Frequently Asked Questions
Q: When can I retire?
A: You are entitled to receive a normal retirement benefit equal to the
value of your Individual Participant Account if you:
Retire, and file a claim for Retirement benefits AND you
have reached age 55.
Q: Can I borrow money on my retirement plan?
A: No, the plan does not allow for loans or hardship withdrawals.
Q: When can I have my money?
A: If your employment is terminated before age 55 for any reason other
than death or total and permanent disability you will be eligible to
receive benefits only after two consecutive Plan Years for which no
hours of service are credited and received on your behalf ANDyou have less
than $5,000.00. If your balance is over$5,000 than normal retirement rules apply.
Q: What is the Plan Year?
A: January 1 - December 31.
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 Carolinas Electrical Workers accept rollovers?
A: No, the plan does not allow for outside monies to be rolled in to this account.
[ Top ]