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United Service Workers Union 138-50 Queens Boulevard
Briarwood, NY 11435
Tel: (718) 658-4848
Fax: (718) 523-5722
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401(k)

As a union member, you work hard to help the nation’s businesses, schools, and cities succeed.

Now it’s your turn to think about your own success. 

What are your goals 
— your ambitions
— your priorities?

Where are you now?
Where would you like to be when you retire?
And what are you doing to get there?


You take pride in the work you do.

Take the same care in developing your plans for the future. 

By participating in the IUJAT 401(k) program, you can take charge of your future.

It’s easy. There are only two main decisions to make:

  • How much you will contribute
  • Selection of investment classes or where you will invest

Social Security alone can no longer be relied upon to provide financial security when you retire. 

The better you understand your retirement options, the better prepared you will be.

And, you’ll get plenty of help along the way.


The International Union of Journeymen & Allied Trades has partnered with Principal® Financial Group, the nation’s 401(k) leader in union sponsored retirement plans. 

Principal®

  • Offers a wide range of investment choices
  • Provides the participant with informative investment information
  • Understands the needs of union members

How 401(k) Elective Deferrals Work

When you sign up, you tell your participating employer how much of your pay you want to defer; you may defer as much as 1 to 100% of your pay ($15,500 is the maximum allowed in 2007.)

You can change salary deferral percentage on a quarterly basis.

Account Information

You will receive account information through your quarterly retirement plan statement.  Values can be obtained daily through the internet or by calling the voice response system.

Investment Options

You have the opportunity to select from a wide variety of funds:

  • Bond Funds
  • Stock Funds (Domestic and International)
  • Real Estate Fund
  • LifeTime Funds (invests in bonds, stocks, and real estate, based on your age)


Tax-deferred contributions are a great way to save for retirement because they allow you to save for the future with dollars you would otherwise pay in current taxes.


Tax Advantages to Contributing

Contributing to a retirement plan is a great way to save for retirement without significantly affecting your take-home pay.  Because Federal and State taxes are not paid on the amounts you contribute, you may reduce your current taxable income.  The more you contribute to the plan, the lower your taxable income becomes and the larger your retirement savings may be. 

In addition, money you save benefits from tax deferred growth, which lets your money compound more quickly than it would if it were taxed yearly.

In addition, Social Security is based on your income before you defer.  That means your Social Security benefits stay the same no matter how much you defer.

Start Right Away

Starting as soon as possible allows you to take advantage of compounding earnings longer. 

A common mistake many people make when saving for retirement is thinking there is always time to start contributing in the future. 

Even though you may have many years until retirement, starting to save now can have a tremendous effect on the value of your retirement savings. 

Eligibility

Employees are eligible to join the plan if they:

  • Are represented by an agreement which calls for participation in the IUJAT 401(k) Plan

Employees may begin to participate in the plan if they:

  • are at least age 18
  • and, were on the payroll at time of initial 401(k) enrollment of employer before becoming eligible to participate

New Hires after initial enrollment must complete one (1) year of service with an IUJAT employer to be eligible.

When Employees Receive Benefits

Benefits are payable at:

  • Retirement (age 62)
  • Death
  • Disability*
  • Termination of employment

*must cease employment to receive this benefit

Rollover contributions

Employees are allowed to rollover qualified retirement accounts (previous 401(k)’s, IRAs) into this plan.  They are always 100% vested in any rollover contributions made to this plan.

Vesting

Employee contributions are always 100% vested in the contributions they choose to defer from their salaries. 

Employer contributions are vested in the 401(k) plan based on years of service with IUJAT employers
as shown below:

Take Action Today! If you are interested in participating in the 401(k) plan, please contact your Business Agent at any time with questions or concerns about your retirement objectives. We’re here to help.

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