A Guide to Your Family Health Benefits

To All Participants

Dear Participant,

We are pleased to present you with this updated Summary Plan Description, which describes your benefits under the Electrical Workers Local No. 26 Individual Account Plan. The Plan was originally adopted on May 20, 1982 and has been restated to comply with subsequent changes in federal law.

The 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 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. In extreme cases of financial hardship relating to housing and health issues, the Plan may also provide a hardship withdrawal benefit.

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.

This handbook, which is also called a “Summary Plan Description” or “SPD,” has been designed to be easy to read and understand. “Fast Facts” appear at the beginning of each section to give you a quick overview of what is contained within that section. Useful information—such as definitions and phone numbers—appears in the margin as a quick reference. You should read this handbook carefully so that you can understand how you become a  Participant in the Plan, how you establish your Individual Account, how you may direct the investment of your Individual Account, and how the amount of your benefit is determined. You should share this book with your spouse, as it contains important information about survivor benefits.

A chapter called “Life Events” is here. This chapter provides important information to you, your spouse or your beneficiary in the event:

  • you get married,
  • you get divorced,
  • you enter the military,
  • you stop working,
  • you retire,
  • you become disabled, or
  • you or your spouse dies.

If you have any questions about your Individual Account Plan, please contact the Fund Office at 301-731-1050. The staff will be happy to assist you.

Sincerely yours,

The Board of Trustees