Benefits

Annuity Fund Information

The Plan allows you to borrow against the value of your account balance to cover one or more of the following expenses:

(I) expenses incurred by you because of sickness or injury which have not been reimbursed by benefits payable from the Welfare Fund of Heat and Frost Insulators Local 12;

(II) expenses incurred by you, your spouse or any of your dependents in connection with the payment of tuition and/or room and board at an educational institution beyond the high school level;

(III) expenses incurred in connection with the purchase of your home, co-operative or condominium apartment, or expenses incurred in connection with the enlargement or remodeling of your existing home; and

(IV) mortgage payments or tax liens which if unpaid would result in the foreclosure and/or sale of your home.

The Trustees will be the sole and absolute judges as to whether any such events have occurred and, if they have occurred, whether they are of such a nature as to require the granting of a loan from the Plan. The judgments of the Trustees in this connection will be final and binding on all parties. The interest rate is fixed and will be determined by the Trustees. Any interest you do pay on your loan will go back into your own Plan account. You can model your repayment schedule and apply for a loan through Benefits Complete®. Loan documentation and processing instructions will be mailed to you.

The minimum amount you can borrow is $500. The maximum loan amount available to you will be determined by your account balance. You may borrow up to the lesser of (I) 50% of your account balance or (II) $50,000. This $50,000 maximum is reduced, however, by the amount of your highest outstanding loan balance for the previous 12-month period. You may not have more than two loans outstanding at a time.

Welfare Fund Dependent Eligibility Rule

The Dependents who may be covered by the Welfare Fund are your spouse and your unmarried Dependent Children who are under 19 years of age and your unmarried Dependent Children between 19 and 23 years of age who are enrolled on full time basis in an accredited school. Coverage terminates on birthday, graduation, or date Dependent Child withdraws from school. Covered also are all incapacitated, Dependent, unmarried, mentally or physically handicapped children age 19 and over provided they are incapable of self-sustaining employment and become so incapacitated prior to age 19.

When your dependent child turns 19 you are required to submit proof to the Employee Benefit Funds Office of Heat and Frost Insulators Local 12 that your child is a full-time student at an accredited school. You must submit this proof prior to the beginning of each semester. Proof may consist of a letter from the registrar’s office, a paid tuition bill that lists the schedule of classes or a schedule of classes.

PLEASE NOTE THAT IF YOU DO NOT COMPLY WITH SUBMITTING PROOF THE BENEFIT FUNDS OFFICE WILL TERMINATE COVERAGE FOR YOUR DEPENDENT CHILD.