Defined Contribution Part B

This part of your Pension Plan is known as a Defined Contribution Plan and is completely separate from Part A, the Defined Benefit Plan. Under Part B, a portion of your employer’s hourly contribution is credited to your account.

Frequently Asked Questions

Will I Receive My Funds Prior to Retirement?

Yes. Under certain circumstances, you will receive your accumulated funds in Part B. They are as follows:

  • If you are not employed under covered employment for a period of twelve (12) consecutive months, you will receive the amount in your individual account, provided that the total account balance does not exceed $2,000.
  • If your account balance is more than $2,000, your account shall remain in the Fund and participate in the gains and losses with all the other accounts and shall become active whenever you return to work under the jurisdiction of Local 332.
  • A single lump sum payment of $5,000 will be made if you have not been employed under covered employment for a period of 24 consecutive months.
  • The funds also are available to you upon early or normal retirement, or for your beneficiary in the
    event of a death.

Are the Employer’s Contributions Taxable Income to Me?

No. The employer contributions are not taxable income to you, nor are earnings thereon, as this is a tax exempt qualified Pension Trust. Certain distributions from the Plan are subject to 20% federal income tax withholding. All benefits paid to you are taxable income and must be reported.

As a Retiree, What Forms of Retirement Benefit Are Available to Me Under the Plan?

All forms including a lump sum payment, monthly payments until the Basic Account is exhausted, a 50% or 100% Joint and Survivor Annuity or an annuity payable for 10, 15 or 20 years certain or the life of the annuitant, if later.

How Are the Plan Assets Invested?

Except as otherwise directed by individual participants, all plan assets are invested by professional investment managers selected by the Board of Trustees. Investments include a diversified portfolio of stocks, bonds, real estate, government issues, commercial paper and other high quality vehicles.

Forms & Links

Download Your Entire Pension Plan Booklet
Summary of Retirement Options
Request for Part B Application
Disability Application Form
Distribution/Rollover Election Form
Mandatory Payment of Small Account Balances
Access Your Pension Funds at Kaufmann & Goble

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