Annuity

The I.B.E.W. & Electrical Industry Local 697 Money Purchase Plan and Trust (the Plan) is designed to provide you with a source of financial income during retirement.


When you become a participant in the Plan, an “individual account” is established in your name.  Employer contributions are made on your behalf to your individual annuity account.  You are always 100% vested in, or entitled to, the money in your account.  Your account balance includes Employer contributions made on your behalf and investment earnings and/or losses.  The expenses of operating the Plan are subtracted from all individual accounts.


Please take some time to review the Plan’s Summary Plan Description.  If you’re married, share the information with your spouse.


The Trustees will continue to keep you advised of any changes in the Plan.  Please be sure that the Fund Office has your current address at all times.


If you have any questions, you should contact the Benefits Office at (219) 845-4433 or (219) 940-6181. 

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Frequently Asked Questions

Q.  When can I close my Vanguard account?

A.  Upon your retirement (on or after age 55); at the time of your death; if you become totally and permanently disabled; no employer contributions for 24 consecutive months, provided that you have left the industry and are in good standing with the Plan and any related plans; or you reach age 70 1/2 and you are still working in covered employment.  Any loans must be paid in full.

Q.  Under what circumstances can I take a loan against my annuity?

A.  For the purchase of a primary residence; college tuition; and extraordinary or emergency expenses which may include emergency economic conditions due to  unemployment or medical expenses on behalf of a participant or family member.

Q.  Can I pay more than the payment amount on my Vanguard loan?

A.  You can always pay more but you cannot pay less.

Q.  When are my Vanguard loan payments due?

A.  Your payments are due on the first day of each quarter. (January 1, April 1, July 1, and October 1)

Q.  How long do I have to pay my loan off?

A.  5 years

Q.  Who do I call for my loan balance or final payment amount?

A.  The Fund Office calculates these amounts.

Q.  What happens to my benefits when I work in another local union’s jurisdiction?

A.  You must be registered on the Electronic Reciprocal Transfer System (ERTS) in order for your benefits to be reciprocated to your home local or fund you have designated.  Begin the process of registration at your home Local Union or a participating fund office.  Once you are registered you will receive by mail your user ID and password. This reciprocal authorization will remain in effect until you modify your registration. Please remember to update your information on ERTS if your address changes.

Q.  How do I update my beneficiaries?

A.   Obtain a beneficiary form from the Benefits Office or Website. 
Return the completed form to the Benefits Office.