FAQs

Q. When do I become vested?

A. You become 100% vested in your Employer account when you obtain 2 full vesting credits. You are 100% vested in your Elective account immediately.

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Q. Do I need to do anything to enroll in the Plan?

A. No, you become a Participant automatically after you work one (1) hour in covered employment.

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Q. What is the Plan Year?

A. The Plan Year is January 1st through December 31st.

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Q. When can I start Participating in the Plan?

A. You must work at least one (1) hour in covered employment within a Plan Year.

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Q. Who is eligible to become a Participant in the Plan?

A. You are eligible to participate in the Plan if you work for an employer that is required to make contributions to the Defined Contribution Retirement Plan for the work you perform. For most Participants, this means working in a position covered by a collective bargaining agreement between the employer and the union. If you are an owner/operator, you can participate provided you contribute 40 hours per month.

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Q. How can I make my retirement account larger?

A. You can increase your retirement nest egg by electing to have employee deferred contributions withheld from your weekly gross pay and placed in your elective account with the Defined Contribution Retirement Plan. Each October 1st through November 30th you are able to elect an amount per hour that you'd like withheld from your gross pay. This amount will be for that next full calendar year. The maximum amount of elective contributions for 2025 is $23,500. If you will be at least 50 years old by December 31, 2025, you may elect to have an additional "Catch-Up" elective contribution of up to a maximum of $7,500. Before deciding on electing an employee elective contribution, which will be deducted from your gross pay, you should consult a personal financial and tax advisors for guidance. The elective form will be available on the Defined Contribution Retirement Plan's documents tab on this website during October 1st through November 30th.

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Q. How do I apply for a benefit?

A. The first step is to request an application from the Benefit Office. The application is also available on the website for your convenience. The application form will come with instructions and information about the type of documentations you will need to include with your completed application.

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Q. What if I get divorced?

A. If you get divorced, please contact the Benefit Office to update your records. If you wish to change your beneficiary designation, the Fund Office can provide you the proper form. Please note: Your former spouse may have rights to all or part of your benefit even if you designate a new beneficiary. A court may issue a Qualified Domestic Relations Order (QDRO) in connection with your divorce requiring the Defined Contribution Retirement Plan to pay part or all of your Defined Contribution Retirement Plan benefit to your former spouse for reasons such as spousal or child support or division of marital property. Please contact the Benefit Office for further information regarding QDRO requirements.

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Don't forget to contact the Union Hall (305) 681-8596 to provide them with a copy of your divorce decree. The Benefit Office does not and cannot provide a copy to the Union Hall without your written approval to share that information/documentation.

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Q. What happens if my spouse remarries after I die? Will he/she lose the benefits from the Plan?

A. No. Payments to your surviving spouse will not be affected by remarriage.

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Q. If I die, will my spouse or other beneficiary automatically be contacted about death benefits?

A. If you are actively employed when you die, the Benefit Office will contact your spouse or beneficiary. Otherwise, your spouse or beneficiary will need to notify the Benefit Office of your death to get the process started. You should alert your spouse or beneficiary to that need.

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Q. What is the Valuation Date?

A. The value of your individual account is updated as of December 31st of each Plan Year. The value of your account includes: