Click on the questions to see the answers below.
You may download a pension application form, fully complete the form and mail it with all required documentation to the Fund office. It's a good idea to submit the fully completed form 3 months before your planned retirement date.
1. Your company must be signed up to participate in the 401(k) Plan. Contact the Plan Office to see if you company participates.
2. You can download the 401(k) enrollment form here.
3. Complete the form and mail it back to the Fund office... it's that easy!
If you are a vested participant and no longer working for a company who is participating in the IUE-CWA Pension Plan AND if you are not yet receiving a monthly benefit check, you may apply for your benefit in a Lump Sum.
If you are eligible, you may receive a Lump Sum Benefit payment provided the value of your benefits is not more than $5,000 at the time of your application.
The value of your benefits is determined by mathematical formula. Factors included in this formula are your age, service, and current interest rates as determined by the PBGC.
1. The Plan is designed for Retirement savings. You may retire and start drawing your 401(k) savings in a lump sum or over a period of years beginning as early as age 55.
2. In the event you become disabled and eligible to receive Social Security disability payments, then you may begin receiving your 401(k) savings in a lump sum or over a period of years as you choose.
3. You may, for certain Hardship reasons, withdraw an amount from your 401(ki) Plan to address the needs of the specific hardship. Hardships are defined as "safe harbors" by the IRS as:
4. If you lose your job for any reason, you are eligible to receive your 401(k) savings in a lump sum.
5. You may be able to take a General Purpose Loan or a Primary Residence Loan while you are working. Find out how loans work here.
6. You may be eligible for an Age 59 1/2 Withdrawal from the Plan while you are working.
Be aware however, if you have not attained the age of 59 1/2, IRS regulations impose a 10% penalty upon early withdrawals of tax deferred savings. In addition, you will be required to pay the deferred taxes on such withdrawals.
Because the IUE-CWA 401(k) Plan is designed to be a retirement savings plan, you cannot make withdrawals from the plan under any other circumstances than those listed above.
A Joint and Survivor Option (J&S Option) provides a continued payment to your spouse in the event you die prior to your spouse after you retire.
A 50% J&S Option under current federal law is automatic for a participant who is retiring and has been married for one year or longer, unless the participant's spouse agrees to decline this option.
A J&S option works very much like life insurance. A J&S option reduces the amount of monthly benefit paid to the retiree, but insures the continued payment of a benefit to a surviving spouse.
Under the IUE-CWA Pension Fund plan, a retiree and spouse may choose to accept the automatic 50% J&S Option, or they may elect a 75% or 100% J&S Option. In addition, retirees and their spouses may choose to NOT elect a J&S Option at all and elect a normal "Five Year Certain and Life Thereafter" benefit.
These examples cover how the J&S Options work when the participant/worker dies before the spouse. The J&S Options cover the spouse for the remainder of their lives after the death of the participant/worker.
If the spouse should die first, the Pop-Up Provision, added to the IUE-CWA Pension Plan in 2000, allows the participant/worker who survives his or her spouse to "Pop-UP" their benefit to the original "Five Year Certain and Life Thereafter" amount, as if they had not elected the J&S Option with their spouse. Using the last example, if Edith dies first, Mark's benefit will "Pop-Up" to the original $900 monthly benefit and will continue for the rest of his life.
Yes. However, the IRS will impose limits on how much you can contribute based on a number of factors such as your gross income and whether or not you're married. As each individual's personal financial situation is different, we suggest you contact your professional tax advisor for the amount you may contribute to your IRA.
For calendar year 2015, the limit on 401(k) contributions will be $18,000. If you are age 50 or older in 2015, you may defer an additional $6,000.
These limits are established annually by the IRS.
You may retire and receive a reduced pension at age 55, provided you have accumulated at least 5 years of Credited Vesting Service (If you terminated employment prior to December 31, 1987, different rules apply. Please contact the Fund office for more information).
Copyright 1997-2015 IUE-CWA Pension Fund
This page was last modified: 01/12/2015