Throughout your career in the Plumbing Industry, the Plumbers Local Union No. 1 and signatory employers make every effort to provide you with the tools you need to do your job safely and efficiently. The Plumbers Local Union No. 1 401(k) Savings Plan (“Plan”) is another tool developed by the Union with signatory employers to provide additional income to you and your family when you retire. The Plan can help to supplement the retirement income that you may receive from other sources—such as the Plumbers and Pipefitters National Pension Fund, Social Security and your own personal savings.
IMPORTANT UPDATE: Effective December 8, 2017, Plumbers Local Union No. 1 transferred the recordkeeping of the Plan to Prudential Retirement.
Please refer to the Summary Plan Description (SPD) as a tool to help you make your retirement decisions. This document can be viewed under Plan Features and Documents or by clicking on the link above.
You may log in to your account at: UA1.retirepru.com. Visit this site to review plan features, understand the investments, initiate transactions and connect with retirement planning tools and resources.
For your security, you will need to create a new user ID and password. To log in to your account, visit UA1.retirepru.com, click “Account Access” then “Register Now” or call 877-PRU-2100 (877-778-2100).
Once you are eligible for the Plan, one-percent (1%) of your gross pay is automatically contributed to the Plan as 401(k) Elective Contributions. You may elect to increase or decrease elections monthly. This must be done in writing by completing an “Employee Deferral Election Form B” and returning it to your employer. Your employer should provide this form to you. This form can also be obtained by calling the Third Party Administrator or visiting the Third Party Administrator’s’ website. The Third Party Administrator’s contact information is listed on page 2 of the SPD.
This is a “401(k) Elective Contribution,” which means you may choose to put dollars into the 401(k) Elective Contribution Account through before-tax payroll deductions. 401(k) Elective Contributions are your own contributions, and you can choose to increase them up to applicable limits established by the Internal Revenue Code or stop them entirely if you want to. You do not have to make 401(k) Elective Contributions to be entitled to the Employer contribution. The Employer contribution is automatic.
For 2018, the IRS maximum for pre-tax contributions is $18,500. If you are (or will be) age 50 or older in 2018, you can contribute an additional $6,000 to the Plan.
Complete an “Employee Deferral Election Form B” and return it to your employer. Your employer should provide this form to you. This form can also be obtained by calling the Fund Office at (718) 835-2700.
If you wish to change your current investment elections:
Representatives are available weekdays, from 8 a.m. to 9 p.m. ET to answer your questions or to take your investment elections over the phone.
The balance of your 401(k) Saving Plan at retirement will depend on how well you handle the responsibility of managing your finances. Please review your investment elections and take the necessary steps to diversify your account appropriately. As you know, no action is required on your part. However, if you prefer a different allocation, you can elect investments from among the various investment options offered by the Plan.
Investment advisory services are offered through GoalMaker portfolios created by MorningStar Investment Management LLC. For more information contact Prudential Retirement at (877) PRU-2100 or (877) 778-2100.
A “beneficiary” is the person or persons who would receive the money remaining in your Plan account if you die. Naming a beneficiary is an important—but often neglected—part of sound financial planning. You should have a beneficiary designation form on file with the Fund.
- Log in to your account at UA1.retirepru.com
- Choose “Personal Information” from the menu bar.
- Beneficiary information is on the right.
- Add or update your beneficiary and follow the instructions to confirm.
If you would prefer to update your beneficiary over the phone, please call Prudential at 1-877-PRU-2100. Participant service representatives are available Monday through Friday, 8 a.m. to 9 p.m. ET.
You must complete the actual form provided by the Plumbers Local Union No.1 Employee 401(k) Savings Plan, or designate a beneficiary online with Prudential Retirement. No other form of designation may be used. Completion of forms for the Welfare Fund, ASB Fund, Vacation & Holiday Fund, Plumbers & Pipefitters National Pension Fund, or the United Association Burial Expense Benefit does not meet this requirement.
IMPORTANT NOTE: If you have not provided a designation of a beneficiary form to the Plumbers Local Union No. 1 Employee 401(k) Savings Plan, you should do so without delay.
If you have not designated a beneficiary, or if your beneficiary is not living at the time of your death, your account will be paid as described on page 24 of the SPD.
You may elect to contribute as much of your pay as you’d like, up to the limits of the Internal Revenue Code (IRC). The IRC limits the amount you may contribute in a calendar year.
To allow members to take full advantage of the opportunity to save for retirement, each employee in Covered Employment will be deemed to have elected an amount no less than one percent (1%), and may elect up to seventy-five percent (75%) of gross hourly wages to a maximum of $18,500. For those 50 or older the maximum is $24,500 in 2018.
On page 23 of the SPD, you will find a chapter called “Life Events That May Affect Your Benefit” Refer to this chapter for information about what to do if:
you get married or divorced;
you stop working;
you become disabled; or
you or your spouse dies.
You (or in the case of your death, your beneficiary) may receive a distribution from your account when you:
Retire at age 55 or later
Terminate Employment in the Plumbing Industry
Reach the age of 59 ½
Experience Financial “Hardship”
To receive the distribution of your Individual Account visit UA1.retirepru.com to log into your account and make the request online, or
Due to the many important documents that could be mailed to this new address, the Plumbers Local Union No.1 Trust Funds requires that the member in writing must confirm a request for change of address.
Do I need to inform Local 1, the United Association, and Plumbers and Pipefitters National Pension Fund of my new address? Yes, below find the related contact information.
Plumbers Local Union No.1
50-02 Fifth St, 2nd Floor
Long Island City, New York 11101
1 - 718 – 738 - 7500
United Association Journal
Complete the UA Journal change of address form.
Mail your filled out form to:
P.O. Box 37800
Washington, DC 20013
National Pension Fund
103 Oronoco Street
Alexandria, Virginia 22314
1 - 800 – 638 - 7442