Find Answers to Frequently Asked Questions about your 401(k) Savings Plan
-
What is the Puget Sound Electrical Workers 401(K) Savings Plan?
The 401(K) Savings Plan is a supplemental retirement plan. Benefits from the 401(K) Savings Plan are paid in addition to the monthly pension benefit you may be entitled to from the Puget Sound Electrical Workers Pension Plan.
-
When are my Puget Sound Electrical Workers 401(K) Savings Plan contributions vested?
You are immediately vested for all contributions made on your behalf to the 401(K) Savings Plan.
-
Does the Puget Sound Electrical Workers 401(K) Savings Plan have loan provisions?
Yes, the plan does include loan provisions. These provisions are also subject to the IRS guidelines.
Please contact John Hancock for information regarding loans at (800) 294-3575.
-
Does the Puget Sound Electrical Workers 401(K) Savings Plan have hardship provisions?
No, there are no hardship provisions.
-
When I retire, how is my Puget Sound Electrical Workers 401(K) Savings Plan paid?
At retirement, you will have several options as to how your money will be paid. You may withdraw the money in a lump sum, purchase an annuity, or roll the money into an IRA. Because of tax consequences, it is recommended that you consult your financial advisor or tax person before selecting your Annuity distribution method.
-
Does the Puget Sound Electrical Workers 401(K) Savings Plan allow for distributions other than at retirement?
Yes under these conditions:
- in the event of your Disability;
- if you have attained age 55 and no contributions have been made to the Plan on your behalf for at least 6 consecutive months;
- if you have attained age 55 and you qualify for and have elected “Special Early retirement” under the Puget Sound Electrical Workers Pension Plan;
- if, regardless of your age, no contributions have been made to your account under the Plan for at least 12-consecutive months and you are not working in the electrical industry;
- if, regardless of your age, there have been less than 250 hours of contributions made to the Plan on your behalf in each of two consecutive fiscal years (June 1 – May 31) and you are not working in the electrical industry; or
- if, regardless of your age, no contributions have been made to the Plan on your behalf for a period of 24 consecutive months whether or not you continue working in the electrical industry (amount distributable is limited to contributions based on hours worked prior to September 1, 2016, plus investment earnings and less administrative expenses applied thereto to the date of distribution).
-
If I die before my Puget Sound Electrical Workers 401(K) Savings Plan is paid who will receive my death benefits?
You may choose anyone to be your beneficiary under the Plan. However, under federal law, if you are married and wish to name someone other than your spouse as your beneficiary, you may do so only with your spouse’s written consent which is notarized or witnessed by a Plan representative. If you fail to designate a beneficiary, or if your designated beneficiary dies before you do, the Plan provides that your beneficiary will automatically be your surviving spouse, or, if none, your estate.