With respect to contributions made prior to October 1, 2004, plus earnings on such contributions, as long as you have not worked in Covered Employment (employment requiring employer contributions to be paid to the Central Laborers’ Annuity Fund on your behalf) for at least eight (8) consecutive months, you can withdraw that portion of your account (provided you meet all eligibility requirements). With respect to contributions made on or after October 1, 2004, plus earnings on such contributions, as long as you have not worked in Covered Employment for at least twelve (12) consecutive months, you can withdraw that portion of your account (provided you meet all eligibility requirements). To help isolate these portions of your account, the Pre-October 2004 and Post-October 2004 accounts were created.

Annuity statements are mailed twice a year, about three months after the March 31 valuation and the September 30 valuation.

There are seven different ways you can withdraw your annuity account.

1. You reach age 65 or retire with a pension from the Central Laborers’ Pension Fund, another pension fund, and/or begin receipt of Social Security Benefits.
2. You become totally and permanently disabled as determined by the Trustees.
3. You become occupationally disabled as determined by the Trustees.
4. With respect to any contributions made on or after October 1, 2004, plus earnings on such contributions, you have not worked in Covered Employment requiring employer contributions on your behalf to this Fund for at least twelve (12) consecutive months, you are not working in Covered Employment at the time the payment of your benefit is made, and all other events, if any, have occurred which entitle you to payment of your benefit.
5. With respect to contributions made prior to October 1, 2004, plus earnings on such contributions, you have not worked in Covered Employment requiring employer contributions on your behalf to this Fund, for at least eight (8) consecutive months, you are not working in Covered Employment at the time the payment of your benefit is made, and all other events, if any, have occurred which entitle you to payment of your benefit.
6. You leave Covered Employment and enter the Armed Services of the United States for a period of at least 90 consecutive days and during such period you did not work in Covered Employment for which contributions are received by this Fund on your behalf.
7. You reach age 70½ (if born June 30, 1949 or earlier), or age 72 (if born July 1, 1949 or after), or age 73 (if born January 1, 1951 or after), even if you are still working in Covered Employment.�

Yes. The Fund offers hardship withdrawals in the event an immediate and heavy financial need occurs while the participant is actively employed. Please refer to the Summary Plan Description for a description of the eligible hardship types, which are recognized as “safe harbor” events under Internal Revenue Service regulations. A participant is limited to six in-service withdrawals during his/her lifetime. The minimum amount that may be withdrawn is $1,000.00, and the maximum amount available for the hardship distribution cannot exceed 95% of the participant’s individual account balance as of the most recent valuation date before the withdrawal, or the actual amount of hardship requested, whichever is less.

Yes. Federal law requires the Fund to withhold 20% of the payment and send it to the Internal Revenue Service as income tax withholding to be credited against your taxes. If you receive the payment before age 59½, you may have to pay an additional 10% federal tax. If you choose a direct rollover, your annuity payment will not be taxed. It may be taxed later when you take the money out of the IRA or a qualified retirement plan.

You can create a user account in Central Laborers’ MemberXG (Pension/Annuity Portal) found on the Home Page to access your benefit and related information (as applicable).

You can complete and submit a Release of Personal Information Form found in the Forms Gallery so your Local Union can contact Central Laborers’ on your behalf.

Please designate a beneficiary if you do not already have one on file; you can confirm your primary beneficiary by accessing your MemberXG account or contacting the Funds’ office.  You are encouraged to review your existing beneficiary designations if you experience a major life change like marriage, divorce, or death of your beneficiary.

Please complete the Central Laborers’ Annuity Fund Pre-Retirement Designation of Beneficiary Form found in the Forms Gallery and send the original signed form to the Funds’ office.

Yes, and please provide a copy of the death certificate for Central Laborers’ records.

Generally, if you do not designate a beneficiary or your beneficiary dies before you, any death benefit will be paid to your surviving spouse, if you are married; if you are not married, any death benefit will be paid to your estate.  Please note, a Qualified Domestic Relations Order may affect the beneficiary and/or amount of death benefit payable.