You, and Your Money, Have Options

Our Individual Account Plan is a great place to grow your money. Once you transition from an active member to a retiree, you have options when it comes to your IA account. Don’t want to make investment decisions about the savings in your IA Plan and would rather just kick back and watch your money continue to grow? Without saying a word, you can do that by just leaving your money safely in the Plan invested in one of our Freedom Funds. This is a great option for a number of reasons—fees associated with your IA Plan are relatively low due to the size of the Plan versus the fees you would incur as an individual investor, and your money will continue to be monitored by professional fiduciaries who report to a team of trustees.

However, if you’d prefer to withdraw from your Individual Account Plan, you have new options—six to be exact—on how and when you can receive your money. (These options are only available to electricians who are no longer active members of Local 26.) You can opt for a:

Partial Lump Sum Payment: Withdrawing a lump sum and leaving the remaining balance invested with the Plan

Fixed Periodic Amount Option: Choosing to receive a certain amount periodically (monthly, quarterly, semi-annually, annually) and leaving the remaining balance invested with the Plan

Partial Lump Sum with Fixed Periodic Amount: Withdrawing a lump sum and then choosing to receive the remaining balance of your account in fixed, periodic payments.

Fixed Time Frame Option: Selecting to divide your account over a specific time period for payments

Fixed Percent Option: Taking a certain percentage of your account to be paid periodically (monthly, quarterly, semi-annually, annually)

Life Expectancy Option: Electing to receive a payout based on life expectancy and frequency of payments