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New Recordkeeper - Schwab Retirement Plan Services

Effective December 2017, Schwab Retirement Plan Services, Inc. will become the new recordkeeper for the Employee Pension Plan and Trust for Local Union 52 of the United
Association of Journeymen and Apprentices of the Plumbing and Pipefitting Industry of the United States and Canada (the “Plan”).


This transition gives you the opportunity to take full advantage of everything the Plan has to offer. Take some time to assess your retirement savings goals, carefully review your investment strategy, and take advantage of the various resources and tools available to you through Schwab Retirement Plan Services, Inc. You will be able to take advantage of various useful retirement plan features, including:
• The ability to access and transact in your account in a manner that is convenient to you: online, on the go with the
Schwab Workplace Retirement app,1 or by phone.
• The same menu of mutual funds and individual investments to select from when building your portfolio.
• Access to market performance tools, calculators, and resources to help you structure a retirement savings strategy that
may be appropriate for you.
• Helpful and friendly Participant Services Representatives with convenient hours.

What you need to know...now.
Important transition information.
To help you understand what is happening with your Plan account during the transition, included in this newsletter is a calendar of important dates and actions. Please review it carefully so that you will know what to anticipate during the transition process. Schwab Retirement Plan Services, Inc. will take over as recordkeeper for the Plan effective December 1, 2017. There will be a brief blackout period at the Newport Group during which you will be unable to make changes to your account. If you wish to make changes to your account, please note the deadlines for certain types of transactions. Your account, as it stands immediately prior to the transition, will be automatically transferred to Schwab Retirement Plan Services, Inc.
Whether or not you are planning for retirement in the near future, we encourage you to carefully consider how this transition may affect your retirement planning, as well as your overall financial goals. Additionally, it is very important that you review and consider the appropriateness of your current investments prior to the blackout period.


Transition calendar.
Read below for important dates and information related to the upcoming transition. If you have a balance in your account at the Newport Group immediately prior to the blackout, your account balance will transfer to Schwab Retirement Plan Services, Inc. If you would like to update your future investment elections following notification that the blackout period has lifted, please contact Participant Services at 1-800-724-7526 or log on to workplace.schwab.com.


Now until 3 p.m. CT on November 23, 2017
This is the last day to:
• Change investment elections.
• Request a fund transfer.
• Submit completed distribution paperwork in good order.
• Submit a rollover check.

After 3 p.m. CT on November 23, 2017 Blackout period begins.

Week of December 24, 2017
The blackout period is anticipated to end. You will be notified when the transition is complete. To access your account, go to workplace.schwab.com, click Register Now, and complete the secure user registration process.
The dates set forth for the end of the blackout period are an estimate based on prior experience. Experience with your Plan may differ from prior experience. This estimate should not be considered a guarantee for any purpose. If you need assistance accessing your account, call Participant Services at 1-800-724-7526. Representatives are available Monday through Friday, 6 a.m. to 10 p.m. CT.

Note: Beneficiary designations will not transfer. All participants are requested to make new beneficiary designations at Schwab Retirement Plan Services, Inc.

Once the blackout ends, you can:
• Reallocate your assets.
• Access retirement planning videos and market insights at workplace.schwab.com.
• Get professional help for your Plan account.
• Designate beneficiary(ies) for your Plan account.


Retirement plan advice.
If you’re like most people, you’re counting on your Plan account to support you during retirement—but you may not know how to create a portfolio or manage investments. Schwab Retirement Planner®2 does the work for you. You get access to ongoing professional management and the value of a personalized retirement savings and investment strategy with managed account and advice services provided by Morningstar Investment Management LLC. Schwab Retirement Planner calculates the income you’ll most likely need in retirement, recommends a savings target to help you get there, and manages your investments along the way.


Management of your account through Schwab Retirement Planner includes the following:
• An allocation of assets to a portfolio based on the funds in the Plan and your personal circumstances and goals.
• Diversification of your investments.
• Review of your investment mix every three months and adjustment, if needed, based on market performance or updates
to your situation, to help you stay on course with your strategy.
• Portfolio reassessment at least annually to account for being closer to retirement and to consider any additional changes
that you or your employer communicates.


There is a flat fee for the professional services provided by Schwab Retirement Planner. If you prefer a more hands-on approach, you have access to a point-in-time advice tool that can provide and implement a one-time savings rate and asset allocation recommendation based on your current situation. To access the point-in-time advice tool, log on to workplace.schwab.com and select the Advice tab once the transition is complete. Resources to help keep you connected.


Once the transition is complete, you will have access to the following resources to help you stay focused on your approach to retirement.  

workplace.schwab.com    Check balances, request investment information, choose investments, and more.

Call Participant Services.   1-800-724-7526
Representatives are available from 6 a.m. to 10 p.m. CT, Monday through Friday.

Schwab Workplace Retirement app  Manage your account on the go with the Schwab Workplace Retirement app. Check your account, monitor your personal performance, and securely access the full website.

 
Pension

Local 52 Pension Plan

IMPORTANT NOTICE CONCERNING YOUR RIGHTS UNDER THE

Plumbers & Steamfitters Local Union 52 Defined Contribution Plan

To:                   All participants of the Plumbers & Steamfitters Local Union 52 Defined Contribution Plan

Date:                October 23, 2017

Subject:           Plan transition from the Newport Group to Schwab Retirement Plan Services, Inc.

 

1.   This notice is to inform you that, on December 1, 2017, the Plumbers & Steamfitters Local Union 52 Defined Contribution Plan (the “Pension Plan”) will be changing recordkeepers from the Newport Group to Schwab Retirement Plan Services, Inc.

