Annuity and Savings Fund Plan Changes

Trustee Directed Default Fund Change
(effective June 1, 2014)

The Trustee Directed Default Fund is changed from the Federated Capital Preservation fund to the age appropriate Vanguard Target Retirement Fund for all contributions reported on and after June 1, 2014.  This change will only affect the participants who have not made an investment option election.  The participants have the ability to direct how all contributions are invested.

The Vanguard Target Retirement Funds Prospectus can be viewed by clicking on their name.

 

SARBANES-OXLEY Blackout Notice
(effective August 1, 2010)

Dear International Union of Operating Engineers, Local No. 132 Annuity and Savings Fund Participant:

Exciting changes are on the way for the participants of the International Union of Operating Engineers, Local No. 132 Annuity and Savings Fund. These enhancements will continue with increased flexibility, greater control, more information and timely reporting regarding your retirement plan, and the Trustees anticipate this change will result in a reduction in your plan expenses.

Effective August 1, 2010, United Bank Wealth Management, headquartered in Charleston, West Virginia, will be appointed record keeper for your plan.

Due to the transition, you will not be able to make changes to your current account after July 22, 2010. Your plan will be in a transition period until the conversion process is complete. During the transition period, you will not be able to request distributions or make changes to your investment elections and account balances. Though you are not required to take any action prior to the blackout period, you should review the attached Sarbanes-Oxley Blackout Notice for the details of this brief restriction on your ability to effect transactions within your individual plan account.

Current Fund Options – United Bank will begin receiving your contributions on August 1, 2010. These monies, along with your current balances, will be invested in your current investment options. Therefore, your employer contributions will be invested in a manner broadly similar to the manner in which they were previously being invested. If you wish to begin investing in a new investment option, which is different than the chosen “replacement fund,” you may make changes to your current investment elections and account balance on the Fifth Third Retirement Services website, Retire.53.com, prior to July 22, 2010.

The following current investment options will remain in the Plan:

Fund Name Ticker
Manning & Napier Conservative Term EXDAX
Manning & Napier Moderate Term EXBAX
Manning & Napier Extended Term MNBAX
Manning & Napier Maximum Term EXHAX
Vanguard 500 Index VFINX
Neuberger Berman Partners NPRTX
Federated Mid Cap Index FMDCX
Stratton Small Cap Value STSCX
Artio International Equity BJBIX
Vanguard Bond Index Total Market VBMFX
Federated Capital Preservation CUSIP

 

Timely Transactions – The enhancements to the plan will enable you to perform transactions in a timelier manner. You will have until 4:00 p.m. ET to complete your request to transfer balances and receive that day’s closing price. In addition, both the sale and purchase to complete the transfer happen the same day at that day’s closing price. There are no transaction fees or tax implications for conducting balance transfers.

Timely Statements – You will receive your participant statement on a quarterly basis. These statements will be distributed approximately 10 business days after the quarter-end. The statement will include beginning and ending balances, activity for the period, and the balances by fund.

More Information – You will receive quarterly performance information on your investments and a newsletter from United Bank covering a variety of retirement planning topics. The performance information and newsletter will be included with your participant statement.

Toll-Free and Internet Account Access – You will have the ability to access your retirement account for both inquiries and transactions on a daily basis, as well as retirement planning and investment education services through United Bank’s toll-free Retirement Response Line and via the internet at FRPS.retirementpartner.com. Once the conversion process is complete, you will receive a Personal Identification Number (PIN) at your home address that will allow you to access your account through both systems.

We are enthusiastic about these upcoming changes and encourage you to take advantage of the many enhancements.

Recordkeeper Change
(effective August 1, 2010)

United Bank replaced Fifth Third Bank as the Fund recordkeeper effective August 1, 2010.

 

Hardship Distributions
(effective March 1, 2008)

Participants can request a hardship distribution form the portion of their account balance that has been in their account for more than two (2) full calendar years preceding the calendar year of the request for the hardship distribution.

The minimum amount of money that can be withdrawn is $500 and the maximum amount has to be equal to the amount necessary to satisfy the hardship request.  Any hardship distribution is subject to a mandatory 20% Federal Tax Withholding and the Participant shall be responsible to pay any applicable penalties the IRS may assess as a result of such distribution. All requests for hardship distributions must be supported by any bills and other necessary documents showing there is a hardship and the amount of money necessary to satisfy the hardship request.

A “hardship” under this section shall be limited to one or more of the following:

  • Unreimbursed medical expenses incurred by the Participant, his or her spouse or dependents;
  • Purchase of a principal residence for the Participant;
  • Payment of tuition for the next semester or quarter of post-secondary education for a Participant, his or her spouse, children or dependents;
  • Expenditures to prevent eviction from a Participant’s principal residence or foreclosure of a mortgage on the same;
  • Funeral expenses of an immediate family member (spouse, child or parent) of the Participant;
  • Amounts necessary to prevent the repossession of an automobile owned by the Participant if the automobile is necessary for the Participant to reach his or her place of employment;
  • Payment of self-pay premiums and COBRA premiums under the International Union of Operating Engineers Local 132 Health and Welfare Fund.

 

Recordkeeper Change
(effective January 1, 2008)

Fifth Third Bank replaced First Niagara Benefits Consulting (formerly the Burke Group) as the Fund recordkeeper effective January 1, 2008.