Summary Plan Description Table of Contents
Administrative Facts
Fund Name
Local No. 701 I.B.E.W. Retirement Savings Fund
Plan Name
Local No. 701 I.B.E.W. Retirement Savings Fund
Employer Identification Number (EIN)
The Employer Identification Number (EIN) assigned to the Board of Trustees for the Local No. 701 I.B.E.W. Retirement Savings Fund is 36-6455509.
Plan Number
The Plan Number is 002.
Plan Year
The Plan year is the 12 calendar month period beginning June 1 of each year and ending May 31 of the following year.
Plan Type
The Retirement Savings Fund is a profit-sharing plan maintained for the purposes of providing retirement benefits to eligible participants and beneficiaries.
Plan Administrator and Plan Sponsor
Board of Trustees
Local No. 701 I.B.E.W. Retirement Savings Fund
28600 Bella Vista Parkway, Suite 1110
Warrenville, IL 60555
Plan Trustees
The Trustees of this Plan are:
| Union Trustees | Employer Trustees | ||
|
Frank Furco I.B.E.W. Local Union No. 701 28600 Bella Vista Parkway Suite 1110 Warrenville, IL 60555 |
Kevin P. Connelly, Chairman Connelly Electric 40 South Addison Road Suite 1000 Addison, IL 60101 |
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|
William C. Drew I.B.E.W. Local Union No. 701 28600 Bella Vista Parkway Suite 1110 Warrenville, IL 60555 |
Anthony Mulizio Preferred Electrical Construction Corp. 110 Ridge Avenue Suite 600 Bloomingdale, IL 60601 |
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|
Anthony Giunti I.B.E.W. Local Union No. 701 28600 Bella Vista Parkway Suite 1110 Warrenville, IL 60555 |
Bruce Creen Northeastern Chapter NECA 31W007 North Avenue, Suite 100 West Chicago, IL 60185 |
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|
John McDonnell I.B.E.W. Local Union No. 701 28600 Bella Vista Parkway Suite 1110 Warrenville, IL 60555 |
Sharon Cattaneo President Cattaneo Electric Company 8171 South Lemont Road Darien, IL 60561 |
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Robert M. Panatera I.B.E.W. Local Union No. 701 28600 Bella Vista Parkway Suite 1110 Warrenville, IL 60555 |
Fran Sikora Gibson Electric 3100 Wood Creek Drive Downers Grove, IL 60515 |
Administration
The Board of Trustees administers the Plan. They are assisted by an administrative staff.
Agent for Service of Legal Process
Arnold & Kadjan, LLP
35 East Wacker Drive
Suite 600
Chicago, Illinois 60601
Legal papers may also be served on the Board of Trustees collectively or on any individual Trustee.
Collective Bargaining Agreement
This Plan is maintained pursuant to collective bargaining agreements between the Employers and the I.B.E.W. Local No. 701.
Source of Contributions
Contributions made by contributing Employers to this Plan are specified in the Collective Bargaining Agreements, negotiated by the participating Local Union with the participating Employers.
The Plan permits Participants who are employed as Fund Office staff to make tax deferred savings contributions, not to exceed IRS prescribed limits. Participants age 50 and older are allowed to make additional IRS prescribed amount as “catch-up” contributions.
All contributions and Plan assets are held in trust. All Participants share in the administrative expenses by having fees deducted from individual account balances, as determined by the number of individual accounts maintained under the Plan.
Funding Medium for the Accumulation of Plan Assets and Asset Custodian
Assets are accumulated and benefits provided by the Trust Fund. Assets in
Retirement Savings Fund Accounts are invested in investment options selected by Participants and are currently held in custody at Prudential. The remaining plan assets are in accounts or in custody at BMO Harris Bank.
Contributing Employers
Upon request, the Fund Office will provide you with information as to whether a particular Employer is contributing to the Plan on behalf of employees working under the collective bargaining agreements.
Plan Interpretation and Determination by Trustees
The Board of Trustees has full discretionary authority to interpret the Plan and its provisions. However, the Plan Administrator is responsible for answering all day-today questions concerning eligibility, benefits, and claims procedures.
Only the Board of Trustees has the discretion and authority to determine eligibility for benefits, and the right to participate in the Retirement Savings Fund and to exercise all the other powers specified in the Plan Document. No officer, agent or employee of the Union or Employer or any other person, is authorized to speak for, or on behalf of, or to commit the Board of Trustees, on any matter relating to the Retirement Savings Fund.
Right to Change or Terminate the Plan
The Board of Trustees has the right to amend or terminate this Plan when required by law or when deemed appropriate. If the Plan is amended or terminated, you will be notified in writing.
The Plan may be amended at any time if the Trustees agree to do so in writing, except that no amendment can divert the Plan’s assets from the Plan’s purposes of providing benefits.
Should the Plan be terminated, participants will remain 100% vested in their account balances. After payment of Plan expenses and previously approved distributions, the remaining Plan assets will be distributed among the participants. Each participant will receive a part of the assets determined to be in the same ratio that their account balance bears to the aggregate of all participant account balances.
Once the Plan is terminated and all assets have been distributed, the Board of Trustees will be discharged from all liability under the Plan and participants will have no further rights or claims.
No assets will be returned to any Employer or inure to the benefit of any Employer or the Union.
Non-Assignment of Benefits
The benefits under the Retirement Savings Fund are your own. This means that you cannot assign or transfer them to someone else, except as otherwise provided under federal law, and they are exempt from execution, attachment, garnishment, pledge, bankruptcy or claims for alimony. However, the Board of Trustees will honor a Qualified Domestic Relations Order (QDRO).
Qualified Domestic Relations Order (QDRO)
Under the terms of a Qualified Domestic Relations Order (QDRO), certain payments could be made from your account to pay alimony, child support or marital property rights. If the Board of Trustees receives a QDRO, you will be notified. A QDRO may affect the amount of benefits you will receive or are receiving. If you have questions about QDROs or would like to receive a copy of the Plan’s QDRO procedures, please contact the Fund Office.
Top-Heavy Provisions
Federal law requires that if the Retirement Savings Fund becomes a “top-heavy” plan as described in the Internal Revenue Code, minimum contributions may apply. In the unlikely event that this Retirement Savings Fund becomes top-heavy, you will be notified accordingly.
Maximum Contributions
The Internal Revenue Code imposes limitations on maximum contribution amounts that may be made annually on behalf of participants under qualified plans. These limits are liberal and would not normally prevent you from receiving full benefits. In the unlikely event that contributions made by contributing Employers on your behalf are limited, you will be notified.
No Employment Guarantee
Your participation in the Plan does not constitute a guarantee of your continued employment.