How do I know if I'm
covered by the Plan?
You are covered by the Plan if:
- you are an
employee of a member of the Hampton Roads Shipping Association
("Employer Association") and covered by the Collective
Bargaining Agreement, or of the Employer Association, the
International Longshoremen's Association and/or its locals in
the Port of Hampton Roads and vicinity, or the Administrative
Office of the Plan;
- your employer
is participating in the Plan;
- you are not a leased employee or a nonresident alien employee; and
- you are
employed in the industry.
You will become a Plan
participant upon filing an application with the HRSA-ILA Participant
Services Office, provided that it is filed no less than 10 working days
before the start of a payroll week when your participation will begin.
There is no minimum required age or hours of work to be eligible to
participate in the Plan. See Contributing Employers for a list of
employers participating in this Plan.
What is employment in
the industry? Back to Top
You are employed in the industry while
you are engaged in any of the following types of employment:
- employment by
one or more present or former members of the Hampton Roads
Shipping Association ("Employer Association") in the Port of
Hampton Roads and vicinity under a collective bargaining
agreement that calls for contributions to be made to the Plan
(the "Collective Bargaining Agreements");
- employment in
the Port of Hampton Roads and vicinity by the ILA and/or its
affiliated locals in the capacity of a union representative or
in a non-ILA staff position;
- employment by
the Employer Association or the Administrative Office of the
Plan; and
- employment by a
member of the Employer Association in any position determined by
the Board of Trustees to have been
traditionally filled by ILA labor, but not subject to the terms
of a Collective Bargaining Agreement, where
such employment is:
- in the same industry
- in the same geographic
area covered by the Plan; and
- in the same trade or
craft (for purposes of this provision, "industry",
"Geographic area", and "trade or craft" shall have the
same definitions as contained in Department of Labor
Regulation 2530.203-3(c)(2)).
What happens if I quit?
You may request a
distribution of your account balance (which may be subject to a 10%
early distribution tax, discussed on page 54 of the Annuity Summary
Plan Descripion), provided that you have an "undisputed
permanent termination of employment from all employers participating in
the Plan". Payment of your account in this event will not be made prior
to six months following the date on which the termination occurred or Permanent Termination paperwork has been submitted to the Funds office, whichever is later.
When do I "retire" for
purposes of the Plan?
You retire when you
terminate employment from all participating employers and retire under
the terms of the Hampton Roads Shipping Association-International
Longshoremen's Association Pension Plan. Under the Pension Plan, the
normal retirement age is generally age 62, however, you can retire as
early as the first day of the month after your age and years of benefit
service under the Pension Plan total 80. Note that you may also receive
benefits under the Plan without retiring. (See Payment of Benefits, page
50 of the
Annuity Summary Plan Description.
When will I have an undisputed
permanent termination of employment from all employers
participating in the Plan? Back to Top
An undisputed permanent termination of
employment is when you terminate employment from all employers participating in
the Plan and certify to the Plan Administrator that you are no longer seeking
work with any participating employer, and you have no intention at that time of
doing so. An undisputed permanent termination will also occur when the Employer
Association certifies to the Plan Administrator that you have permanently
terminated employment. A leave of absence for military service, union activity,
temporary disability, or like reasons will not be deemed a permanent termination
of employment. You will be eligible to take a distribution of your account
balance when you have an undisputed permanent termination of employment from all
employers participating in the Plan.
If you
elect a distribution of your account balance upon undisputed termination of
employment, but you return to employment with a participating employer before
distributions to you are made, your distributions will be stopped.
Will the Plan offer
advice on how to make my investment choices?
No. The Plan is a self-directed account
plan. You alone are responsible for making your own investment choices;
and the Board, the Plan Administrator, and the Service Company are not liable for your investment choices. The Service Company will make
available to you educational material to aid in your investment
selection, but you are ultimately responsible for your investment
decisions. A wise investor will seek out advice on investment options
from a qualified source and you are strongly encouraged to discuss your
options with an investment advisor of your choice. You may also
contact MassMutual by selecting the link button at the bottom of
this page.
Are Plan benefits paid
automatically after I retire or terminate my employment?
Generally, no. If your account balance
exceeds $5,000 (or has exceeded $5,000 at the time of any prior
distribution) you must fill out an application form and file it with the
Administrative Office of the Plan. Benefits cannot begin (unless
required by IRS rules) until an application is received, and the Board
of Trustees approves your application. If you retire or have an undisputed permanent termination of employment, do not return to
employment for a participating employer within one year, and your
account balance is $5,000 or less; the Plan may automatically distribute
your account balance in a lump sum without your consent.
If I receive my benefit
before age 59 1/2, will I owe a 10% tax penalty?
If, before age 59 1/2, you retire or
experience another event that allows you to receive a Plan distribution,
you may apply for benefits to begin. However there are important tax consequences that you should discuss with your tax advisor. If you
receive a payment before you reach age 59 1/2 and you do not roll it
over into another qualified plan or an IRA, then, in addition to regular
income tax, you may have to pay an extra penalty tax equal to 10% of the taxable portion of the payment. The additional 10% tax may not apply to
your payment if it is;
- paid to you because you
separate from service with your employer during or after the
year you reach age 55,
- paid because
you have a disability under IRS rules (the IRS rules are
somewhat more restrictive than the Plan's disability rules),
- paid to you as
substantially equal installments over your life or life
expectancy (or the life expectancies of you and your spouse), or
- rolled into another qualified plan or qualified IRA.
What are my payment
options?
You may select any of the following
payment options:
- lump sum,
- annuity,
- installments, or
- rollover distribution.
However, if you are married and select
an annuity, your annuity will be paid in the form of a 50% Joint and
Survivor Annuity with your spouse as the beneficiary, unless you file a
notarized spousal consent form with the Plan Administrator. See page
50 of the Annuity Summary Plan Description for a fuller
discussion of your payment options.
Can I borrow money from
the Plan?
No. The Plan does not provide for
participant loans.
Can a survivor benefit
be paid from the Plan to someone other than a spouse?
Yes. However, if you are married, a
notarized spousal consent form is required in order to name a
beneficiary other than your spouse.
Can I make after-tax
contributions to the Plan?
Yes. After-tax contributions are
permitted under the Plan, subject to the IRS limits discussed in the Summary Plan
Description on page 52.
