Q: Is there a minimum number of hours I must work in a year to receive credit?
A: Yes, if you fail to work 300 hours or more, you will receive no credit for that year. If you worked 1000 hours or more you will receive one full credit.
Q: Can I lose my service credit?
A: Yes. If you are not vested (as described on page 80 of the Plan Booklet) and you fail to accrue a minimum of 300 hours of covered employment in a Plan Year, such will be considered a break in service. If the number of consecutive break in service years exceeds your accumulated years of credited service, all the years of credited service shall be forfeited.
Q: What does vesting mean?
A: To be vested means you cannot lose your accumulated years of service and benefit credits even though you are no longer in the trade. Once you are vested the pension benefits earned are non-forfeitable.
Q: When am I eligible for an early retirement benefit?
A: You are eligible for an early retirement benefit when you have met the following requirements:
- You are age 55 or older;
- You have at least ten (10) years of credited service of which at least two (2) years is future service credit; and
- You have ceased working in the electrical industry as defined in Article III, Section 5 of the Plan Document.
Q: How do I apply for Pension Benefits?
A: Contact UAS at 408-288-4559. They have all the necessary forms and will answer any questions you may have regarding your pension.
Q: Can I Access my Part B account online?
A: Yes, you can now access the entire Part B account on line @ https://www.kandg.com/PartLogin.asp. You will need a pin # and or password to access your account. If you have not received a pin # and or password please call Kaufman & Goble at (800) 767-1170 or (408) 298-1170 and they will mail one to you. Please be advised the account is being valued on a day to day basis.
Q: How is my Part B invested?
A: Except as otherwise directed by individual participants, all plan assets are invested by professional investment managers selected by the Board of Trustees. Investments include a diversified portfolio of stocks, bonds, real estate, government issues, commercial paper and other high quality vehicles.
Q: May I draw my Part B funds prior to retirement?
A: Yes, under certain circumstances you may withdraw your accumulated funds in Part B. Please refer to page 150 of the Plan Booklet for additional information.
Q: My I take a Loan or Hardship against my Part B money?
A: No. At this time the Plan does not have a Loan or Hardship clause allowing you to do so.?
