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ENROLLMENT APPLICATION - (10/12/2021)
Enrollment applications for the Supplemental 401(k) Retirement Plan, Health Reimbursement Account (HRA), and Voluntary Credit Union deduction program are now available. These applications will take effect with January 2022 hours.
CLICK HERE to access the application
If you would like to enroll or make changes to your existing classification pursuant to the Collective Bargaining Agreement, please use the enclosed application or come in to fill one out in person. No action is required if you are not making changes or enrolling at this time. The deadline for accepting 401(k) and HRA applications is a postmark date of Wednesday, December 15, 2021. All changes will be effective with January 2022 hours.
Please note: Changes to your Credit Union Deduction (only) can be made at any time and are generally effective the 1st day of the month following receipt of your application. However, if you submit your form prior to December 1, 2021, and wish to make a change to your Credit Union Deduction effective December 1, 2021, you must clearly state your wishes on your application.
Supplemental 401(k) Retirement Plan
This Plan complies with IRS guidelines. Under the 401(k) Plan, an Employee will be given the option of deferring a portion of his or her wages to the 401(k) Plan. However, as explained below, there are certain limits established by Congress and the Internal Revenue Service (“IRS”) that the Plan must follow.
1. Election to Defer a Portion of your Wages to the 401(k) Plan. You will be permitted to elect a specific amount to be deferred to the 401(k) Plan. The deferral amounts for 2022 will be: $2.00; $4.00; $6.00; $8.00; $10.00 per hour (subject to the maximum limits summarized in number 2 below). There are also deferral amount options available to members who are age 50 or older, during the 2022 calendar year, in the amount of $12.00 and $13.00 per hour (subject to the maximum limits summarized in number 2 below).
The current enrollment period in which you will be able to elect to change amounts deferred to the 401(k) Plan will take place through December 15, 2021, and will be effective with January 2022 hours. An Employee’s election will remain in place until the next election period. Any deferral amounts will be in addition to the “Mandatory” Employer Contribution in the Collective Bargaining Agreement (such as the Master Labor Agreement).
ALERT: If you previously designated an amount to be allocated to the Supplemental 401(k) Retirement Plan and wish to make a change, A NEW FORM IS REQUIRED and must be submitted no later than December 15, 2021, to make a change effective with January 2022 hours.
2. $20,500 and $27,000 Deferral Limits for 2022 Imposed by the IRS. Pursuant to IRS guidelines, the maximum amount that can be deferred to a 401(k) Plan is $20,500 for the calendar year (2022); however, for Employees who are age 50 or older, during the 2022 calendar year, the IRS permits an additional catch-up contribution of up to $6,500 each year. Thus, the maximum amount that a person age 50 or older can defer is $27,000.
The record keeper (currently Kaufmann and Goble) will attempt to monitor your deferrals to ensure that the maximum deferral amounts are not exceeded during a calendar year. Any amounts received in excess of the IRS guideline maximums will be reversed by the record keeper and paid to you as wages. When determining deferral maximums, this will not include any “Mandatory” Employer contributions required by your Collective Bargaining Agreement. However, since you are the only party who knows the actual number of hours that you have worked and the total deduction that has been remitted on your behalf, you will want to monitor your deferrals to prevent headaches come tax time.
3. FICA/FUTA Withheld From Deferral Amounts. Pursuant to IRS guidelines, amounts deferred by an Employee to a 401(k) Plan are subject to Social Security and Medicare withholdings (“FICA”) and Federal Unemployment taxes (“FUTA”). As a result, FICA and FUTA taxes will be deducted by your Employer from the deferral amounts.
4. Investment Options Remain the Same. Your Plan assets will continue to be invested in the same
manner as in the past and you will continue to have the same options available to you. While your statements show both a 401(k) balance and Supplemental 401(a) Pension Plan balance, the funds are invested together. To obtain information about the investment options available under the Plan, please contact the Plan's Investment Consultant Mammini Company at (888) 547-6972 or visit their website www.mammini.com. Additional investment information including prospectuses can be obtained at www.kandg.com.
Health Reimbursement Account (HRA)
Anyone under a classification that provides for mandatory HRA contributions may have additional contributions made to their HRA as outlined on the Enrollment Application. The HRA contribution hourly rate is excluded from the taxable wage. Pursuant to IRS guidelines, these are considered employer contributions.
Any eligible participants and/or eligible dependent with an account balance may use their HRA account balance to pay for IRS qualified health and welfare expenses that are not otherwise covered by the health plan, including Active or Retiree self-payments and COBRA premiums.
The HRA Claim Form requires you to read and understand the Plan prior to applying. You can access the information at the Northern California Pipe Trades Trust Funds for UA Local 342’s website at www.ncpttf.com or by contacting Kaufmann & Goble at (855) 512-1170.
UA Credit Union Deduction
The UA Local 342 Agreements provide for a voluntary UA Credit Union Deduction for active working members, provided that at the time of deposit you have an open account with the Credit Union.
The UA Credit Union Deduction will be deducted from your paycheck and remitted by your employer, along with your fringes, to the Northern California Pipe Trades Trust Funds for UA Local 342. The Trust Funds Office, in turn, will remit a monthly report with your payroll deduction to the UA Credit Union on your behalf. For example, when you work during the month of January, the January hours are reported to the Trust Funds Office by your employer late in February and transferred in March to the UA Credit Union. (So please take note that the UA Credit Union Deduction will be in your account approximately 45-60 days or so after you have worked that given month.)
UA Credit Union Deductions must be designated in flat dollar amounts of $1.00 - $5.00 per hour. Please note: Changes to your Credit Union Deduction (only) can be made at any time and are generally effective the 1st day of the month following receipt of your application. However, during this enrollment period, unless otherwise noted on your application, changes to your Credit Union Deduction will be effective with January 1, 2022, hours. If you submit your form prior to December 1, 2021, and wish to make a change to your Credit Union Deduction effective December 1, 2021, you must clearly state your wishes on your application
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