ANNUITY FAQ's
When can I receive my account balance?
You can receive your Account Balance at retirement or when you have separated from service. A separation from service is 12 consecutive months without contributions to the Annuity Fund on your behalf by either an Employer or contributions transferred under the Reciprocity Agreements
When is my account vested?
After you work 160 hours your account will be fully vested.
Can I get a hardship distribution from my account?
Hardship distributions are allowed for supplemental employment, supplemental disability or financial hardship as defined by the IRS. For these definitions, contact the Fund Office.
Are distributions from the Annuity Plan taxable?
All payments from your annuity, except Direct Rollovers, are taxable income. When you file your taxes, you must report any annuity payments you receive. We will send you a Form 1099-R each January for payments you received the previous calendar year. On your tax return, your gross annuity income is added to all other forms of income you receive, such as wages (you and your spouse) and unemployment benefits. We want you to be aware that any tax we withhold from your annuity payments may not completely cover your total tax liability. Also, most non-rollover payments to participants under age 59 1/2 are subject to an additional 10% tax penalty. Also, you should be aware that your annuity withdrawals may be subject to state and local income taxes. We do not withhold any state or local taxes from your payments unless required by state law.
Can I borrow against my Annuity account?
Yes. Subject to the payment of a non-refundable application fee not to exceed $100.00 and if you have had an Individual Account for at least two years, you will be eligible to apply for a loan from the Fund. The rules governing loans will be set forth in the Loan Procedures which are available from the Fund Office.
How is my account balance valued?
Plan assets are valued each month. The calculations are usually not posted until the third week of the following month. Accounts are adjusted for investment gains, losses, and administrative expenses.