Individual Account Retirement Plan – Participation & Eligibility
In general, you are eligible to become a Plan Participant if you are working for an employer (referred to as a “Contributing Employer” or “Individual Employer”) who is required by a Collective Bargaining Agreement between various Individual Employers and the (1) International Association of Machinists and Aerospace Workers, (2) International Brotherhood of Teamsters, Chauffeurs, Warehouseman, and Helpers of America, or (3) International Brotherhood of Painters and Allied Trades to make Contributions to the Individual Retirement Account Plan on your behalf with respect to your work.
You are not eligible to become a Participant if you are a (1) sole proprietor who is a Contributing Employer or a Spouse of that person, or (2) partner of any partnership that is a Contributing Employer or the Spouse of that person.
You become a Participant as of the first day of the first month for which a Contribution is made on your behalf by a Contributing Employer.
You cease to be a Participant on the date that you receive payment of your Individual Account balance (also called your “Accumulated Share”). You also cease to be a Participant when you have no balance in your Individual Account after the assessment of expense charges or your Individual Account is forfeited due to a Five-Year Break in Service.
If your participation is terminated, you will again become a Participant as of the first day of the first month for which a Contribution is again made on your behalf by a Contributing Employer.
You are entitled to receive your Vested Percentage if you retire after satisfying one of the Retirement Eligibility Date requirements shown below:
|RETIREMENT ELIGIBILITY DATES AND REQUIREMENTS|
|Normal Retirement Eligibility Date||First day of the month following your attainment of Normal Retirement Age or any month thereafter. Your Normal Retirement Age is the later of:
(1) The date you attain normal retirement age under the Automotive Industries Pension Plan;
(2) The date you attain age 65;
(3) If you are not a Participant in the Automotive Industries Pension Plan, the fifth anniversary of your participation in the Individual Account Retirement Plan.
|Early Retirement Eligibility Date||First day of the month or any month thereafter following the date you attain age 55, but not age 65 and have at least five Years of Credited Service (Same as Automotive Industries Pension Plan Early Retirement Benefit); or
First day of the month or any month thereafter following the date you attain age 62, but age 65 and have at least five Years of Credited Service (Same as Automotive Industries Pension Plan Unreduced Retirement Benefit); or
First day of the month or any month thereafter following the date that the sum of your attained age and Credited Future Service total at least 85 (Same as Automotive Industries Rule of 85 Benefit).
|Disability Retirement Eligibility Date||First day of the month prior to your attainment of age 55 provided you are:
(1) “Totally and permanently disabled” as determined by Social Security,
(2) You have completed at least five Years of Credited Service,
(3) Your disability occurred or originated either prior to the termination of your Individual Employer Contributions or within twelve months thereafter.
|Upon Your Death||You are vested or partially vested at the time of your death.|
If you are younger than age 59 ½, you must have satisfied the requirements for one of the Retirement Eligibility Dates above and be retired before you can withdraw your Vested Percentage from your Individual Account. In order to receive retirement benefits, you must no longer be engaged in any work for which Contributing Employer Contributions are required since your Retirement Eligibility Date, certify such to the Board of Trustees and the Board of Trustees must approve your certification.
If you are at least age 59 ½, you may withdraw all or any portion of the Vested Percentage of your Individual Account balance regardless of whether or not you are retired. If you have received a withdrawal and continue to work in Covered Service, your Individual Account will be credited with additional Contributing Employer Contributions. No more than one withdrawal will be permitted during any calendar year period.
For the types of eligible retirement plans that can accept eligible rollovers, refer to the Individual Account Retirement Plan Summary Plan Description.