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December 27, 2016 | Print | Site Map | Help

Annuity Plan

Q. What are the penalties if I withdraw my Annuity?
A. The Trust Fund does not have any penalties to withdraw your Annuity. However, if the check is sent directly to you then the Trust Fund is required to withhold 20% for federal taxes. And if you are under the age 59 ½ the IRS may penalize you 10% for an early withdrawal.
Q. How much do I have in my annuity?
A. You must submit a request in writing to receive a copy of your most recent Annuity Statement.
Q. Am I eligible to withdraw my Annuity?
A. In order to withdraw your Annuity, you must meet one of the following requirements:
  1. Retired an receiving a Pension from the Bay Area Painters and Tapers Pension Fund, or;
  2. Totally Disabled, or;
  3. You have not worked more than 400 hours in the last two Plan years, or;
  4. You have not had any contributions made or required to be made on your behalf for a minimum of six (6) consecutive months. You can not be working in the industry for profit or wages, union or non-union.
Q. Do I qualify for a disability distribution if I’m only receiving state/temporary disability?
A. You do not qualify for a disability distribution if you are on state/temporary disability. In order to receive a disability distribution you must be in receipt of a Social Security Disability award.
Q. What if I don’t have a copy of my birth certificate?
A. There is a list of acceptable proofs of age. However, if you do not have any of these documents contact the Trust Fund Office and discuss your options with a processor.
Q. How long until I get my check?
A. Once the Plan receives a completed application along with all the requested documentation, processing can average 4 – 6 weeks. However, if your file requires more time to process you will be informed in writing.
Q. Once I receive payment, how long until I get the remaining balance in my account?
A. The Plan provides the Annuity Department up to 12months to get your remaining balance sent to you.
Q. I’m still working but having financial hardships. Can I withdraw my Annuity?

The Plan does not provide for loans or financial hardship distributions. In order to withdraw your Annuity you must meet one of the eligibility requirements.

Q. Does my spouse need to have his/her signature notarized?
A. If your account balance is more than $5,000 and you do not want the Joint-and-Survivor 50% option then your spouse must notarize his/her signature.
Q. Do I still need to send my divorce information even though my divorce was final before I started working in Covered Employment?
A. Divorce Documents must be submitted to substantiate your marriage ended prior to covered employment.

Exception: If you married your current spouse prior to Covered Employment, you do not need to submit your divorce documents
Q. Who do I contact if I cannot find my divorce documents?
A. You can obtain divorce documents at the courthouse in the county where you were divorced.

Contact Plan Administrator

Telephone NumberPhone:
(866) 894-3705


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