Annuity Plan Changes

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.

Effective January 1, 2004, the annuity benefit for unemployment withdrawal has been increased from $1,300.00 to $1,700.00, per month.