The annual SUP Money Purchase Pension Plan statement will be in the mail to all participating members by the second week of November. The statements will be mailed to your address on file with the Plan office. These statements will show the total dollar amount of earnings and expense costs of your account for the fiscal year 2002-2003. If after due time you do not receive your statement, please contact the Welfare Plan Office.
Many questions arise on the conditions and procedures of withdrawing your MPP. The MPP is designed to be a pension account payable when a member retires. The Plan documents do not require that you attain any specific age before you are eligible to withdraw your account. Similarly, you are not required to accrue any minimum amount of service to be eligible to withdraw your account. In other words you may withdraw your account at any age. However, in order to begin receiving benefits under the Money Purchase Pension Plan, you must agree not to work in any employment covered by any collective bargaining agreement that requires a contribution to the Plan.
If you elect to terminate from the Union you may collect the funds in your account. In this case the Plan office will compute the Termination Value of your account, and you can select a payout option. You may collect your money in a lump sum benefit of which 20% will be withheld for taxes. You may also elect to have your funds rolled over to an IRA or a tax deferred account. This way you would then be taxed on the funds as you withdraw from your private account. You will need to check with your bank or financial advisor for further details.
The process for withdrawal and termination involves paperwork. If you have all the necessary papers completed and in the Plan office by the 15th of the month, then your check will be issued on the first day of the following month.
The Welfare Plan has a separate beneficiary form for your Money Purchase Pension Plan account. If a participant should die before he or she has drawn out their account then the funds will be paid in a lump sum to the beneficiary listed with the Plan office. You should obtain a beneficiary form from the Plan office or from any SUP Port Agent. Any further questions on your MPP should be directed the Plan Office.