Every year, you will receive an annual statement giving you important information about your retirement plan. Below you will see examples of statements in six languages, overview of what is included on your statement for the period ending 2/28/2018 (the end of the second year of the retirement plan) and more explanation about the information.
Examples of Statements
Annual Statement Explanation
Total Hours reported: for plan year one 3/1/16-2/28/17
Total Hours reported: for plan year two 3/1/17-2/28/18
Status: Will say “Vested” or “Not yet vested”. More on vesting.
Prior year-end account balance: as of 2/28/2017
Plus employer contributions *
Plus gains: See more information.
Less expenses: See more information.
New year-end balance as of 2/28/2018
- Total hours reported – Caregiving hours reported for the first two years of the plan. You must report 300 hours per plan year for three years without a permanent break in service to vest in the plan.
- Status – You vest in the plan after working a minimum of 300 hours each year for three years. To withdraw a benefit, you must be vested and meet the normal retirement age of 65.
- Prior year-end account balance – This is your account balance as of the end of the last plan year.
- Employer contributions – This reflects contributions made under the Collective Bargaining Agreement that apply to you*. All plan contributions are solely funded by your employer.
- Gains – This reflects an increase in your account value due to the investment gains and interest income earned in the plan. Investments in the plan are directed by the Secure Retirement Trustees.
- Expenses – This reflects a decrease in your account value due to the operating expenses of the plan. These expenses are related to the administration of participant accounts.
- Year-end balance – This is your account balance as of February 28, 2018.
If you have a question regarding the contents of your statement or the plan itself, please contact our Retirement Specialists at 1-866-770-1917 and select option 3 between 8 a.m. and 5 p.m. Pacific time, Monday-Friday.
* Please refer to www.seiu775.org/findyourcontract to determine which hours qualify for contributions. PTO and Training hours are typically included in total hours reported but not in contribution hours.