A
Accumulated Share – The amount of your Individual Account as of the last preceding Valuation Date, plus any additional Employer contributions made on your behalf and any Rollover Contributions received by the Plan on your behalf as of the last preceding Valuation Date and net of any benefit payments made since the last preceding Valuation Date, plus the Investment Yield applicable to your Individual Account as of the Valuation Date preceding your Effective Date of benefits, minus a share of the Plan’s operating expenses assessed since the last Valuation Date.
Applicable Date – (See also Required Beginning Date) Age 73 if you attain age 72 after December 31, 2022 and age 73 before January 1, 2033, and Age 75 if you attain age 74 after December 31, 2032.
C
Collective Bargaining Agreement – A written agreement between the Union and employers that requires employers to make contributions to the Plan on behalf of their employees.
D
Default Investment Option – The investment option selected by the Trustees for all Individual Accounts for which no investment direction from the participant is received.
E
ERISA – The Employee Retirement Income Security Act of 1974, as amended and any regulations issued pursuant to the provisions of the law.
Effective Date – The date specified by the participant or, if later, the day after the participant has fulfilled all of the conditions for entitlement to benefits.
F
Fund Office – The office of the Local 26 IBEW-NECA Joint Trust Funds, located at 10003 Derekwood Lane, Suite 130, Lanham, MD 20706.
I
Individual Account – The separate account established for each participant of the Plan.
Investment Yield – Investment Yield of any of the Plan’s investment options for each participant is determined by multiplying the participant’s interest (or shares) in each investment option in which the participant is invested by the value of each share for that investment option based on: (1) the value of that investment option as of the end of the day, and (2) the value of that investment option as of the previous Valuation Date.
P
Participation Agreement – A written agreement between the Board of Trustees and an employer that requires the employer to contribute to the Plan on behalf of certain employees of the employer.
Plan – Electrical Workers Local No. 26 Individual Account Plan.
Plan Document – The Plan of Pension Benefits, Electrical Workers Local No. 26 Individual Account Plan, as amended from time to time.
Q
QDRO – A Qualified Domestic Relations Order is a domestic relations order that has been received and reviewed by the Fund Office and determined to be enforceable in accordance with Section 206(d)(3) of ERISA.
R
Required Beginning Date – Generally, April 1 following the later of the year in which you retire, or the year in which you reach the Applicable Age. If you are a 5% owner of a contributing employer, your Required Beginning Date is April 1 following the year in which you turn the Applicable Age.
Retired or Retirement – The status of a participant who has permanently left covered employment but in no event shall a participant be considered Retired prior to age 50.
T
Trustees/Board of Trustees – The persons who are acting as Trustees under the provisions of the Trust Agreement that established the Plan. The Trustees are the named fiduciaries of the Plan as that term is defined in ERISA.
U
Union or Local 26 – Local Union No. 26 of the International Union of Electrical Workers.
USERRA – The Uniformed Services Employment and Reemployment Act of 1994.
V
Valuation Date – The date on which the assets of the Plan and of each Individual Account are valued. The Valuation Date for the asset value of the Plan is the last business day of each Plan Year unless otherwise determined by the Trustees. The Valuation Date for Individual Accounts is each day of the Plan Year.