Annuity Fund
ANNUITY FUND OF
HEAT AND FROST INSULATORS LOCAL 12
SUMMARY OF MATERIAL MODIFICATIONS
The purpose of this Summary of Material Modifications (“Summary”) is to announce a change in the manner in which the Annuity Fund of Heat and Frost Insulators Local 12 (“Annuity Fund”) will allocate Annuity Fund administrative costs to individual participant accounts at New York Life Investment Management.
Currently, Annuity Fund administrative costs are allocated among Annuity Fund participants based on their individual percentage of total invested assets. Effective January 1, 2011, Annuity Fund administrative costs will be allocated equally to all accounts on a per-participant basis.
This Summary is to be read in conjunction with the Annuity Fund’s Summary Plan Description (“SPD”) which was previously distributed to you. This Summary should be kept with your SPD as it updates the information contained in the SPD.
While every effort has been made to make this Summary as complete and accurate as possible, if any conflict should arise between this Summary and the Annuity Fund’s plan of benefits (“Annuity Plan”), the terms of the Annuity Plan will govern in all cases.
Please read this Summary carefully. If you have any questions about this Summary, please contact the Fund Office at:
Annuity Fund of Heat and Frost Insulators Local 12 Fund Office
25-19 43rd Avenue
Long Island City, NY 11101
Attention: Albert Wassell, Fund Administrator
718-784-8883
The Annuity Fund of Heat and Frost Insulators Local 12 (the “Plan”) first became effective July 1, 1961 and is a defined contribution money purchase plan established under an Agreement and Declaration of Trust pursuant to collective bargaining agreements between the International Association of Heat and Frost Insulators Local 12 of New York City (the “Union”) and various employers and employer associations in the construction industry in the five boroughs of New York City and Long Island. It is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
The purpose of the Annuity Fund is to provide retirement benefits to eligible participants. An individual becomes a participant in the Annuity Fund the first day his/her employer, subject to a collective bargaining agreement or a participation agreement, is required to make contributions to the Annuity Fund.
A participant, or the participant’s beneficiary, is entitled to receive benefits, if the participant:
1. Attains age 65 and retires
2. Dies
3. Becomes disabled
4. Has no employers’ contributions credited to his/her individual account for six consecutive months
5. Attains age 55 and has commenced receiving a pension from the Pension Fund of Heat and Frost Insulators Local 12 and retires
Plan regulation mandate that the distribution of a participant’s annuity benefit commence when the participant attains age 70 and 1/2, or retires, whichever occurs later.
Individual accounts are maintained for each participant of the Annuity Fund and are “participant directed” for investment purposes through New York Life Investment Management (NYLIM). Under this strategy, each participant directs the investment of his/her account into various investment options offered by the Annuity Fund. Each participant's account is credited with contributions made on his/her behalf. The benefit which a participant is entitled is the benefit that can be provided from the participant’s vested account. A participant may access his or her account by contacting Benefits Complete (NYLIM) via the internet at www.bcomplete.com, or by phone at 1-800-294-3575.
Annuity Fund Investment Elections:
You may change your investment election for future contributions allocated to your account, and/or your investment election for your existing account balance, through Benefits Complete (NYLIM). Any such investment election changes made and confirmed before 4:00 PM ET on any NYSE business day will generally be effective as of the close of that day. A change confirmed on or after 4:00 PM ET, or on weekends or holidays, will generally be effective as of the close of the next NYSE business day. In the event the NYSE closes prior to 4:00 PM ET on any business day, a change made and confirmed before the time the NYSE closes will generally be effective as of the close of that day. A change made or confirmed on or after such closing time will generally be effective as of the close of the next NYSE business day. In the event an investment option does not have sufficient liquidity to meet same day redemption requests, your change will be effective as soon as administratively possible thereafter.
Written confirmation will be mailed to you for each change of your investment election. If you change your investment election with respect to future contributions and your existing account balance, you will receive separate confirmation(s). A confirmation statement will be mailed within two business days of your transaction. You should expect to receive the confirmation within five to seven business days, depending on the U.S Postal Service. If you fail to receive a confirmation within seven business days, please call Benefits Complete (NYLIM) and speak with a Participant Service Representative.
NYLIM education seminars are held twice a year at the Union Hall. A representative of NYLIM administers the seminar. All members are encouraged to attend these seminars. It is mandatory for all apprentices to attend all NYLIM education seminars.
If you have any questions or issues with your Annuity Fund account you can also call the Benefit Funds Office at 718-784-8883.
