The Electrical Workers Local No. 26 Individual Account Plan provides you with retirement benefits that supplement retirement benefits provided by the Local No. 26 Pension Trust Fund, social security and other retirement benefits. This Plan is intended to be a retirement plan. It is 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).
- If you work in covered employment, you become a Participant immediately upon receipt of contributions made on your behalf by your employer.
- Your employer contributes on your behalf.
- While you cannot make contributions to the Plan on your behalf, you can rollover your eligible rollover distribution from another tax-qualified plan or IRA into this Plan.
- You choose how your money is invested by electing from the Plan’s investment options.
- Your account is valued daily, allowing you to change your investment options at any time.
- To change how the assets in your Individual Account are invested or to learn more about the Plan’s investment options, you may contact Fidelity, the Plan’s recordkeeper, at 1-866-84UNION (1-866-848-6466) and speak to a customer service representative, or visit the Fidelity website at http://netbenefits.fidelity.com.