Many participants erroneously think that once they retire or stop working for a Local 697 signatory employer, they must withdraw their Money Purchase Plan and Trust account. Since 2019, this has not been true. Participants can keep their Money Purchase Plan and Trust accounts within the group Plan for as long as they like, including after the age that the law requires minimum distributions to be made.

By keeping your account within the group Plan you will continue to receive the following benefits:

  • Continued tax-deferred savings
  • Lower fees. By keeping your monies in the group Plan you stay invested in low-cost plan specific investment options
  • Receive partial distributions and effective July 2020, will be able to receive monthly distributions
  • Receive free retirement guidance and support from Vanguard.