Change in Retirement Plan
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Tags: Annuity Fund benefits change fund trustees retirement Sheet Metal Workers Local 33 video
A change has occurred the Sheet Metal Workers Local 33 Annuity Fund.
Fund Trustees opted to change the default option to more accurately reflect the current demographics of Local 33. By doing their due diligence and looking at a demographic study, Trustees felt there were better options available to make it easier for members to better plan for retirement.
Members who do not choose a retirement option will be automatically enrolled it the new default option, which allows members to take a hands-off approach.
Based on a target date retirement goal, members will be placed into an appropriate mutual fund designed to become more conservative over time.
This fund is self-guiding and diversifies itself as a person moves closer to retirement age, meaning the mutual fund changes itself.
By becoming a more conservative investor as time progresses, members can be assured that their retirement investment will be there when they are ready to retire.
A video on the Member’s page explains the changes.
All members are encouraged to watch the video to learn more about the changes.