United Service Workers Union 138-50 Queens Boulevard
Briarwood, NY 11435
Tel: (718) 658-4848
Fax: (718) 523-5722
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
Where are you now?
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:
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.
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.
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.
You have the opportunity to select from a wide variety of funds:
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.
Employees are eligible to join the plan if they:
Employees may begin to participate in the plan if they:
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:
*must cease employment to receive this benefit
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.
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
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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