Q: I have been laid off; can I withdraw the money in my account?
A: No, This is a Pension Plan; the funds may only be withdrawn if you going to retire and are no longer working in the Electrical or Sound and Communication industry, either Union or Non-Union. If you meet these requirements, the funds can be withdrawn or rolled over into another qualified pension plan or an IRA. Contact the 9th District Office at 800-804-2385; they will advise you on how to proceed. It will also be necessary for you to withdrawl membership from the Union to withdraw these funds.
Q: How much is in my account?
A: .Please Call (800) 804-2385.
Q: Where is the money being invested?
A: It is with The Principal Group Online (User ID and PIN are required) or over the phone at (800) 547-7754.
Q: Can I change where my money is being invested?
A: Yes. You are able to do this either online with The Principal Group or over the phone at (800) 547-7754
Q: Who have I named as beneficiary?
A: Please call (800) 804-2385
Q: How do I become vested?
A: The money contributed on a participants behalf and any voluntary contributions are your money from day one, dollar one. The Plan provides for immediate 100% vesting of all contributions to your account.
Q: When can I retire under the Plan?
A: The Plan provides for Early Retirement on the first day of the month following the participant’s 55th birthday. Normal Retirement under the Plan is age 65.
Q: What payment options are available for Retirement Benefits?