Individual Account Retirement Plan – Applying for Benefits

Termination and withdrawal of your Individual Account is not automatic upon becoming eligible for a distribution.  Rather, you must file an application approved by the Board of Trustees for the withdrawal of your Individual Account at least 30 days but no more than 180 days prior to the payment of any benefits.  If you are married, your Spouse must consent to the distributions within the same time period.

When you notify the Fund Office that you intend to withdraw your Individual Account, you will be sent a packet containing an application, instructions for completing the application and other documents. Please fill out the forms completely. You will also be asked to provide copies of certain documents, such as your birth certificate, a marriage certificate (if you are married), tax records and court documents that may include a QDRO (if you are divorced).

Your application will not be considered complete until all the information required by the application is received by the Fund Office.

Your claim will be considered filed when your application is received by the Fund Office, without regard to whether all information necessary to make a benefit determination accompanies your application. If not all of the required information accompanies your application, the Fund Office will notify you, in writing, of:

• the standards on which entitlement to benefits is based;
• the unresolved issues that prevent a decision on the claim; and/or
• the additional information needed to resolve those issues.

The Fund Office will then review its records to determine if you are eligible to receive your Individual Account. If you qualify, and once a distribution is scheduled, the amount you will receive from your Individual Account balance or Accumulated Share will be determined.

The initial determination of your benefits will be made within a reasonable period of time but not longer than 90 calendar days after the Fund Office receives your application for benefits. If the Plan Administrator determines that special circumstances require an extension of time for processing your claim, the Fund Office will notify you, in writing, prior to the expiration of the 90 days of the circumstances requiring the extension of time and the date by which the Plan expects to make a determination. The extension cannot be more than 90 calendar days from the end of the initial 90-day period.

If your claim is not acted upon within the time period described above, you may treat the claim as being denied and proceed to the appeals procedures.