Retirement Savings Plan Summary Plan Description

• Retirement Savings Plan SPD / Section 4 / Contributions >>

4.1 Employer Contributions

Under the Local 6 CBA or a Subscription Agreement, Employers make mandatory Employer contributions to your account. Contribution rates for each hour of your employment are set, from time to time, by the bargaining parties. Employer contribution rates for apprentices are also set forth in the Local 6 CBA and are based on the apprenticeship level of the employee.
As of January 1, 2023, Employer contribution rates under the Plan are as follows:

Employer contributions are not subject to social security or Medicare taxes, income tax withholding or other payroll taxes. An Employer must make contributions (along with a transmittal form) for your work hours by the 15th day of the month succeeding the month in which the hours were worked, except that the deadline is the 20th of the month when the Employer reports to the Plan Office electronically. Each month, the Plan Office records the information supporting the Employer and Employee contributions, then transfers this information and wires the contributions to Fidelity Investments.

BE ALERT FOR DELINQUENT EMPLOYER
Notify Local 6 and the Plan Office immediately if you are aware or suspect that your Employer has not contributed to the Plan the full amount of contributions required under the Local 6 CBA or a Subscription Agreement. If you do not, your account may not be credited with the correct or full amount. Although you may be credited with contributions required to be made to your account even if those contributions are delinquent, the Plan Office must be advised of the proper amount of contributions owed.