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International Union of Operating Engineers: Local 399

Retirement Readiness Seminar 09-2020



Thank you to all our members who joined us for our virtual
Retirement Readiness Seminar (Fall Review)
on Saturday, November 19, 2020

Below is a video link to listen/view the recording of our
November 19th Seminar.


We again wanted to thank everyone who attended for their time and focus using this technology versus our in-person approach. While not an ideal format, up until the sound issues in the final minute, overall we were happy the format seemed to work and happy so many members navigated the technology and logged in.

·         We are sorry the audio cut out right at noon, we believe it was an issue with the software. 
The two final questions that we were addressing prior to saying our goodbyes was:

Q.   Can I move my 401(k) tax free into a my (Vanguard) IRA?



Yes, if there is a distributable event.  If you have retired, been terminated, have a hardship
and/or achieved retirement age per the plan document (59.5) then you may initiate a rollover
and no taxes apply in that situation.  But you must have a distributable event.
Q. What is the difference between that Guaranteed Income feature and the systematic withdrawals





Systematic withdrawals does not cost anything extra.  It simply means you can set and amount and frequency and those distributions will automatically come to you until the account runs out of money or until you adjust. Guaranteed Income for Life is the “insurance” type feature that is available. That means you pay an extra fee to ensure that you can take 5% for you or 4.5% if you wish to cover you and your spouse, for the rest of your life once the step up occurs at point of retirement for the
remainder of your life.  Even the account runs out of money, the checks continue.  But for the extra protection there are the extra fees. For more information best to call the union hall 401(k) department.

    Finally, we always leave the meeting by reminding you that the resources of Rose,
the Health & Welfare team and of course the 401(k) Department are here to help you as you work through the process of finalizing and then executing on your plan.


09-20 Retirement Video Image.jpg
Click image to connect to recording