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Annuity Plan

Article 2. Participation

Purpose. This Article contains definitions to meet certain requirements of the Employee Retirement Income Security Act of 1974 (otherwise referred to as ERISA). Once an Employee has become a Participant, an Individual Account is established for him to which Contributions made with respect to his work are credited in accordance with the provisions of Article 3.

Participation. An Employee who works in Covered Employment shall become a Participant in the Plan at such time as he completes his first Hour of Work.

Termination of Participation. A Participant who receives payment of his Accumulated Share or has an annuity purchased for him shall cease to be a Participant as of the date on which the Accumulated Share is paid to him or an annuity is purchased for him in accordance with the provisions of Article 4. A Participant shall also cease to be a Participant when there is no payment to be made to him because there is no balance remaining in his Individual Account after the assessment of the administrative charge.

Reinstatement of Participation. An Employee who has lost his status as a Participant in accordance with Section 2.03 shall again become a Participant at such time as he satisfies the requirements of Section 2.02.

Beneficiary Designation

Subject to the provisions of Section 4.04, a Participant may designate a Beneficiary on a form provided by or acceptable to the Trustees and delivered to the Trustees before death. A Participant may change his Beneficiary (without the consent of the Beneficiary) in the same manner. If no Beneficiary has been designated, or no designated Beneficiary has survived the Participant, distribution of the Participant’s Accumulated Share shall be made to any person who is an object of natural bounty of the Participant, or his estate, as the Board of Trustees, in its sole discretion, may designate.

References to specific section(s) of the Plan can be found in the Official Plan Document under Plan Documents on this website.

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