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2012 Voluntary Deferral Limits
$17,000.00 Under Age 50
$22,500.00 Age 50 and Older
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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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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Destination Fund
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Participant Year of Birth
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Age at end of 2006
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2040
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1976 and after
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30 and younger
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2030
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1975 -1966
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31 to 40
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2020
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1965 - 1956
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41 to 50
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2010
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1955 - 1946
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51 to 60
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Income
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1945 and earlier
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61 and older
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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:
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Hardship distribution will not be allowed, and
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A separation of service benefit will only be payable after no contributions have been made on your behalf for 12 consecutive months.
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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