Another benefit of union membership is participation in a self directed Annuity Fund. All members who have not elected to invest their own funds are placed in the default investment which is the Manning Napier Moderate Fund. You can invest in any of the other funds on your own at any time but you can only make changes once every 30 days.
There currently is a mandatory 50 cents per hour contribution for all members who are 2nd year apprentices (pro rated for apprentices) and above, you must be working under the collective bargaining agreement that provides for hourly contributions. You may also elect to differ one or two dollars from your pay to increase your hourly contribution. Forms to make the voluntary contributions are sent out by the Fund office in early April and are in effect for one year.
The Annuity Fund is governed by strict Internal Revenue rules and to make withdrawals you must comply with those rules. To get the necessary forms for all withdrawals and distributions you must call Prudential at 1-877-778-2100 and follow the prompts. Annuity Plan information is posted on this website for your convenience in the information section or on the Prudential Website.
You can access your account by clicking on the first time logging in section and providing the required information at the Prudential website.
If you need more information call the Fund office and speak to Susan.