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Michiana Area Electrical Workers
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FAQ - Frequently Asked Questions

 

UPPER PENINSULA PLUMBERSí PENSION FUND

MICHIANA AREA ELECTRICAL WORKERS MONEY PURCHASE PLAN

†††††††††††††††††††††††††††††††††† FREQUENTLY ASKED QUESTIONS

 

 

How will I become a Participant?

 

You will become a Participant as of the first Hour of Work is remitted by an Employer who is obligated under a Collective Bargaining Agreement to make contribution to the Annuity Fund on your behalf.

 

 

What is the Plan Year?

 

The Plan Year is any 12-month period beginning January 1st and ending December 31th.

 

 

How do I become entitled to Benefits?

 

You are 100% vested in your Account Balance at all times.

 

 

What is vesting?

 

Vesting means that you are entitled to 100% of your Account Balance at the time you retire, become disabled, separate from service at the Trade or your beneficiary will be entitled to 100% of your Account Balance if you should pass away to make contributions to the Fund on your behalf.

 

 

 

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 having less than 241 Hours of Work remitted during a period of 6 consecutive months on your behalf by either an Employer or contributions transferred under the Reciprocity Agreements.

 

 

Can I receive a lump sum distribution?

 

Yes.When you are eligible for distribution by may either elect a lump sum distribution of your Account Balance or you may elect to have your Account Balance converted to a monthly benefits and paid for the remainder of your life

 





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