Annuity Fund FAQs

Q. I haven’t received my annuity check, how can I receive a replacement check?

You may submit a written request to the Fund Office to have a stop payment placed. You must include your name, social security number, reason for request and signature. Please note that a stop payment request will be made only after 10 business days of the date the check was issued.

Q. Can I have my check electronic deposited?

No, we cannot accommodate electronic deposit for annuity checks.

Q. Why do I need my spouse’s consent for a withdrawal?

Regulations require spouse’s consent on all annuity withdrawals, such as loans, partial withdrawal, and unemployment. Spousal consent is required for each and every application submitted.

Q. I have been out of work for some time, how can I withdraw funds from my account?

If you have not worked in 24 consecutive months, you may apply for Inactive Status and receive your full account. If you have not worked but it is less than 24 consecutive months, you may apply for a Partial Withdrawal for every 3 consecutive months you earned less than $3,000.00, you may apply for 12% of your account balance, provided application is made within the following three-month period. You may also apply for an Unemployment Withdrawal. To be eligible, you must be involuntarily unemployed and worked less than 60 hours as an ironworker in the month you are applying for.

Q. How do I get an application for benefits?

Call or visit the Fund Office. If you are eligible to apply for benefits, the application(s) will be given or mailed to you.

Q. How many months can I apply for unemployment withdrawals at one time?

The application allows you to apply for the last three consecutive months. (Example: you didn’t work during the months of Oct, Nov and Dec, you may apply for all three months at once, but your application will not be processed until after the 15th of the last month you are applying for. Or you may apply for one month at a time; October would be processed after November 15th.)

Q. When will my unemployment application be processed?

Unemployment applications will be processed after the 15th of the following month that you are applying for. This allows us to verify that you have not worked or worked less than 60 hours for the month you are applying for. (Example: Application for Jan would be processed after February 15th.)

Q. Do I have to pay income taxes on the withdrawals I receive?

Yes, all payments made to you are subject to 20% mandatory federal income tax withholding, unless you are age 70 ½ and subject to the Required Minimum Distribution. You may also be subject to an Additional 10% tax if you are under age 59 ½.

Q. I live out of state, can you withhold state tax from my check?

No, we can only withhold state taxes for New Jersey residents.

Q. I am retired and receiving monthly installment payments, how do I change my withholding taxes?

You can contact the Fund Office for a Form W-4P or simply send in a written request to the Fund Office. Include your name, Social Security Number, the amount of tax you would like withheld and signature.