It is imperative that all active SUP members have a beneficiary form on file with the SUP Welfare Plan. These forms provide protection for your family and dependents in the event that anything happens to the active participant. One of the Welfare Plan benefits available to active members and their families is a $25,000 death benefit. The Welfare Plan will pay this benefit when there is a named beneficiary. If there is no beneficiary designated by the eligible employee, or if the designated beneficiary does not survive the eligible employee, no death benefit will be paid. A burial benefit for actual cost, up to a maximum of $500 will be paid. More detailed explanations of this benefit are in the Summary Plan Description Book for active participants. To reinforce the importance of the beneficiary form being on file, if no form is filled out then no Death Benefit is payable! In an attempt to update all of our files the SUP. Welfare Plan is currently mailing forms to members who have no beneficiary listed in their files. Once you have completed these forms please mail them back to the Welfare Plan Office in the enclosed envelopes.
Beneficiary forms must also be completed for those members who have funds in the Money Purchase Plan, and those members who participate in the 401(k) plan. Failing to have completed forms on file for these funds may hold up the payment in probate court. Members who do not receive forms in the mail and feel they need to complete them may pick them up at any SUP branch or by contacting the Welfare Plan at headquarters. If you are not sure whether or not you have forms on file please call the Welfare Plan. Members who have had a change in marital status should also complete new forms.
401(k) Columbia Funds
Ms. Joan Steel our account representative with Columbia Funds will be at headquarters on June 10, 2002 the day of the June membership meeting. Joan will be in the library from 0900 to 1100. If any members have questions on the 401(k) Plan this is the time and place to get them answered. Members who are now participants, and want to discuss investment plans with Ms. Steel, should bring their latest Columbia statements. Members who do not participate and want answers on the investment and tax advantages of the 401(k) Plan are encouraged to show up and discuss the advantages of being involved in this program.