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This document provides detailed information about the Local Union No. 124 I.B.E.W.-N.E.C.A. 401(k) Trust Fund, including eligibility requirements, contribution limits, investment options, and procedures
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How to fill out local union no 124
How to fill out Local Union No. 124 I.B.E.W.-N.E.C.A. 401(k) Trust Fund Summary Plan Description
01
Obtain a copy of the Local Union No. 124 I.B.E.W.-N.E.C.A. 401(k) Trust Fund Summary Plan Description document.
02
Read the introduction section to understand the purpose and key features of the plan.
03
Gather any required personal information such as your Social Security number, address, and employment details.
04
Fill out the participant information section accurately, including your name, contact information, and union affiliation.
05
Review the eligibility requirements to confirm that you qualify for participation in the 401(k) plan.
06
Complete the section detailing your contribution elections, indicating the percentage of your salary you wish to contribute.
07
If applicable, select your investment options from the provided list of available funds.
08
Sign and date the document where indicated to acknowledge your understanding and agreement to the plan terms.
09
Keep a copy of the completed form for your records.
Who needs Local Union No. 124 I.B.E.W.-N.E.C.A. 401(k) Trust Fund Summary Plan Description?
01
Members of Local Union No. 124 who wish to participate in the 401(k) retirement plan.
02
Employees who are considering their options for retirement savings and investment.
03
Union representatives or administrators managing member benefits.
04
Anyone involved in financial planning or advising for union members regarding retirement funding.
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People Also Ask about
What is a pension summary plan description?
The Employee Retirement Income Security Act (ERISA) requires plan administrators to give to participants and beneficiaries a Summary Plan Description (SPD) describing their rights, benefits, and responsibilities under the plan in understandable language. The SPD includes such information as: Name and type of plan.
Does IBEW have a pension and 401k?
Employees are entitled to participate in Defined Contribution and 401k Plan if they work under the collective bargaining agreement between the National Electrical Contractors Association, Santa Clara Valley Chapter, and other electrical contractors and the I.B.E.W.
What is the UFCW pension plan?
A DB plan such as the UFCW-Northern California Employers Joint Pension Plan provides a guaranteed monthly income for the rest of your life, similar to how Social Security benefits are paid.
What is the United Association National Pension Fund Summary Plan description?
The Plan is a collectively bargained plan funded by a Taft-Hartley trust fund. The Fund maintains a multiemployer defined benefit pension plan funded solely by employer contributions and investment earnings.
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What is Local Union No. 124 I.B.E.W.-N.E.C.A. 401(k) Trust Fund Summary Plan Description?
The Local Union No. 124 I.B.E.W.-N.E.C.A. 401(k) Trust Fund Summary Plan Description is a document that outlines the benefits, terms, and conditions related to the 401(k) retirement plan provided to members of the Local Union No. 124. It details how the plan operates, eligibility criteria, contribution limits, and distribution options.
Who is required to file Local Union No. 124 I.B.E.W.-N.E.C.A. 401(k) Trust Fund Summary Plan Description?
Employers and plan administrators of the Local Union No. 124 I.B.E.W.-N.E.C.A. 401(k) Trust Fund are required to file the Summary Plan Description with the appropriate regulatory bodies to ensure compliance with federal regulations governing retirement plans.
How to fill out Local Union No. 124 I.B.E.W.-N.E.C.A. 401(k) Trust Fund Summary Plan Description?
To fill out the Summary Plan Description, one should gather all relevant information about the 401(k) plan, including the plan's terms, eligibility requirements, and benefits. This information should then be formatted according to the regulatory guidelines and distributed to all plan participants.
What is the purpose of Local Union No. 124 I.B.E.W.-N.E.C.A. 401(k) Trust Fund Summary Plan Description?
The purpose of the Summary Plan Description is to provide clear and accessible information to participants about their retirement plan benefits, rights, and obligations. This ensures that members are well-informed and can make educated decisions regarding their retirement savings.
What information must be reported on Local Union No. 124 I.B.E.W.-N.E.C.A. 401(k) Trust Fund Summary Plan Description?
The information that must be reported includes the plan's name, the plan sponsor's name and address, a description of the plan's benefits, eligibility criteria, contribution procedures, and information on how benefits can be accessed or distributed.
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