Local 26 Money Purchase Pension Plan
What is it?
The Money Purchase Pension (MPP) Plan is a defined contribution retirement fund for Local 26 members. Contributions to the plan ended prior to the creation of the Variable Defined Benefit (VDB) Pension Plan.
Defined contribution plans are individual member retirement accounts. The MPP was funded by employer contributions.
How do I earn a benefit?
The Money Purchase Pension Plan has been frozen. No new contributions are being made to the plan. Any existing accounts continue to earn interest on an annual basis.
How do I keep track of my benefit?
If you have a balance in the plan, you should receive an annual statement in the second quarter (April-June) of every year. You can see a sample statement with an explanation of the information provided in the Money Purchase Pension Plan Resources section of this page.
How do I get my benefit?
Once you are no longer working for a Local 26 employer, you can submit an application form to the Trust Office. The application form is available in the resources section to the right.
The Trust Office will verify your vesting and your marital status. You may be asked to provide documentation to verify your marital status.
What happens to my account if I die?
If you die before getting your distribution from your Money Purchase Pension account, the Trust Office will pay out your account to the beneficiary(ies) designated by your Money Purchase Pension Beneficiary form.
It is important to complete and return a Money Purchase Pension Plan Beneficiary Form to the Trust Office so that your benefit goes to who you want it to.
If you have not filled out your beneficiary form, your account will be paid to your spouse if you are married at the time of your death. If you are unmarried at the time of your death, it would be paid to your children if you have any, or to your estate if you do not.
The Money Purchase Pension Plan Beneficiary form is available [here].