DEFINED CONTRIBUTION (DC)
The IBEW Local Union 481 Defined Contribution Plan and Trust (The Plan) was established as the result of Collective Bargaining Agreements between the Employers and the Union. It is financed by Employer Contributions.
The Trustees, consisting of an equal number of labor and management representatives, are responsible for the financial management and general operation of The Plan. To accomplish these tasks, the Board of Trustees retains the services and advice of various Plan professionals, including certified public accountants, attorneys, and financial consultants.
As of February 1, 2018, The Plan was converted to a daily-valued self-directed plan. Each Participant can now direct how their account, or portion of their account, is invested among the available investment options. For more information regarding your investment options please visit John Hancock’s website.
Please take some time to review The Plan’s Summary Plan Description. If you’re married, share the information with your spouse. The SPD is the most recent printed version, so changes have been made since then. The Trustees will continue to keep you advised of any changes to The Plan, therefore, be sure that the Benefits Office has your current address .
Please see the list of definitions to help you better understand the Defined Contribution Plan.
If you have any questions, you should contact the Benefits Office at 317-923-4577.