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Important News and Announcement Letters
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Pipe Fitters Local Union 597 Member Dashboard The new Member Dashboard, which is available for all participants effective immediately, provides you and your family with a wealth of information related to the Pipe Fitters Local 597 Welfare, Retirement and Individual Account and 401(k) Funds. It will also provide useful information that’s maintained on your behalf by the Association. The following are features of this secure website: Welfare Fund A. You can view/download the explanations of benefits (EOB’s) for all medical, dental and drug claims that have been processed for you and/or your dependents in the current year-to-date and the previous calendar year. If you have adult dependents, when you register, you must attest that you are eligible to view this information on their behalf. B. You can view where you and your family stand together and as individuals with respect to your annual deductible and out-of-pocket limits. C. You will be able to see, up to the minute, the period of time for which you will be eligible for Local 597 Welfare Fund benefits. D. You will be able to choose not to receive paper EOB’s that are mailed but instead view and download EOB’s at the time your claim is processed. Retirement Fund A. Active members will be able to view/download their current, year-to-date Pension Credit Statement as well as the prior year’s Statement. B. Pensioner’s will be able to view/download their 1099’s and their monthly payment histories. Individual Account and 401(k) Plan You will be able to view an annual and/or monthly history of employer contributions and voluntary contributions into the 401(k) Plan since its inception. In evaluating the performance of your account, it’s helpful to know how much you and your employer have actually contributed compared to what the account balance is. Association You can view your hours worked by employer since 1981. You can also view/download a history of your wage work assessment since 2004 and access Association notices to members. Finally, if you are registered with the Referral Hall, you’ll be able to see your current position on the out-of-work list. Access the Dashboard To register, simply visit the Pipe Fitters Local 597 official website: www.pf597.org. Click on the Member Dashboard icon and follow the instructions. If you are already registered to pay your dues online, you will not have to re-register as your username and password will already work on the Pipe Fitters Local 597 Member Dashboard. If you have any problems with the registration process, please contact the Fund Office for immediate assistance.
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Re:
Pipe Fitters’ Individual
Account and 401(k) Plan, Local 597 The Pipe Fitters’ Individual Account and 401(k) Plan, Local 597 is a multiemployer plan established pursuant to collective bargaining. A safe harbor contribution has been negotiated under the collective bargaining agreement. Effective June 1, 2010 the employer contribution is $4.00 per hour for journeymen and $3.00 per hour for eligible apprentices. In addition, employees covered under the Plan are eligible to make 401(k) salary deferral contributions. For 2011, the IRS 401(k) deferral limit is $16,500 and for catch-up eligible participants, an additional $5,500 401(k) deferral may be made. Because of the safe harbor contribution, the lower limits that previously restricted “highly compensated employees” no longer apply. You can make salary deferrals by completing an enrollment form available from the Fund Office (312-633-0597). You are eligible each pay period to change your elective deferral by completing a new enrollment form. Account information is available on line at www.massmutual.com or by calling MassMutual at 1-800-74-FLASH (35274). Your deferrals and safe harbor contributions are immediately 100% vested. Both your deferrals and safe harbor contribution may not be withdrawn while employed prior to age 59½. However, your voluntary deferrals can be withdrawn for financial hardship. For further information on these contributions to your Plan as well as receive a copy of the SPD, please contact the Fund Office at 312-633-0597. Sincerely, Board of Trustees
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New Default Option Effective for new participants on or after Tuesday, May 1, 2007, the Plan will change its default investment from the Guaranteed Interest Account to the Destination Retirement Funds based on the participant’s date of birth and Normal Retirement Age (age 59.5 rounded to age 60) as follows:
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Employer Contributions to Your Individual Account Under the new contract between the Union and the MCA, Employers will now be required to make a $1.00 contribution to an individual account for each hour you work in Covered Employment beginning June 1, 2008. As a result of this allocation, the Trustees have changed the name of the 401(k) Plan to the Pipe Fitters’ Individual Account and 401(k) Plan, Local 597. Although most of the rules of the current 401(k) Plan will also apply to the new Employer Contributions, there are two important exceptions to the distribution rules:
In early May 2008, you will receive a copy of the new Summary Plan Description which will provide an easy-to-understand description of the Plan benefits, including the rules related to the new Employer Contributions Along with the SPD you will receive detailed information regarding the available investment options, instructions on how to select an investment for your individual account, as well as the forms needed to designate a beneficiary of your account. If you are currently making elective deferrals to the 401(k) Plan, your existing investment elections and beneficiary designation will also apply to the Employer Contributions.
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Benefit Funds Home
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Retirement Fund |
Welfare Fund |
Indivdiual Account and 401(k) Plan
Any
information that is contained on this web site as it relates to the
Welfare Fund, Retirement Fund,
Training Fund or the Individual Account and 401(k) Plan; is supplied for informational purposes
only and does not
amend,
replace or constitute your summary plan description or plan documents
for each of those funds or plans.