If you have not received an annuity statement for the plan year. Please contact the Annuity Fund at (516) 489-3644 to have one mailed to you.
Local 1298 offers an Annuity Fund to eligible members. An employee becomes a participant in the Annuity Fund on the day he/she accepts employment with a contributing employer. Your employer contributes on you're behalf to your Annuity Fund. The value of your annuity account can be paid to you at your Normal Retirement age (62), Early Retirement (55 and after), in the event of total and permanent Disability, or if you do not work in covered employment for at least 18 months. You will receive an Annuity Statement at the end of the year.
NOTICE OF SUMMARY OF MATERIAL MODIFICATIONS
TO: All Eligible Participants of the Local 1298 Annuity Fund.
In order to address the ongoing issue of the fluctuation in the economic markets and to benefit affected participants and their beneficiaries, the Trustees of the Local 1298 Annuity Fund have modified the Plan’s valuation upon distribution provisions.
When a participant applies for a distribution, the Fund shall retain 20% of the gross distribution amount until the investment yield of the Fund is determined. The Fund will distribute the remaining distribution to the participant, depending on the market gain or loss of the Fund, at the end of the Plan Year in which the distribution is taken.
This modification was passed upon the advice of our professional advisors and takes into account fluctuations in the economic markets that might negatively impact your account at a particular time.
Please keep this notice with your Summary Plan Description. If you have any questions regarding the contents of this notice or your benefits in general, please contact the Fund Office at (516) 489-3644
Laborers Local 1298 Annuity Fund
681 Fulton Avenue
Hempstead, NY 11550
Annalisa C. DeFalco Esq. – Fund Administrator
James E. Cornell – Fund Office Manager
Telephone 516-489-3644 Fax 516-489-0369