| The
Sheet Metal Workers Local NO. 91 Annuity Plan was established on February 15, 1978 to
provide you with additional financial security and income during retirement. The
Plan is paid for by employer contributions. No employee contributions are required
or permitted.
Since January 1, 1998, you have been permitted to choose how to invest the employer
contribution made to the Plan on your behalf. The Plan currently allows you to
choose investments under the Wells Fargo
Family of Investment funds.
When you become a
participant in the Plan, an "Individual Account" is established in your name.
Employer contributions made on your behalf are deposited in your Individual
Account. You are always 100% vested in, or entitled to, the money in your Account.
Your Account balance includes employer contributions made on your behalf and
earnings and/or losses. The expense of operating the Plan may be subtracted from the
Individual Accounts.
Since your
Investment needs are unique, you are permitted to choose how to invest the employer
contributions made to the Plan in your behalf. Please take some time to review your
Sheet Metal Workers' Local No. 91 Annuity Plan booklet. If your married, share the
information in the booklet with your spouse. Contact the Fund Office at (309)
787-0696, extension 10, if you have any questions about your benefits.
Becoming
a Participant
You become a Plan
participant if you are working for an employer who has entered into a collective
bargaining agreement or a written agreement with Sheet Metal Workers' Local No. 91 that
requires contributions to be made to the fund on your behalf.
Naming a
Beneficiary
When your participation begins, you
need to complete a beneficiary designation form. Your beneficiary will receive your
plan benefit in the event of your death. If you are married and wish to designate
someone other than your your spouse as your beneficiary, your spouse must must consent in
writing to your designation of another beneficiary. A notary of public or designated
Plan representative must witness your spouse's signature.
Determining
Your Investment Mix
The Plan is designed to
provide you with retirement income. The value of your Account builds throughout your
working years, and how much it grows is influenced by the investment choices you make.
You may choose how your
Account is invested among the different investment options offered by the Plan. When
deciding which investment mix is best for you, you'll want to consider your time horizon,
the risks and returns of the available investment options and your level of comfort with
the investment risk. When you become a participant in the Plan, you will receive a
packet of information regarding the various investment options available under the plan,
as well as information on types of investments, investment considerations, and such issues
as risk/return and diversification. Additional information about investments,
investment strategies and performance updates may be found on the OMNI web internet site
at https://retirementonline.wellsfargo.com/omniweb3.htm .
When you
receive payment
You may receive payment
of your Account when:
 |
You reach age 55,
retire and have no employer contributions made to the Plan on your behalf for at least
three consecutive months; |
|
You die; |
|
You become totally and
permanently disabled, you are considered totally and permanently disabled if you are
permanently unable to work as a Sheet Metal Worker or any type of building trades craft
worker; |
|
No employer
contributions to the Plan are made on your behalf for three consecutive calendar years; |
Individual
Accounts are paid in one of the following Forms;
|
A single-life annuity
(monthly benefit for your life only); |
|
A 50 % husband-and-wife
Annuity (monthly benefit for your life, with 50% of the amount continuing to your spouse
after your death); |
|
A lump sum; or |
|
Installment payments
(monthly benefit paid over either a 5 or 10 year period); |
See
"Tax Implications" below for important information about receiving your benefit.
If there is less than $5,000.00 in your Individual Account it will be automatically
paid as a lump sum.
If you choose an
annuity Option, the Fund Office will obtain Annuity quotes from insurance companies.
The amount of the Annuity will depend on the amount in your Account and other
factors, such as interest rates.
Survivor
Payment
If you die before
receiving your Annuity Plan Benefit, and you are married, a monthly Preretirement
Surviving Spouse Benefit
Link
to your Wells Fargo Retirement Plan |
