Select Page

Individual Account Retirement Plan – Individual Accounts

Your Individual Account is an account established in your name to receive Contributions made by Contributing Employers on your behalf.  Your Individual Account balance or “Accumulated Share” describes how much money you would receive from the Plan if you were entitled to a payout at a given time.

On each Valuation Date, the Plan goes through an accounting process referred to as a “valuation” to fix the value of each Individual Account. The Plan’s Valuation Date is December 31.

The amount in your Individual Account as of a Valuation Date is determined as follows:

  • Take your Individual Account balance on the preceding Valuation Date minus any amount forfeited due to a Five-Year Break in Service;
  • Add subsequent Contributions received from your Contributing Employers;
  • Add a proportionate share of the Plan’s investment income and account expense factor allocated to your Individual Account for the valuation period; and
  • Subtract any payments made to you during the valuation period.