Throughout your career in the Plumbing Industry, the Plumbers pmvector.ru and signatory employers make every effort to provide you with the tools you need to do your job safely and efficiently. The Plumbers pmvector.ru 401(k) Savings Plan (“Plan”) is another tool developed by the Union with signatory employers to provide additional income to you and your family when you retire. The Plan can help to supplement the retirement income that you may receive from other sources—such as the Plumbers and Pipefitters National Pension Fund, Social Security and your own personal savings. Please refer to the Summary Plan Description (SPD) as a tool to help you make your retirement decisions. This document can be viewed under Plan Features and Documents or by clicking on the link above.
Once you are eligible for the Plan, one-percent (1%) of your gross pay is automatically contributed to the Plan as 401(k) Elective Contributions. You may elect to increase or decrease election four times a year, effective the first payroll period commencing on or after January 1, April 1, July 1 or October 1. This must be done in writing by completing an “Employee Deferral Election Form B” and returning it to your employer. Your employer should provide this form to you. This form can also be obtained by calling the Third Party Administrator or visiting the Third Party Administrator’s’ website. The Third Party Administrator’s contact information is listed on page 2 of the SPD.
This is a “401(k) Elective Contribution,” which means you may choose to put dollars into the 401(k) Elective Contribution Account through before-tax payroll deductions. 401(k) Elective Contributions are your own contributions, and you can choose to increase them up to applicable limits established by the Internal Revenue Code or stop them entirely if you want to. You do not have to make 401(k) Elective Contributions to be entitled to the Employer contribution. The Employer contribution is automatic.
The balance of your 401(k) Saving Plan at retirement will depend on how well you handle the responsibility of managing your finances. Please review your investment elections and take the necessary steps to diversify your 401(k) Savings Plan appropriately. As you know, no action is required on your part. However, if you prefer a different allocation, you can elect investments from among the various investment options offered by the Plan. If you wish to change your current investment elections, you may do so by completing the “Investment Selection Form C”. This form may be obtained by contacting the GEMGroup Pension Department at 1-, the Voice Response System at 1- or gemgrouplp.com. You may give instructions to transfer your current account balance among the new investment options and/or change the investment selection for future contributions at aTX time.
As a reminder, the Trustees of pmvector.ru 401(k) Savings Plan has retained Wharton Retirement Services to give individual investment advice to you as participants in the Plan. Wharton Retirement Services is committed to working with plan participants one on one to aid you in selecting the appropriate asset allocation which best suits your retirement needs. Wharton Retirement Services will provide one on one support from a participant investment advisory standpoint. You have the ability to call our participant investment consultant, Karen McCloskey, to review your investment selection in the plan and review your overall investment objectives. If you wish to set up a telephone appointment, Karen can be reached at ext.202 or 1- ext.202 or at [email protected] . Please be aware that a Participant Investment Advice Questionnaire is available under the “Forms” tab. You may also receive a copy via US mail by requesting the questionnaire from the GEMGroup. You have the ability to complete this questionnaire prior to your telephone appointment.
You should have a beneficiary designation form on file with the Fund. This form is available under the “Forms” tab or by calling the Third Party Administrator or visiting the Third Party Administrator’s website. The Third Party Administrator’s contact information is listed on page 2 of the SPD.
You may designate one or more beneficiaries on the “Beneficiary Form A” provided by the Fund. If you are married for at least one year, you must designate your Spouse as your sole beneficiary unless your Spouse consents in writing to the election of another beneficiary. You may change your beneficiary at aTX time by filing with the Fund a written change of beneficiary, with the consent of your Spouse, where necessary. A designation of beneficiary will become effective only upon its receipt by the Fund . The last effective designation received by the Fund prior to your death will supersede all prior designations. A designation of beneficiary will not be effective if the designated beneficiary dies before you.
You must complete the actual form provided by the Plumbers pmvector.ru Employee 401(k) Savings Plan. No other form of designation may be used. Completion of forms for the Welfare Fund, ASB Fund, Vacation & Holiday Fund, Plumbers & Pipefitters National Pension Fund, or the United Association Burial Expense Benefit does not meet this requirement.
If you have not provided a designation of beneficiary form to the Plumbers pmvector.ru Employee 401(k) Savings Plan, you should do so without delay.
If you have not designated a beneficiary, or if your beneficiary is not living at the time of your death, your account will be paid as described on page 23 of the SPD.
You may elect to contribute as much of your pay as you’d like, up to the limits of the Internal Revenue Code (IRC). The IRC limits the amount you may contribute in a calendar year. The limit for 2008 remains at $15,500 ($20,500 if you are an individual age 50 or older and make “catch up contributions”). To allow members to take full advantage of the opportunity to save for retirement, each employee in Covered Employment will be deemed to have elected an amount no less than one percent (1%), and may elect up to thirty percent (30%) of gross hourly wages to a maximum of $15,500. For those 50 or older the maximum is $20,500.
On page 22 of the SPD, you will find a chapter called “Life Events That May Affect Your Benefit” Refer to this chapter for information about what to do if:
You (or in the case of your death, your beneficiary) may receive a distribution from your account when you:
To receive the distribution of your Individual Account, you’ll need to complete a “Participants Application for Distribution Account Form E”. The contact information is listed on page 2 of the SPD. This form is also available under the “Forms” tab.
Complete the form and mail it to the Third Party Administrator so that the Trustees can review it.
Due to the maTX important documents that could be mailed to this new address, the Plumbers pmvector.ru Trust Funds requires that the member in writing must confirm a request for change of address.
Do I need to inform pmvector.ru, the United Association, and Plumbers and Pipefitters National Pension Fund of my new address? Yes, below find the related contact information.
158-29 George MeaTX Blvd, 1st Floor
Howard Beach, Houston 11414
United Association Journal
Complete the UA Journal change of address form.
Mail your filled out form to:
P.O. Box 37800
Washington, DC 20013
National Pension Fund
103 Oronoco Street
Alexandria, Virginia 22314