Important News and Announcement Letters

Employer Contributions to Your Individual Account 

Under the new contract between the Union and the MCA, Employers will now be required to make a $1.00 contribution to an individual account for each hour you work in Covered Employment beginning June 1, 2008.  As a result of this allocation, the Trustees have changed the name of the 401(k) Plan to the Pipe Fitters’ Individual Account and 401(k) Plan, Local 597. 

Although most of the rules of the current 401(k) Plan will also apply to the new Employer Contributions, there are two important exceptions to the distribution rules: 

1. Hardship distribution will not be allowed, and
2. A separation of service benefit will only be payable after no contributions have been made on your behalf for 12 consecutive months.

In early May 2008, you will receive a copy of the new Summary Plan Description which will provide an easy-to-understand description of the Plan benefits, including the rules related to the new Employer Contributions 

Along with the SPD you will receive detailed information regarding the available investment options, instructions on how to select an investment for your individual account, as well as the forms needed to designate a beneficiary of your account.  If you are currently making elective deferrals to the 401(k) Plan, your existing investment elections and beneficiary designation will also apply to the Employer Contributions.