Notice of Establishment of SEIU 775 Secure Retirement Plan
NOTICE OF ESTABLISHMENT OF SEIU 775 SECURE RETIREMENT PLAN
Effective as of March 1, 2016
On February 24, 2017, the Board of Trustees of the SEIU 775 Secure Retirement Trust unanimously adopted the terms of the SEIU 775 Secure Retirement Plan (“Plan”). The Plan is effective as of March 1, 2016.
The purpose of this Notice is to communicate the essential provisions of the Plan. At a later date, if you are eligible to participate in the Plan, you will receive a summary plan description (“SPD”) that will provide you with additional detail about the Plan and its administration.
|Eligibility||You become a Plan Member beginning with the first hour on or after March 1, 2016 for which an employer is required to make a contribution to the Plan by the terms of a collective bargaining agreement with SEIU 775 (“Covered Employment”). To see if your employer contributes to the Plan, check this website http://seiu775.org/findyourcontract/|
|Benefits||The Plan is a defined contribution retirement plan.
This means that an account will be established on behalf of each eligible Member and it will be credited with allocated employer contributions for Covered Employment, as well as investment earnings and losses, and a pro-rata share of Plan costs.
Members who are vested are eligible to receive benefits when they reach normal retirement age (65). Accounts generally will be paid in monthly installments over the Member’s projected life expectancy (subject to a minimum payment of $100); however Members with account balances of less than $2,400 will be paid in a single lump sum.
The accounts of vested Members with small account balances (less than $2,400) who leave Covered Employment for 24 months will be paid out of the Plan.
If a vested Member dies before receiving a distribution of all amounts credited to their Account, their beneficiary receives their Account.
|Vesting||In order to obtain a vested (nonforfeitable) right to amounts credited to their accounts, Members must earn three (3) years of service. A Member must earn 300 hours of service in a Plan Year (March 1 – the last day of February) in order to earn a year of service.
Non-vested Members who have five consecutive Plan Years in which they don’t earn a year of service forfeit the balance of their Account.
|Employee contributions:||No Member contributions are required or accepted by the Plan. All benefits are funded by Employer contributions pursuant to the terms of their collective bargaining agreement.|
A copy of the complete plan document is available for your inspection online at http://www.myseiubenefits.org/retirement A copy is also available for inspection between the hours of 9:00 am and 5 pm at the SEIU 775 Benefits Group offices at 215 Columbia Street, Seattle, WA.