Iron Workers DC of New England Annuity Fund
No matter what your plans are for retirement, you will want to be financially protected. That is why the Iron Workers District Council of New England, along with contributing employers, established the Annuity Plan for eligible members. The Annuity Plan can help to supplement the retirement income that you may receive from other sources- such as your Pension benefit, your Social Security benefit, and your own personal savings.

The updated Summary Plan Description (SPD) for the Iron Workers Annuity Fund serves as an aid when you make retirement decisions. You should share the handbook with your spouse or beneficiary because it contains important information about benefits that are payable to your survivor.

Frequently Asked Questions

Where are my funds invested and how do I contact them?

When you begin participating in the Annuity Plan, you will receive information from John Hancock about the various investment options that are available to you. The goal of the Annuity Plan is to provide you with retirement income, so the Trustees have selected a range of investment options to help you reach this goal.

Your investment options include conservative, moderate, and aggressive investments for you to elect based on your tolerance for investment risk, your age, your plans for retirement and how long you plan to continue working. To obtain investment information, contact the Fund Office, the Plan’s Investment Consultant, C.E. Humphrey Associates, Inc. at 888-450-2155, or John Hancock at 800-294-3575.

Can I rollover funds into this account?

If you receive a lump sum distribution from another tax-qualified annuity plan, you may be able to roll some or all of that distribution over to your Individual Account. For this Plan to accept your rollover, the distributing plan must be one to which contributions are required and made under a collective bargaining agreement between a building trades union and a private (i.e., non-governmental) employer. If you do not request a direct rollover from the distributing plan, you will have 60 days after you receive the distribution to complete a rollover to this Plan. When the Plan accepts your rollover contribution, it becomes part of your Individual Account, and subject to the rules that govern the Plan.

What if I do not choose an investment option?

If you decide not to participate in self-directed investing, your individual account will be invested in a default investment option that the Trustees have selected for that purpose.

How often do I receive statements?

At the end of each calendar quarter, you will receive a benefit statement that provides you with the following information:

  • your individual Account balance as of the beginning and ending of the calendar quarter;
  • your investment elections and transfers between funds;
  • the investment results of each fund for the valuation period;
  • loans and distributions, if any;
  • rollovers, if any; and
  • employer contributions made on your behalf during the quarter.

Can I take a loan against my annuity?

In certain circumstances, you may be able to take out a loan from your account to help pay for expenses such as buying a home or paying for college education. The following is a list of reasons you may qualify for a loan:

  • Medical Bills
  • Funeral Expenses
  • Buying a Home
  • To Prevent Foreclosure
  • Paying for Tuition or Room and Board

There are certain requirements to be eligible for a loan:

You must have had an Individual Account in the Fund for at least 18 months;

You must complete an application form and provide all necessary documentation;

You must have your spouse’s written consent, if married;

You may not have another outstanding loan (except in the case of educational loans);

Only one loan is permitted during any 36-consecutive month period (except in the case of educational loans);

You must not have defaulted on any prior loans;

  • rollovers, if any; and
  • employer contributions made on your behalf during the quarter.

How much can I take a loan for?

You may borrow up to the LESSER of:

  • one-half of your Individual Account balance (not counting any portion that is subject to a Qualified Domestic Relations Order); or
  • $50,000.

Contact the Fund Office for more information, eligibility, and a loan application.

When can I withdraw my funds?

Generally, you may elect to receive a distribution from your Individual Account when:

  • You terminate employment with a contributing Employer and the Fund receives no contributions on your behalf for three consecutive calendar months;
  • You become totally and permantly disabled; or
  • You retire.

Contact the Fund Office for information, eligibility and a Withdrawal application.

In addition, if you are currently working, you may be eligible to withdraw Employer contributions made on your behalf on or after October 14, 2004. You may be eligible to receive a distribution of your own rollover contributions (if any), and the investment earnings on such amounts under the same circumstances for which you would be permitted to take a loan from the Plan. Contact the Fund Office for information, eligibility and a Profit Sharing Withdrawal application.

Important: Please refer to the Iron Workers District Council of New England Summary Plan Description for more detail on the Annuity Fund. If you have any questions, please contact the Fund Office.