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Annuity Fund
Annuity benefits are collected through the stamp program where an hourly benefit is paid by the employer for each hour worked. This is credited to your account when your stamp book is turned in. Stamp Books are redeemed to the Fund Office in January and July. Withholding taxes are not withheld from these benefits.
It is extremely critical that you turn in your stamp book as soon after the January and July due dates as possible in order to post your benefits to your account in a timely manner. The due dates are printed on the front cover of your stamp book.
Withdrawal: Annuity funds can be paid out for the following reasons:
- Upon retirement, the full balance can be withdrawn or rolled over
- After you have left employment for a period of one year, a withdrawal of one half of your balance can be taken; the remaining can be taken after the anniversary of the second year.
Hardship Withdrawal: There are several approved reasons that can constitute a hardship withdrawal. Please check with the Fund Office for more information.
Account balance statements are mailed after the end of the June 30th fiscal year; usually before December 31st.