2.   As a result of these changes, you will temporarily be unable to access various features of the Pension Plan. The features of the Pension Plan that will be temporarily unavailable are detailed in paragraph three below. This period is called a “blackout period”. Whether or not you are planning retirement in the near future, we encourage you to carefully consider how this blackout period may affect your retirement planning, as well as your overall financial plan.
3.   The blackout period for the Pension Plan will begin at 3:00 p.m. CT on November 23, 2017, and is expected to end during the week of December 24, 2017. Detailed below is the date certain activities will be temporarily suspended:

       November 23, 2017 at 3:00 p.m. CT is the last day to conduct the following transactions at the Newport Group:

  • Request a fund transfer
  • Change investment elections
  • Submit completed distribution paperwork in good order
  • Submit a rollover check

 During the blackout period, you can determine whether the restricted period has started or ended by calling the Newport Group at 1-800-217-2240.

 4.During the blackout period, you will be unable to change your existing investment elections or request a fund transfer in your Pension Plan account. For this reason, it is very important that you review and consider the appropriateness of your current investments in light of your inability to change your existing investment elections or request a fund transfer during the blackout period. For your long-term retirement security, you should give careful consideration to the importance of a well-balanced and diversified investment portfolio.

 

If you have any questions concerning this notice, you should contact the Participant Services at

1-800-724-7526.


 

 

 

 
Pension

Plumbers & Steamfitters Local Union 52 Defined Contribution Pension Plan

Effective January 1, 2017, the pension contribution rate is $5.25 per hour.

Please review the Questions & Answers and Enrollment documents listed to the right for additional information.

You may access your account (make investment changes, check your balance, print statements) by contacting NewPort Group at 1-800-217-2440 or www.newportgroup.com (click on participant tab).

Local 52 Pension Plan Office
PO Box 211105
Montgomery, AL 36121-1105
334-272-0240 ext. 5
Contact: Kay Pinckard

For information related to the National Pension Fund, please contact the fund office at 1-800-638-7442. The current national pension fund rate is $1.45 per hour.

The Million Dollar Question: How Do I Invest My Retirement Savings?

Trying to choose the investment options that are right for you may seem difficult. That’s why the Plan has retained the services of a registered investment consultant to assist you in making crucial investment decisions.

Please contact Greg Fiore at 1-404-477-0593, for assistance with investment and retirement options.

Pension Enrollment Information

Enrollment Information

A defined contribution pension plan is a valuable benefit program. By offering this plan, Local 52 is making a commitment to help you plan for your future.

Here’s how it works: An account is established in your name, exclusively for your benefit. Employers then make contributions to the Plan on your behalf. As a Vested Participant of the Plan, you will have 100% interest in your account.   Please contact the Fund Office for vesting information.

It’s flexible, to meet your needs. You determine how the contributions are invested and you can change your investment choices any business day.

There are big tax advantages. Unlike interest earnings on a regular savings account, which are taxed annually, your investment earnings continue to grow without an annual tax bite until you withdraw your money. This is called tax-deferred compounding and over time, it can make a big difference in the amount of money you accumulate for retirement. So you can consider the contributions made to your account as a tax-deferred bonus.

The Million Dollar Question: How Do I Invest My Retirement Savings? Trying to choose the investment options that are right for you may seem difficult. That’s why the Plan has retained the services of a registered investment consultant to assist you in making crucial investment decisions. You may contact Greg Fiore at 1-404-477-0593, for assistance with investment and retirement options.

What happens if I do not submit investment selections? If you do not provide investment selections, any contributions made to your account will automatically be invested into a default account selected by the Plan Trustees. This is typically the most conservative investment option in the Plan, like a money market mutual fund, stable value investment option or an age based investment. Please contact the Plan Consultant for more information about the plan’s default option.

How can I change the investment elections for my account? You are permitted to change the asset allocation of your existing account balances and/or the investment election for future contributions at anytime. If you wish to change both the asset allocation for your existing account balance and change the investment directions for future contributions, separate requests must be submitted. Here’s how:

1. Call NewPort Group’s interactive voice response service at 1-800-217-2240 and enter your changes over the telephone. This service is available 24 hours a day, 7 days a week.

2. Enter your changes via NewPort Group’s secured internet website:
www.newportgroup.com and click on the participant access tab. This service is available 24 hours a day, 7 days a week. You must register. Your user name is your social security number, without any slashes, dashes or spaces (ex: 123456789). Your password will be the first four characters of your last name, using the shift key instead of caps lock to capitalize all letters, immediately followed by your entire social security number (ex: SMIT123456789). Follow the directions. You will have limited access upon registering. A new password and confirmation will be sent to you by mail.

3. Submit your changes to a Participant Services Representative. Please dial 1-800-217-2240. Participant Service Representatives are available from 7:00 am to 7:00 pm CST, Monday-Friday.

How can I get information about the Funds in the Plan? You can obtain fund profiles and prospectuses via the NewPort Group website or by contacting customer service.

Contact Information:
Web: www.newportgroup.com
Phone: 1-800-217-2240


For other questions related to the Plan, please see the Summary Plan Description or call 334-272-0240.

The Plan is intended to be an ERISA Section 404(c) plan. This simply means that you “exercise control” over some or all of the investments in your Plan account. The fiduciaries of the Plan may be relieved of liability, or responsibility, for any losses that you may experience as a direct result of your investment decisions.


 


  • UNION MEETING
    February 10, 2018 (All Day)
    (Default) (General)

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    April 14, 2018 (All Day)
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