date you reach age 70½. Federal law requires that the Plan commence payments automatically as of the April 1st following the date you reach age 70½ or your retirement, whichever is later.
How are benefits paid under the Annuity Plan?
Effective August 1, 2007, monthly benefits up to $2,500 are paid from account balances greater than $5,000 at the time of application. Account balances less than $5,000 at the time of application are paid in a single lump-sum. While balances less than $1,000 are paid automatically, you must apply for your distribution if the balance is greater than that amount. In addition, if your account balance is over $20,000, the Plan allows for a one-time lump sum distribution of up to $20,000.
May I receive benefits from the Annuity Plan prior to retirement, withdrawal from the industry or total disability?
No. You can only receive payment of Annuity benefits from the Plan upon retirement, total withdrawal from the industry or total disability.