Your Individual Annuity Account
| Your Participation
| You are eligible to participate in the Plan if you work in a position covered by a collective bargaining agreement between an employer and the union, also known as “covered employment.”
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| When Your Participation Starts
| On July 1 of the Plan year in which you complete at least 100 hours in covered employment. Your participation continues as long as you are working in covered employment.
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| Your Individual Account |
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When you become a participant in the Annuity Plan, an individual account is established in your name.
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Employer contributions are made on your behalf to your individual account.
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Your individual account balance includes monthly employer contributions and earnings and/or losses.
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Administrative expenses of operating the Annuity Plan are deducted from the individual accounts.
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| Your Valuation Date |
The value of your account is updated as of June 30 of each year. It includes:
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Employer contributions made on your behalf;
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Investment earnings and/or losses;
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Distributions made from your individual account (if applicable); and
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Administrative expenses, which are allocated proportionately across all individual accounts.
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Copyright © 2006 Massachusetts Laborers' Benefit Funds
