What to do in this uncertain time.
There is no one-size-fits-all answer for how to respond to an event such as coronavirus. If you’re a younger investor who is saving and investing for a distant goal, such as retirement, the best action to take may be no action at all. If you’ve built a portfolio that matches your time horizon and risk tolerance, and you don’t expect to need money from it anytime soon, it’s usually best to stick to the investing plan you developed when markets were calm.
However, if you’re in a position where you must sell stocks—for instance, if you’re retired and relying on your portfolio to fund your lifestyle right now—there are steps you can take to minimize the negative impact of selling in a down market.
Schwab Retirement Plan Services, Inc. is the 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”).
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:
Local 52 Pension Plan
Vesting Rules for the Plumbers & Steamfitters Local Union 52 Pension Plan
For Participants who commence participation in the Plan on or after January 1, 2014, you must complete three (3) Years of Service with the Plan in order to have a 100% Vested Interest in your Participant Account. A Year of Service is a 12-consecutive month period (January-December) during which an Employee is credited with at least 1,000 Hours of Service. However, the three (3) years required for vesting do not have to be worked consecutively, as long as you return to Covered Service (i.e. work for an Employer who contributes to this Plan on your behalf) and work sufficient Hours of Service to receive Years of Service before incurring (5) five One-Year Breaks in Service. If however, you incur five (5) One-Year Breaks in Service before reaching the (3) three Years of Service required for vesting, your Participant Account will be permanently forfeited to the Plan.
Effective January 1, 2024, the pension contribution rate is $6.00 per hour.
Please review the Question & Answer Booklet and Pension Enrollment Information documents for additional information.
You may access your account (make investment changes, check your balance, print statements) by contacting Charles Schwab Retirement Services.
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 $1.70 per hour.
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