Individual Account and 401(k)
The Pipe Fitters' Local 597 Individual Account and 401(k) Plan allows Local 597 members the ability to defer a portion of their pay into the Individual Account and 401(k) Plan. In addition, employers that are signatory with Local 597 contribute $8.00 per hour into the Plan.
As a result of this deferral, the member's contribution is not treated as taxable income nor is the investment income on the member's account taxable until withdrawals are taken.
Overall, the Plan is designed to supplement a member's monthly retirement income. The Individual Account and 401(k) Plan has contracted with Mass Mutual to provide certain record keeping services and to offer members variety of investment options.
Currently, over 8,400 members have accounts in the Individual Account and 401(k) Plan with assets totaling over $800 million.