Wednesday, February 19, 2025

Frequently Asked Annuity Questions


Q.

When do I become eligible for benefits?

A.

You are eligible when you work for an employer who is obligated to make contributions to the Fund

Q.

When can I start Participating in the Plan?

A.

As soon as you start to work in Covered Employment during a Plan Year, you will become a Participant in the Fund

Q.

What is a Plan Year?

A.

A Plan Year is the period as to which records are kept for Fund Administration.  The Plan Year is May 1 - April 30

Q.

Do I need to do anything to enroll in the Plan?

A.

No, once contributions are received you are enrolled.  You will receive information on the Plan from Benefit Plans Administration Services, LLC (BPAS)

Q.

When do I become vested?

A.

You are immediately vested in the Plan

Q.

How do I become eligible to withdraw money from my account?

A.

You may withdraw money from your account when you Retire, become Disabled, Terminate Employment (6 consecutive months) or upon Death

Q.

May I borrow against my Annuity Plan?

A.

No, There are no Loans

Q.

How is my account invested?

A.

You may self-direct the investment in your account.  You can do this with BPASLine or the BPAS Website.  Otherwise you funds will be invested in the default account

Q.

What happens to my account when I die?

A.

Your account would be payable to your Eligible Spouse, Beneficiaries or Estate

Q.

How do I designate a Beneficiary for my Individual Account?

A.

Contact the Fund Office for a Beefier Form.    If you do not designate a beneficiary, the benefits will be paid to your estate

Q.

What if I get divorced?

A.

Provide a complete copy of your Divorce Decree to the Fund Office.  If a portion or all of your benefit is assigned to your former spouse,  a Qualified Domestic Relations Order may be required.  Contact the Fund Office for more information

Q.

How do I apply for a benefit?

A.

Contact the Fund Office for an Application for benefits