The Electrical Workers Local No. 26 Individual Account Plan provides you with retirement benefits that supplement benefits provided by the Local No. 26 Pension Trust Fund, social security and other retirement plans. This Annuity Plan is intended to be a retirement plan, not a savings plan or an account that can be used to supplement current income or meet financial needs during your working lifetime (such as financial needs associated with the purchase of a home, medical treatment or education). Consequently, there are several conditions that must be met in order for you to qualify for withdrawal of the funds in your account.
This Plan’s purpose is to provide you with a retirement benefit to supplement your personal savings, Social Security and Pension Fund benefits. In addition to a benefit payable at or upon your retirement, the Plan also provides a benefit if you leave covered employment or if you become totally and permanently disabled, and a survivor benefit payable to your spouse or other beneficiary in the event of your death.
Effective January 1, 1994, the Plan was amended for compliance with Section 404(c) of the Employee Retirement Income Security Act of 1974 (ERISA). In doing so, the Trustees expanded the investment options available to Participants and provided Participants with the opportunity to exercise greater control over the investment of their Individual Accounts.