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
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.
After becoming a Vested Participant, 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.
The Plan is self-directed, so you determine how the contributions are invested and may 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. Please contact Participant Services at 1-800-724-7526 or log on to workplace.schwab.com to make changes.
When am I eliglbe to withdraw funds? Under the current Plan provisions, to qualify for withdrawal, you must meet one of the following options:(1) Normal retirement age 62; (2) Early retirement age 60; (3) Early-Out Provision - age 55 with 25 years of continuous service; (4) Disability - at any age upon receipt of Social Security Disability Award Letter.; (5)Terminated participants - one year after the termination date.
For specific 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.
