A pension plan for part-time, temporary and sesonal employees
Q. How soon can I get my lump sum benefit?
A. Distributions are made once a year. All Request for Benefit Payment forms that are received in the SISC office by January 10th will be processed for payment in March.
Q. Are loans or hardship withdrawals allowed?
A. Loans and hardship withdrawals are not permitted.
Q. May I put additional money into the plan?
A. No, only the employer may contribute based on your wages.
For all Participants hired prior to January 1, 2013, the plan is 100% funded by your employer. You do not make any contributions. These individuals are NOT subject to the mandatory employee contributions under the Public Employee’s Pension Reform Act (PEPRA).
All Participants hired on or after January 1, 2013 are subject to the mandatory employee contributions as required under PEPRA. Employees shall pay the mandatory employee contributions by a reduction in pay on an after-tax basis only. Information regarding the annual employee contribution rate is available from your employer.
NOTE: ANY Participant who terminates from the Plan and receives a distribution of his or her entire Accrued Benefit (or a refund of the mandatory employee contributions plus interest), and then resumes employment covered under the Plan, such employee shall be considered a NEW employee and will be subject to the mandatory employee contributions under PEPRA.
All contributions are held and invested by a Trustee appointed by the Plan Administrator.
Q. Are partial withdrawals allowed?
A. No, partial withdrawals are not allowed.