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| Supplemental Life Insurance The Fund provides Basic Life Insurance. The amount of your coverage depends on whether you are full-time or part-time and your length of service* (from date of hire) as shown below: |
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If your
length
Your of service is... coverage is... 3 to 10 years $8,000 |
If your
length
Your of service is... coverage is... |
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10 or
$20,000 more years |
5 to 10 years $2,000 |
|
Department
$35,000 Head |
10 or more
$10,000 years |
| * If you’re now full-time, but were formerly part-time, each two years of part-time service equals one year of full-time service. If under this two-for-one calculation, you would receive a lower benefit as a full-time participant than you would have as a part-time participant, the plan will pay the benefit based on the part-time insurance schedule instead. |
| Amount of Supplemental Life |
| You can select coverage amounts of $5,000 or $10,000, depending on
the amount of your benefit credits. Your Beneficiary Your beneficiary will be the same as for your Basic Life Insurance. Retirement 401(k) Plan The Retirement 401(k) Plan offers you an excellent way to save for a secure retirement. Your Retirement 401(k) Plan gives you the opportunity to supplement your Social Security, pension and personal savings. |
| Additional material about the Retirement 401(k) plan is available from the Fund Office. |
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Your Investments You can deposit all or part of your benefit credits into an account set up in your name. These credits are subject to FICA, state and Philadelphia tax (if applicable). Federal tax is deferred until you receive your money from the plan. You choose how to invest your money among four funds where it grows tax-free until your retirement. Your account balance may be invested in one option or divided among several options. Your options include the following types of funds: |
Money Market
Index Equity
Union Index |
Balanced Income
Bond |
| You may change the investment choice for contributions you previously made or the
investment of future contributions on a quarterly basis. |
| Additional Advantages of Your Retirement
401(k) Plan
You may make additional contributions to the Retirement 401(k)
Plan through
convenient payroll deductions.
You may rollover amounts from an IRA or another employer’s
401(k) plan into this plan. When Benefits Are Paid Your balance from this plan may be distributed for any of the following qualifying events: You leave employment; You become totally and permanently disabled; You retire; or You die.Distribution of your account balance before you reach age 59 1/2 may be subject to a 10% penalty tax. Beneficiary Designation When you enroll in the Retirement 401(k) Plan, you will be asked to name a beneficiary. You may name anyone as your beneficiary. However, if you are married, your full account will be paid to your spouse, unless your spouse consents in writing, to another beneficiary being named. |