Frequently Asked Questions (FAQ)
To be able to Withdrawal your benefit, you need to obtain an application. This can be done several ways: (1) by accessing the Teamsters 929 website at 929.asp-benefits.com and clicking on the Forms Gallery. In the forms gallery you will find a Full Withdrawal application or a Hardship Withdrawal application. Please print the application that applies to your situation, complete it and return it to the Fund Office at PO Box 122, Collingswood, NJ 08108, (II) by requesting the forms to be sent via mail, or (III) by calling the Fund Office at 856-382-2456 Option 2.
You may apply for a hardship distribution and withdrawal up to fifty (50%) of your account for an immediate and heavy financial need. You may only make one (1) Hardship Withdrawal during your lifetime.
The Withdrawal will be authorized only if the distribution is to be used for: <br /><ol style=”list-style:lower-alpha”><li>the payment of medical expenses by you, your dependents or beneficiaries. You will be required to provide documentation of the following: (1) Explanation of Benefits (EOB) form from your provider dated within the last 30 days of your hardship request, (2) a current bill, showing the amount you owe the provider.</li><li>to prevent your eviction, or the eviction, from your principal residence or foreclosure on the mortgage of your principal residence. You will be required to provide documentation of the following: A court notice/ Notice of Foreclosure or Mortgage statement indicating foreclosure.</li><li>Payment of tuition, related educational fees, and room and board expenses, for up to the next 12 months of post-secondary education for the Participant, spouse or dependent children, as defined in Section 152 of IRS Code. You will need to provide documentation of the following: proof of expenses on school letterhead. You must also provide an acceptance letter, on school letterhead, for the person who will be attending a post-secondary school.</li></ol>Hardships are taxed in the year you receive the distribution, and you will be required to pay a 10% penalty along with any State taxes that may be due on this distribution. This distribution will reduce your overall account balance in the Plan. You cannot repay the amount you have distributed to you.
The earliest that a participant can collect Retirement Benefits is the fourth month (4th) after totally separating from the company and considering that all contributions have been remitted by your employer. If you are promoted within the company to another position, you cannot have your account disbursed to you since you are still an active employee working with a contributory employer.
If married: copy of your Social Security card along with your completed application. Your spouse’s signature is required by law on the application, stating they are waiving any rights to any future retirement benefit. Your spouse’s signature must be notarized.
You must contact the Fund Office at 856-382-2468 option 2. After we speak with you we will spouse questionnaire will be sent to you questioning your attempts on trying to find your spouse. Once received it will be reviewed by the Funds legal Department for accuracies.
If all your hours have been reported to the Fund and its been at least three (3) months from your last day of work, you are eligible for your payment to be made in the fourth month. The checks are mailed about the 10th of each month. You must allow 7 – 10 business days to receive your check in the mail.
No. Checks will be mailed to the address the Fund has on the file or in the case of a Direct Rollover, it will be mailed to the Financial Institution specified. It is your responsibility to contact the Fund if you have a change of address.
No. You can only transfer your money into a Traditional or Roth IRA (Individual Retirement Account). We do not offer direct deposit for a one-time payment. If you take your account balance as a lump sum, we will mail you a physical check that you will have to cash.
You must provide a Direct Rollover Authorization form from the Financial Institution you would like to roll your account balance into. This form will provide the address we need to mail the check to and should also provide your account number to the IRA.
If you chose a Lumpsum payment 20% Federal Withholding Tax will automatically be withheld. You may also be subjected to state income taxes depending on the state you live in, as well as a 10% early withdraw penalty if you are younger than age 59 ½. The Fund only withholds Federal Income Tax.
No. If you chose the Rollover option, no taxes are withheld at the time of distribution, but your account will become taxable when you withdraw it from your IRA.
As per the Plan document, it will be paid to your spouse first, if married at the time of death. If you are not married, it will be paid in the following order; minor children, adult children, parents, siblings and finally next of kin.