How do I become eligible for the SMART Local 36 401(k) plan?

You will automatically become a Participant in the Plan on the date an Employer contribution is received by the Plan based upon your work in Covered Employment.  (Covered Employment is work performed under a Collective Bargaining Agreement).

What are the two kinds of contributions which can be made to the Plan?

Employer Contributions:  These are contributions that are required from your Employer for every hour that you work in Covered Employment.  These contributions will be placed in an individual account, called an Employer Contributions Account, in your name.

Voluntary Contributions:  You may elect to make Voluntary Contributions to your account if you wish.  If you would like to start voluntary deductions you should reuqest a voluntary withdrawal form from the Benefits office and we will forward it to your Contractor to begin payroll deductions for voluntary contributions.  You can check the member dashboard to make sure that the correct amount of contribtuions are being received by the benefits office.

How do I elect to make Voluntary Contributions?

You may elect to make Voluntary Contributions by filing a 401(k) Voluntary Deduction Form with the Benefits Office. The Benefits office will approve the form and forward to your Contractor to start voluntary contributions.  This form is available under 401k forms.

Are there limitations on Voluntary Contributions?   

There is an IRS annual dollar limit on Voluntary Contributions of $18,000.00 for 2017. If you are age 50 or over you can withhold an additional $6,000. in catch-up contributions.  The Annual dollar limit can change each year.

When are benefits payable?

Benefits from the Plan are payable, upon written application.  You can obtain application from the Benefits Office.

Normal or Early Retirement: When you retire on or after your Normal Retirement Age (Age 55) and cease working.

Total Disability: If you become totally and permanently disabled and are no longer able to work in the Trade.

Death: Upon the death of a Participant, any remaining amounts in your Individual Account shall be payable to your beneficiary.  

Termination of Employment: If you have ceased working in the Sheet Metal Industry for at least one year, you may apply for your benefit before age 55.      

What are the Hardship Withdrawal rules for my 401(k)?

If you are an active member, there are a limited number of hardship situations that allow for withdrawals from your 401(k). You must contact the Benefit Office to apply for these Benefits.

  • Medical/dental bills
  • Purchase of primary residence
  • Tuition for next 12 months of post-secondary education for you or your qualified dependent
  • Eviction/Foreclosure of your Primary Residence
  • Burial/Funeral expenses for qualified dependents
  • Expenses for repair or damage to principle residence that qualifies as a casulaty deduction and not covered by your homeowners policy.

At what age can I request a partial distribution of my 401(k)?

 If you are 59 1/2 or older, and have been a participant for at least 60 months and not retired from covered employment, you are eligible to take a one time withdrawal of up to 60% of your account balance.

If you are 62 and have been a participant for at least 60 months and not retired from covered employment, you are eligible to take a one time withdrawal of up to 100% of your account balance.

Once you retire from covered employment you can withdraw your benefits in a lump sum or elect to keep your benefits in the Plan and receive monthly, quarterly or annual distributions that fit your lifestyle.