1375 Virginia Drive, Suite 102
Ft. Washington, PA 19034
Phone: 215-542-8211

 
Home
Welfare
Wellness
Pension
Annuity
Withdrawals
Annuity FAQ
Your Rights
Annuity Trustees
SUB
Retiree
Contractors
Healthful Hints
Providers
Links
Contact us
Forms

Don't Forget!

It's Your responsibility to update the Funds Office with any dependent changes - Birth of a child, Change in Marital Status, etc.

 

Quick Links

Health Care Solutions Corporation
XRays, MRIs, Cat Scans & Lab Work
542 Nurse  
1-855-755-IUOE (4863)
Independence Blue Cross
Inpatient and Outpatient Provider
Express Scripts
Pharmacy Benefit Manager
Fidelio Dental
Dental Provider
Prudential
Annuity Manager
Vision Benefits of America 
Vision Benefit Provider
ATAP  800-258-6376
Mental Health Provider
 

Annuity Frequently Asked Questions

Q. Who makes contributions?

A. Under the terms of the collective bargaining agreement between the Union and the employers, and the Annuity Plan itself, the employers make contributions to the Annuity Fund on your behalf. The amount of contribution is specified in the collective bargaining agreement and can change from time to time.

Q. Who is in the Annuity Plan?

A. Individuals who are working as an Operating Engineer under a collective bargaining agreement between their employer and the Union participate in the Annuity Plan through contributions made on their behalf by their contributing employer.

Q. What investment options have the Trustees selected?

A. After careful consideration, the Trustees have chosen a variety of investments to suit individual needs. There are options available for conservative, moderate or aggressive portfolios. Additional information can be obtained by calling Prudential's Interactive Voice Response service 877-PRU-2100 (877-778-2100) or through Prudential Retirement's 's web site:

www.prudential.com/online/retirement

Q. When can I take advantage of some of the investment options?

A. Before you can use the Prudential retirement tools, which are available 24 hours a day, 7 days a week, you will need to register your account and create a new Personal Identification Number (PIN). Register online at www.prudential.com/online/retirement. Just click "First Time Logging In?" and enter your Social Security number as your account number. You can also register by calling 877-PRU-2100 (877-778-2100). If you call to register you will be asked to enter your account number, which is your Social Security number. Then simply follow the prompts to establish your PIN.

Q. How may I invest my contributions?

A. You can choose how you want to invest both your current account balance and future contributions by selecting from any of the investment options offered in the Plan. You may put all of your money into one account, or you can choose to have a stated percentage of your contributions placed into each of several investments funds, in multiples of 1%.

You need to be sure to tell Prudential how you want your contributions invested. If you do not direct the investment of your account, all contributions will be invested in the Local 542 Core Balanced Fund, until you direct a change.

Q. Will I receive statements of my account?

A. Shortly after the close of each calendar quarter, you will receive a financial statement from Prudential Financial which will show your account balance, current investment elections, contributions and investment earnings (or losses) allocated to your account during the quarter, and the investment performance for each of the funds available in the Plan.

Q. May I make a withdrawal from my account?

A. You may apply for up to 2 in-service withdrawals per year with the total maximum sum being 50% of your January 1st Account balance. If you are married at the time of such withdrawal, your spouse must sign a form provided by Prudential attesting that the withdrawal may reduce or entirely eliminate the amount to which you may someday be entitled to receive from the Annuity Plan. Your spouse's signature must be witnessed by a Notary Public in order for the request to be considered.

If you are under age 59 1/2, the following provisions apply to in-service withdrawals:

  • If you have had an Account for at least four years or more, you may withdraw up to 50% of your account balance contributions and any earnings on such contributions.
  • If you have had an account for less than four years, you may withdraw the lesser of:
  • Your account balance and earnings on such contributions, minus Employer contributions made to your account during the last two years, or
  • 50% of your Account Balance and earnings on such contributions.

Any time after attaining age 59 1/2, a participant may apply for a withdrawal of all or a portion of his Account.  Such withdrawal shall be subject to the following conditions:

A Member may make only one age 59 1/2 withdrawal in any 12-month period.

A Hardship Withdrawal is available for the amount necessary to satisfy your particular hardship need, up to 100% of the employer contributions in your Account. Applications for hardship withdrawals are subject to the approval of the Trustees, for the following circumstance: 

  • purchase (excluding mortgage payments) of your principal residence (once every 5 years)

Please note: all withdrawals are subject to the Internal Revenue Code and IRS regulations regarding distributions, income and excise taxes.

Q. When am I eligible to receive benefits or payments from my account?

A. In order to begin collecting benefits from the Plan, you need to submit a written application. When you are ready to apply, you may call Prudential Financial and applications will be forwarded to your home.

You are eligible to apply for benefits from the Plan under any of the following conditions:

  • Retirement
  • Disability - payable if you become totally and permanently disabled and have been awarded a Social Security Disability Pension
  • Termination - when no employer contributions have been made for eighteen (18) consecutive months and you leave the industry permanently
  • Death - payable to your spouse or beneficiary upon your death

Q. In what form are benefits paid?

A. Once you meet the eligibility requirements for either the retirement, disability, or severance benefit described above, your benefits are payable in accordance with the provisions contained in your SPD.

If a Member separated from service and currently has a vested account balance over the plan's cash-out threshold ($5000), Prudential will notify these Members of the time limit in place to make a distribution election. If an election is not made within the allotted time, the account will remain in the plan.

If a Member does not have a vested account balance greater than the $5000 threshold, Prudential will notify these Members of the time limit to make a distribution election. If an election is not made within the allotted time, a lump-sum cash payment will be made to the member.

Note: All payments will be subject to the Internal Revenue Code and IRS regulations regarding distributions, income & excise taxes.

Q. What happens to my money upon my death?

A. If you die before you begin to receive payment of your account, the accumulated balance in your account will pass to your designated beneficiary(ies).

Q. How can I change my beneficiary designation?

A. If you wish to change your beneficiary designation, you can use this Beneficiary Form or contact the Fund Office to request a new form.