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. 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.
4. Can I withdraw the Contribution made for me before my
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.
5. 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
Two options may be available to borrow against your Pension for
participants. 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 for any reason. 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 John Hancock
directly to request more information or to request your application.
Further information is listed under Loan Option within the
Defined Contribution Pension information.