ANNUNITY
Your 401(k) Plan
PMTA-ILA DEFIND CONTRIBUTION PENSION FUND
This is your Fidelity NetBenefits® 401(a) retirement account with contributions from employers for hours worked. You can elect to make contributions from your weekly pay and/or defer Vacation and Container payments.
Eligibility:
Basic Unit and Secondary Workforce ONLY
Basic Unit and Secondary Workforce ONLY
Roth and Traditional Voluntary Contributions
- You may elect to defer all or a portion of your Vacation or Containerization Fund pays as either a Traditional(pre-tax) or a Roth(post-tax) contribution.
- Eligible employees may elect to make voluntary contributions from your weekly payroll. These contributions can be made on a Traditional(pre-tax) or Roth (post-tax) basis.
These Voluntary Contributions (Roth and Traditional) are treated differently under the IRS. If you do not have a full understanding of these tax implications you should speak to your financial advisor prior to making these deferrals.
In-service Distribution
CONTRIBUTIONS
| BASIC UNIT MEMBER |
|---|
$6/Hour |
on all cargoes |
| SECONDARY WORKFORCE |
|---|
$4/Hour |
on Master Contract |
$3.60/Hour |
Terminal, Breakbulk, Master Special |
ELIGIBILITY FOR FULL ROLLOVER/DISTRIBUTION
MINIMUM REQUIRED DISTRIBUTION
Distributions must be taken by April 1st of the calendar year following the calendar year in which you reach age 73.
Hardship Distribution
Hardship withdrawals–Are allowed in the amount of 50% of the account balance for an immediate and heavy financial need up to $50,000. They will be limited to one hardship every 5 years and are allowed for the following reasons:
- The purchase of a primary residence by the Participant.
- Payment of school tuition, related educational fees, and room and board expenses, for up to the next 12 months of post-secondary education for the Participant, spouse or dependent child
- The payment of medical expenses incurred by the Participant or his/her dependents or beneficiaries.
- Payments necessary to prevent the eviction of the Participant from the Participant’s principal residence or foreclosure on the mortgage of that residence.
- Payments for burial or funeral expenses for the Participant’s deceased parent, spouse, child or dependent or for a deceased primary beneficiary under the plan
- Expenses for the repair of damage to the Participant’s principal residence that would qualify for the casualty deduction.
- Expenses and losses (including loss of income) incurred by the Participant on account of a disaster declared by the Federal Emergency Management Agency (FEMA) under the Robert T. Stafford Disaster Relief and Emergency Assistance Act, Public Law 100-707, provided that the Participant’s principal residence or principal place of employment at the time of the disaster was located in an area designated by FEMA for individual assistance with respect to the disaster.
Such distributions will be subject to the discretion of the Trustees, and will only be considered if the Participant certifies and agrees that all the following conditions are satisfied:
- The distribution is not more than the amount of the Participant’s immediate and heavy financial needs; and
- That Participant will not seek another hardship distribution from the Fund within the following five-year period.
Download the Summary plan documents For Complete Details
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