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Annuity Plan


Amount to be Paid

Upon the happening of any event calling for the payment of any benefit from this Plan, the amount to be paid, subject to the specific provisions of the following sections, shall be calculated as follows:

  1. Determine the Employee’s Individual Account as of the last Valuation Date. b. Add all Contributions made or required to be made with respect to the work of the Employee since the last Valuation Date.
  2. Add a proportional share, based on full months, of the investment income to be allocated to the Individual Account. The rate shall be an average based upon the passbook savings rate of four San Francisco financial institutions in effect the preceding January 1. The calculation of the proportional share of investment income shall not include any amounts that would otherwise be based on Contributions made to the Participant’s Individual Account in accordance with USERRA and Section 414(u) of the Internal Revenue Code.

The total of these items shall be known as the "Accumulated Share."

To the extent that the amounts in a., b. or c. cannot readily be determined when a benefit is payable, the Plan shall make an estimated payment to the Employee with subsequent adjustments to be made within twelve months of the initial period.

Minimum Payment

  1. In the event that the Participant’s Accumulated Share is less than $50.00 at the time a benefit is to commence from this Fund, no payment shall be made. Such forfeiture shall be used to defray the Fund’s operating expenses.
  2. Exception. The minimum payment provisions of this Section 4.02 shall not apply to a Participant if he:
    1. previously retired and received payment of his Accumulated Share, and
    2. subsequently returned to Covered Employment and had a new Individual Account established on his behalf; and
    3. was in receipt of a pension from the Bay Area Painters and Tapers Pension Trust Fund immediately prior to returning to Covered Employment; and
    4. has again retired and is again in receipt of a pension from the Bay Area Painters and Tapers Pension Trust Fund.
Payment Forms
  1. A Participant may request in writing to the Trustees to pay his Accumulated Share in any of the following forms:
    1. By purchase of an annuity which provides for the payment of fixed monthly installments over a certain period of time not to exceed the life of the Annuitant (except as provided under a life annuity with a period certain guarantee), under terms which may be available under an insured annuity contract which the Trustees may arrange with an insurance company; or
    2. a lump sum payment; or
    3. a combination of (1) and (2).
    In the absence of an election by a Participant for a specific form of distribution and subject to subsection b. below, the Board of Trustees shall arrange for a non-transferable annuity contract purchased from a licensed insurance company providing monthly annuity payments over the life of the Participant.
  2. Notwithstanding Subsection a. above, a Participant who is married on his Annuity Starting Date shall receive his Accumulated Share in the form of a qualified joint and survivor annuity unless the Participant has filed with the Board, in writing, a timely rejection of that form of annuity subject to all of the conditions of this Subsection b. No rejection shall be effective unless the Spouse of the Participant has consented in writing to such rejection, such election designates a beneficiary (or form of payments) which may not be changed without spousal consent (or the consent of the Spouse expressly permits designations by the Participant without any requirement of further consent by the Spouse) and the Spouse’s consent acknowledges the effect of such election and is witnessed by a notary public. No consent shall be required if it has been established to the satisfaction of the Board of Trustees that there is no Spouse or the Spouse cannot be located, or if such consent cannot be obtained for extenuating circumstances.

    The Board will provide to the Participant, no less than 30 days and no more than 90 days before the Annuity Starting Date, a written explanation of the terms and conditions of the qualified joint and survivor annuity, the Participant’s right to make, and the effect of, a rejection of the annuity, the rights of his legal spouse, and the right of the Participant to revoke the rejection and the effect of that revocation. The Participant (with any applicable spousal consent) may waive the requirement that the written explanation be provided at least 30 days before the Annuity Starting Date if the Participant’s pension commences more than 7 days after the written explanation is provided.

    A Participant or his Spouse may reject the qualified joint and survivor form of annuity or revoke any previous rejection, not more than 90 days nor less than 30 days before the Annuity Starting Date, and any number of times within the applicable election period. However, the election period shall end on the 30th day after the date on which the written explanation is provided, if the written explanation is provided after the Annuity Starting Date.

    Qualified Joint and Survivor Annuity: A qualified joint and survivor annuity shall be the actuarial equivalent of a single life annuity payable for the life of the Participant with a survivor annuity continuing for the life of the Spouse which shall be at least one-half of the amount of the annuity payable during the joint lives of the Participant and his Spouse.
  3. In the event that a distribution shall be made as a result of the Participant’s death prior to his retirement, the forms of distribution set forth in Subsection a. shall be available to the surviving Spouse (if the Employee and Spouse were married throughout the year ending on the date of death), or if there is no surviving Spouse, or if the Employee and his surviving Spouse had not been married to each other throughout the year ending on the date of death to his designated Beneficiary. Upon a married Participant’s death, such Participant’s Spouse may direct the commencement of payments within a reasonable period after the Participant’s death.

    In the absence of an election by a surviving Spouse for a specific form of distribution, the Board of Trustees shall arrange for a nontransferable annuity contract purchased from a licensed insurance company providing monthly annuity payments over the life of the surviving Spouse.

Lump-Sum Payments

Notwithstanding Section 4.04 above, if the Accumulated Share payable to a Participant or his Beneficiary does not exceed $5,000.00 the Trustees shall make payment in a lump sum.

Benefit Payments Generally

A Participant who is eligible to receive benefits under this Plan and who makes application in accordance with the rules of this Plan shall be entitled upon retirement or termination of participation to receive the benefits provided herein. Benefit payments shall be payable commencing with the first day of the month following the month in which the Participant has fulfilled all the conditions for entitlement to benefits, including the filing of an application. Such first day is the "Annuity Starting Date".

A Participant may, however, elect in writing filed with the Board of Trustees to receive benefits first payable for a later month, provided that no such election may postpone the commencement of benefits to a date later than the Participant’s Required Beginning Date.

If the Beneficiary is not the Participant’s surviving Spouse, the payment of any benefits under the Plan that become payable on account of the Participant’s death shall begin no later than one year from the date of such death or, if later, as soon as practicable after the Board of Trustees learns of the death, and shall be distributed in accordance with Section 4.04.c. If the Beneficiary is the Participant’s surviving Spouse, payment of any Plan benefits shall commence not later than the date the Participant would have attained his Required Beginning Date had he lived.

In no event shall a Participant be allowed to defer receipt of benefits to the extent that it creates a death benefit that is more than incidental.

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

Contact Plan Administrator

Telephone NumberPhone:
(866) 894-3705


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