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Does the Annuity Fund affect the amount I get from the Pension Fund or from Social Security?
No. The benefit you receive from this Fund is entirely separate from, and in addition to, your Pension Fund and Social Security benefits.
Can I contribute to the Fund?
No. Only employer contributions are permitted.
Can I specify how I want my individual account balance invested?
No. The Trustees work with professional investment advisors to invest participants’ account balances. Participants’ are not allowed to direct how their accounts are invested.
What happens to my account if I die before I retire?
Your beneficiary generally will receive your full account balance in one lump-sum payment or a lifetime annuity.
Can I borrow money from the Fund?
It depends. Loans may be available to help cover certain expenses if you meet specific requirements. Refer to the Annuity Fund Summary Plan Description or contact the Fund Office to discuss your individual situation.
I recently had a heart attack and can’t work. Can I get the money in my account?
Yes, as long as you’re considered totally and permanently disabled. Refer to the Annuity Fund Summary Plan Description or contact the Fund Office for full details.
What happens if I get married?
Your spouse automatically becomes your beneficiary. You can, however, name someone other than your spouse as your beneficiary, as long as you have your spouse’s written, notarized consent.
What happens if I get divorced?
If you get divorced before benefits start, your ex-spouse will no longer be entitled to any money from your account, unless there is a Qualified Domestic Relations Order that requires payment to him or her. You can name someone else as your beneficiary. Don’t forget to contact the Fund Office if your marital status changes.
The Teamsters Local 814 Annuity Fund is designed to provide you with a valuable supplement to other retirement income, like Pension Fund and Social Security benefits.
Your Annuity Fund is designed to supplement and complement the retirement income you receive from the Pension Fund. Your employer contributes on your behalf at a rate your Union has negotiated for. The money contributed is invested and each year an accounting is done as of December 31.
Interest earned is added, expenses for the cost of running the Fund is deducted and you receive a statement of the value of your Individual Account. When you are ready to retire, based on the Plan Rules, if eligible, you can get your money in a lump sum or in monthly installments, call the Fund to see what the Plan allows.
| When Participation Begins | You’re in after 200 hours. Participation begins on the January 1 after you work 200 or more hours in covered employment during a 12-consecutive-month period. |
| Contributing to the Fund | Your employer makes all contributions. The amount that your employer contributes on your behalf is determined by your collective bargaining agreement. |
| Vesting | It’s always all yours. You are always 100% vested in your entire Plan account, which includes employer contributions and investment earnings. This means that you always have a right to the full value of your account when your employment ends or you otherwise become entitled to benefits. |
| Establishing an Account | You get your own account. An individual account is established in your name when you become a Plan participant. At the end of each calendar year, your account balance will be adjusted to reflect the account balance as of the last valuation date, employer contributions paid on your behalf, loan payments or deductions, and your share of investment yield and administrative expenses. |
| Investing | The Plan invests for you. The Fund Administrator decides how Plan accounts will be invested. |
| Loans | You may be able to borrow from your account in an emergency. Since your Annuity Fund account is designed with retirement in mind, you may borrow from it before you retire only under special circumstances (for example, you must have had an Account for at least five years and you must have a pressing financial need, such as for college tuition or a down payment on your primary residence). |
| Defaulted Loans | Loans Following Defaults. In order to maintain the tax-qualified status of the Teamsters Local 814 Annuity Trust Fund (the "Plan"), the Plan must comply with all applicable Internal Revenue Service (“IRS”) regulations. The IRS recently finalized new regulations that greatly restrict a participant’s eligibility for a loan if he or she previously defaulted on a prior loan and a Form 1099 was issued. The new regulations apply to all loans made on or after January 1, 2004.
The only exception to the prohibition on a second loan following a default is if you satisfy the following three conditions: (1) you defaulted on the repayment of the loan prior to August 31,1994, (2) you did not receive a notice from the Fund Office Manager prior to August 31, 1994 that your default would disqualify you from receiving a second loan, and (3) you repay the principle and interest on the outstanding loan from the period prior to August 31, 1994 before applying for a new loan. |
| Tax Advantages | Your account balance grows tax free. Employer contributions and any investment earnings are not taxed until you receive a payment from the Plan. |
| When You Can Take Your Account | You can get benefits when you stop working. Your account becomes payable when you retire (at or after age 55), become totally and permanently disabled, or stop working for any contributing employer for at least 12 months. |
| Forms of Payment | You decide how your account will be paid. You can take your account all at once in a lump sum, or in monthly installments. You may choose between these forms of payment:
If you are married and elect a form of payment other than the husband and wife annuity, you need your spouse’s written, notarized consent. |
| Survivor Benefits | Your account is protected if you die before you get your full account balance. Your beneficiary receives your account balance in a life annuity if you die before it’s paid to you. |
| Plan Name | Teamsters Local 814 Annuity Fund |
| Plan EIN | 11-623-435-7 |
| Plan Number | 002 |
| Plan Year | January 1 – December 31 |
| Type of Plan | Defined contribution plan |
| Plan Administrator | Board of Trustees |
There are no announcements for this Fund at this time.