Eligibility:
Determined by your Union agreement
Contributions-Determined by your Union agreement which may include:
Pre-tax employee contributions
After-tax employee contributions
Matching employer contributions
Discretionary or non-discretionary employer contributions
Rollover contributions from other qualified plans
Vesting:
You are always 100% vested in all of your contributions
Employer contribution vesting schedules may vary
Loans:
Loans against your account are now available. If you are interested in obtaining a loan, you should contact the plan administrators office.
Withdrawals:
Hardship:
If you are still an Active Participant, you are permitted to take a withdrawal for hardship reasons. Hardship will be based on Facts & Circumstance. Please contact CWA Benefits Office for further information.
In-Service:
If you are still an Active Participant, Age 59½ or older, your vested balance is available for withdrawal.
If you are still an Active Participant, and have a Rollover account, your rollover account balance is available for withdrawal at any time.
If you are still an Active Participant, and have an After-Tax account, your after-tax account balance is available for withdrawal two times per year.
Taxes and penalties:
Taxes will be due on the taxable portion of any withdrawal and 20% taxes may be withheld at the time of withdrawal. Some States may withhold an additional percentage for taxes.
Withdrawals made prior to age 59½ are subject to plan provisions and may be subject to a 10% federal penalty.
Benefit Payments:
If you are separated from service with your employer, permanently disabled, retired, or deceased, your vested account balance is payable to you. Your distribution is payable as a lump sum payment.
Upon normal retirement age, death disability, your total account balance is payable to you or a named beneficiary.
If your vested account balance exceeds $5,000, you may defer receipt of your account to a later date.
Exchanges may be made daily.
Plan Fees:
The CWA Savings and Retirement Trust charges an annual participant fee of $20.00 and also deducts .035 basis points (.035%) on a quarterly basis, for administrative expenses. These are the only fees deducted for administrative expense.
Footnotes
1 The amount available for loans depends on plan provisions and current value of your account, which may be worth more or less than you invested.
2 Withdrawals are subject to plan provisions and if made prior to age 59½ may be subject to an additional 10% federal penalty.
3 Prospectuses contain more complete information, including all charges and expenses, for the funds in the Plan are available from Human Resources. Please read them carefully before you invest or send money.
The Summary Plan Description has more details about your plan. The above information cannot change the terms or conditions of the Plan. If there is a discrepancy between the Summary Plan Description and this Plan Highlights Web page, the Summary Plan Description governs.
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