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Defined Contribution Pension Plan

LOAN OPTION
Jun 01, 2017

You may be able to take money from your plan account to help with the purchase of a primary home or prevent from losing your primary home through a foreclosure.  This benefit is available to "active" participants.  "Active" shall mean that a contribution has been made on the participant's behalf within the previous 12 months.  You can contact Redwood Empire Electrical Workers to request principal residence loan information.

The participant may choose the loan repayment period, not to exceed fifteen (15) years on loans used to acquire the participant’s residence.  Or, the participant may choose the loan repayment period, not to exceed five (5) years on loans used to prevent foreclosure on the participant’s principal residence.  Loans may be repaid in full, at any time, without penalty.  Level amortization shall be required of each loan with payments made by monthly automatic clearing house payments.

Please remember that the longer your money is invested in your plan account, the more time it has to compound and grow. You should consider all your options before borrowing from your plan account.  The Redwood Empire Electrical Workers Pension Trust Fund determines your eligibility.  Please access Vanguard by phone at (800) 523-1188 or their website with the following link:            The Vanguard Group

* NOTE:  When using the website, please note that you will need the group number which is 090395.


THE VANGUARD GROUP
May 06, 2016

The Vanguard Group is the investment vehicle utilized by Redwood Empire Electrical Pension Trust Fund.  This Plan is a self-directed Pension Plan which allows the participant to choose their own investment mix. 

Vanguard's website is very helpful.  It provides an Investor Questionnaire to help the participant determine their investment mix depending on the following criteria:  the investment goal, time horizon, and risk tolerance. 

There is the Personal Online Advisor, powered by Financial Engines, which provides you with unbiased, personal, and ongoing fund allocation recommendations for Redwood Empire Electrical Workers Pension Plan as well as assets that may be held outside of Vanguard.  This service is of no cost to you. 

Another option available providing you with advice is the Managed Account Program.  The Vanguard Managed Account Program's costs are among the lowest available for independent investment advice and portfolio management.  Please refer to their website for further details.

Please access Vanguard by phone at (800) 523-1188 or their website with the following link:

                        The Vanguard Group

* Note:  When using the website, please note that you will need the group number which is 090395.


SUMMARY PLAN DESCRIPTION
May 25, 2017

Please click on the following link to view the Pension Summary Plan Description:


Download: Pension 2017 SPD.pdf

F.A.Q.
Feb 19, 2009

1.    How do I change my mailing address?
       Contact the Trust Fund office at (707) 526-1996.

 

2.    When do I become covered (vested)?
       You automatically become covered (vested) on the day

       contributions are made on your behalf. 

3.    What is a Variable Pension Plan?
       There are six classifications of employees under this Plan,

       which are based on industry seniority under the Collective

       Bargaining Agreement, and the attainment of advanced levels

       of experience in the trade.  Please refer to the Collective 

       Bargaining Agreement for further clarification of the six

       classifications.

4.    When is Pension Open Enrollment?
       The Local Union mails out the Pension Open Enrollment

       election form in September and the deadline to complete and

       return the election form with any specified changes is October

       1.  The effective date of the change will be December 1.

5.    When may I retire from the Redwood Empire Electrical

       Workers Individually Allocated Pension Plan?
       When you reach age 55 (Normal Retirement Age) regardless

       of the number of years you have worked.

  

6.    Can I withdraw the Contribution made for me before my
       Retirement Date?
       Yes, under certain conditions. If you do not work under the

       Collective Bargaining Agreement for a twelve consecutive

       month period, you can withdraw the value of your entire Basic

       Account if that value is less than $15,000.

 

       If the value of your combined Basic and Voluntary Accounts is

       $5,000 or more, you cannot receive a cash distribution unless

       your spouse consents in writing.

 

       If the value is $15,000 or greater, your Basic Account will

       remain with the Plan until you retire or die. Benefits will then

       be paid in accordance with the Plan provisions.

 

7.    If I have $15,000 or greater in my account and I am under
       age 
55, is there any other option for accessing my Pension
       funds?
       Two options may be available to borrow against your Pension for

       "active" participants.  "Active" shall mean that a contribution has

       been made on the participant's behalf within the previous 12 months.

       One of which is to borrow against your funds to use toward the 

       purchase of your primary residence.  Two, is to borrow against 

       your funds to save your home from foreclosure.  The minimum you

       may borrow is $1,000 and the maximum you may borrow is the

       lesser of 50% of your account balance or $50,000.  Contact 

       Redwood Empire Electrical Workers Trust Fund directly to request

       more information or to request your application.  Further information

       is listed under Loan Option within the Defined Contribution Pension 

       information.

 




Page Last Updated: Jun 01, 2017 (13:23:00)
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