Pension and Savings Plan

The Fund administers both a 401(k) pension through TIAA.

401(K) Pension and Savings Plan

The 401(k) plan is open to all regular employees who work at least 1000 hours or more a year; regular employees are eligible to participate after they complete 6 months of service during which they have worked at least 500 hours. Contributions to employee retirement accounts come from both the Fund and participating employees. Employee contributions are made by deferring a percentage of annual salary which is deducted in equal amounts each pay period and deposited in an employee's retirement account. The percentage of deferred compensation can range from a minimum of 1% up to a maximum that cannot exceed limitations prescribed by Internal Revenue Service regulations. All employee contributions are vested immediately, but there are restrictions regarding when and how much of an employee's retirement contributions can be withdrawn prior to termination of employment or retirement.

After six months of service, eligible employees who elect to contribute 5% or more of salary to the retirement plan are eligible to receive a Fund contribution of 10% of their annual salary. For employees hired before January 1, 2007, this employer contribution to a participant's retirement account is 100% vested after completing 18 months of service. For employees hired on or after January 1, 2007, this employer contribution to a participant’s account is 100% vested after completing 2 years of service. There are restrictions regarding when and how much of the employer contributions can be withdrawn prior to termination of employment or retirement.

Loans

Employee loans are available from both the 403(b) plan and the 401(k) plan; there are restrictions regarding how much may be borrowed and the length of time for repayment.

This is a brief general summary of the Fund’s retirement benefits. The 401(k) and 403(b) plan documents govern the actual benefit arrangements and terms of the plans. Employees may obtain a copy of the actual plan documents from your project’s Inside Central site or directly from the Payroll & Benefits Manager.

The Fund reserves the right to modify these benefits at any time. The descriptions set forth in this handbook are intended to provide a summary only, and these descriptions do not supercede, modify or replace the terms contained in the plan documents.