Q. What is the purpose of the Plan?
A. To provide an income for you, in addition to your Social Security benefits and any other pension benefits, following the time that you retire from active employment in the geographical jurisdiction of ILA Local 1804-1 and ILA Local 1814.
Q. What type of plan is it and who pays for it?
A. The Metro-ILA I.A.R. Plan is a Defined Contribution Plan. Your employer (not you) is obligated by the contract to make contributions on your behalf based on the number of hours you work.
Q. What is the hourly contribution my employer must make for me?
A. $3.00 per hour effective January 1, 2006.
Q. Who decides how to invest the monies in my account?
A. The I.A.R. Plan is a self-directed plan. This means YOU decide how to invest the monies in your account within the menu of fund choices that are made available to you and in accordance with your retirement goals.
Q. How do I know which fund choices are best for me?
A. The Trustees of the Plan encourage you to take some time to identify your retirement goals and become more educated about the investment fund choices in the Plan. Start by taking the Investor Profile Quiz on this site or check out MassMutual’s website for more detailed information.
Q. Who is responsible for the operation of the plan and how are the plan assets managed?
A. The Board of Trustees and their delegated representatives at the Fund Office are responsible for the operation of the plan. The plan assets are held in trust by the Trustees for the participants and plan beneficiaries. The Trustees have the ultimate responsibility for the management of the plan assets.
Q. What is the vesting requirement for the plan?
A. You are 100% vested in the Plan as soon as the first contribution is made on your behalf and your account is set up.
Q. Can I close or rollover my account before I retire?
A. Yes, if you leave the Metro-ILA workforce for at least one year or become disabled.
Q. When can I close or roll over my account without a tax penalty?
A. When you are eligible to retire and stop working; or minimum age 59 ½ and no longer working in the Metro-ILA workforce.
Q. How do I know how much is in my account?
A. Every three months MassMutual will send you a statement showing the recent activity in your account and the balance. You may also log onto MassMutual’s website.
Q. Is there a death benefit under the Plan?
A. Yes. In the event you pass away while you are a participant in the plan, your beneficiary may apply for the lump sum death benefit equal to the balance in your account.
Q. Who is my beneficiary under the Plan?
A. You may choose anyone you like to be your beneficiary; however, if you die and if you are married, your spouse must be the beneficiary for the death benefit. Under certain circumstances, your spouse may waive the right to be designated as beneficiary. All beneficiary designations must be made in writing to the Fund Office.
Q. Does the Plan have a hardship or loan provision?
A. No, unfortunately.