Annuity Plan Changes - Annuity

Effective September 16, 2013, the Board of Trustees have determined to amend the Annuity Plan pursuant to Section 4.8 to define the term "Spouse".

The Board of Trustee has voted to allow participants to borrow from thier Annuity Account for expenses due to Economic Hardship caused by Natural Disaster (Hurricane Sandy).

The Board of Trustees has voted to change from a yearly calculation of the investment yield to quarterly, while continuing to send out yearly statements in October. 

An updated Summary Plan Description (SPD) was mail to all participants of the District Council Ironworkers of Northern New Jersey Benefit Plans. 

If you have previously defaulted on a loan in the past, the current rule requires that you must wait five (5) years from the date of default before you are again eligible for a loan.

In order to comply with IRS regulations, the Annuity Fund has been amended to provide for no second loans where you previously defaulted in the payment of a prior loan on and after October 1, 2005.