The Money Purchase Plan & Trust (MPP&T) was founded on October 1, 1984 and was established for the purpose of creating a source of supplemental retirement income for participating employees.
The Money Purchase Plan and Trust is a Taft-Hartley, multiemployer, defined contribution pension plan. The Plan is administered by a Board of Trustees made up of Union and Employer representatives whose powers and duties are defined in the Agreement and Declaration of Trust. These members serve without any compensation and act on behalf of you and your fellow employees in managing the Fund’s operations. The current list of Trustees is:
Alec J. Davis
Felipe H. Hernandez
Richard C. Anderson Jr.
Thomas R. Corsiglia
Edward J. Shikany
William J. Walton
Provided you are working under an agreement that requires Money Purchase Plan and Trust contributions, an “individual account” will be established in your name upon receipt of the first employer contribution. Once your account is funded, you, as an employee, get to decide how to invest your money. Meaning; you decide how much money you want to allocate between the number of investment options that the Plan provides, and you assume all of the risks involved. Should you not decide, the contributions in your account will be invested into an age appropriate target date fund for you.
You are always 100% vested in and, in accordance to the rules and provisions of the Plan, entitled to the money in your annuity account. Simply put, the money in that account is yours, but there exist strict rules regarding the timing of withdrawals.
Participants are reminded that a defined contribution (DC) pension plan is different than a defined benefit pension plan in that with the former you are not guaranteed a specific monthly amount. Rather, the amount that is contributed by your employer on your behalf is defined (hence the name) and future benefits fluctuate on the basis of investment earnings.
All members accruing Annuity benefits under our Plan need to complete an Annuity Beneficiary form to name a beneficiary in the event of death. Proper beneficiary designations will avoid delays in processing any death benefits that are payable, so it is recommended to complete and return the form to the Benefits Office as soon as possible.