Defined Contribution & 401K Plan

Plan Description

The UA Local 467 Defined Contribution & 401k Plan is an individual account plan. The Defined Contribution Retirement Plan, which is a Profit Sharing Plan, each covered employee accrues an account based on the number of Employer contributions made on his behalf.

Eligibility Requirements

All Employees who work in a position for which contributions are required to be made to this Plan are Participants in the Plan and all accounts are 100% vested. Nonetheless, it is possible that pension benefits may decrease because the value of your Individual Account depends upon the yields of the investment selected.

Establishment of A 401K Plan

Effective January 1, 2015, the Defined Contribution Plan was converted to also be a 401K Plan. You may elect to defer a percentage of your eligible compensation into the Plan. The percentage of your eligible compensation you elect will be withheld from each payroll and contributed to an Account in the Plan on your behalf. For pre-tax contributions being withheld from your compensation, the percentage you may defer is subject to an IRS annual limit of $19,000 in 2019. The amount may be increased in the future years as determined by the Secretary of the Treasury.

Age 50 and Over Catch-Up Contributions ($6,000 as January 1, 2019)

The Plan provides that Participants who will be age 50 and older by the end of the calendar year and who are making Deferral Contributions to the Plan may also defer a catch-up contribution of up to $6,000 in 2019. (that amount is also adjusted periodically by the Secretary of the Treasury).

The Defined Contribution Plan also continues rules on when you can receive a benefit as well as the benefit options upon your death. Please consult the Summary Plan Description for more specifics on these rules (or the full Plan document).

Application for Defined Contribution Distribution

The Retirement date you choose must be the first day of the month after the last day worked. Applying 90 days prior to your retirement will ensure that you will receive your first check on the first day of the month that your retirement becomes effective.

Complete the Defined Contribution Application Form. Return the form to the Plan office with the following documents:

  • Proof of Age (member and spouse)
  • Marriage License
  • Divorce Documents, if applicable, including Qualified Domestic Relations Order
  • Death Certificate, if applicable
  • Social Security Award (if applying for Disability Retirement)

Once the completed form and documents are received, the Plan office will determine your eligibility. If approved your will get a Defined Contribution Distribution Form. Please select the type of distribution your want and return this form to the Plan office as soon as possible. If the fully completed Distribution Form is received at the Plan office before the 10th day of the month, it will be processed by the 1st of the next month. If it is received after the 10th of the month, there will be a one month delay.