Profit-Sharing Plan

Plan Description

This Pension and Profit Sharing Plan is also known as a Money Purchase Plan and is completely separate from any other pension plan that you may have. Under this Defined Contribution Pension and Profit Sharing Plan, an hourly contribution as required by the applicable collective bargaining agreement is credited to each individual employee who is a participant under this Plan. 

This Plan became effective on June 10, 1981, for the Money Purchase and August 1, 1996, for the Profit Sharing Plan. This Plan is administered by the Board of Trustees with the contractual assistance of a fund manager, a certified public accountant, an investment monitor, investment managers, and an attorney.

Eligibility Requirements

You become a Plan Participant once you have worked an hour of Covered Employment with an Employer that is required by a collective bargaining agreement with I.B.E.W. Local 340 to make contributions to the Plan on your behalf.

Certain full-time employees of the Union and Apprenticeship Program are also allowed to participate in the Plan under rules and contribution rates approved by the Board of Trustees. 

Qualification for Pension

  • Normal Retirement- Your normal retirement date will be the first of the month coinciding with or next following your 62nd birthday.
  • Early Retirement- You may elect to retire as early as age 55 and receive your account balance at that time.