Frequently Asked Questions
Q: When can I retire?
A: The Normal Retirement Date is the first day of the month following the employee's sixtieth birthday. Early retirement is age 55.
Q: Can I borrow money on my pension plan?
A: No.
Q: When can I have my money?
A: Age 60;
Age 55 with no contributions for 3 consecutive months
Prior to Retirement Age and have worked less than 500 hours in the plumbing and pipefitting industry for two consecutive plan years
Prior to Retirement Age and have worked less than 100 hours in this plan for two plan years but working under another local union
If you are Disabled.
If you have a Terminal Illness.
If you have a Hardship.
Q: What is considered a Hardship?
A: A Hardship is a severe and immediate financial need due to the following: Medical expenses for yourself, your spouse or dependents; Payment of tuition for post-secondary education for yourself, your spouse or dependents; Necessity to prevent eviction from or foreclosure on your principal residence; Funeral expenses for your spouse, child or parent.
Q: What is the Plan Year?
A: The Plan Year is from August 1 through July 31st of each year.
Q: Can I roll my account balance over into another plan or IRA?
A: Yes, if you are eligible for a distribution.
Q: Does the Pipe Trades Pension of Montana accept rollovers?
A: Yes, this Plan will accept Rollover Contributions from other qualified retirement plans under section 401(a) of the Internal Revenue Code, including other profit sharing plans, but not IRA’s.
Q: What happens if I withdraw the money in my account?
A: Once you have received payment of your Individual Account, no Individual Account will again be established for you if contributions are made on your behalf after attainment of age 55. Any such contributions made will be paid to you in a lump sum after the last Valuation Date of the Plan Year in which contributions were made.
Q: What is the application procedure for distribution of my Individual Account?
A: Applications must be in writing and filed with the Board at the Plan Administrator’s office. Once approved, they will be paid after that month end’s Plan Valuation has been completed.
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