Working Outside the Jurisdicition
When defined contribution (DC) funds are received on a member’s behalf, the total amount is transferred to the member’s 401(k) account at Transamerica. Click the link below for more information > Working outside the Jurisdiction - Retirement Contributions
The 401(k) is administered by Transamerica.
Customer Service: 1-888-976-8171
Access your Account Online:
https://www.transamerica.com/portal/
Dowload the Transamerica Mobile App:
Your Online Account gives you access to:
• Check account balance
• Review investment performance
• Manage contributions and fund allocations
• Access Distribution forms
• Review loan status and payoff details
• Review Your Retirement Outlook®
Two types of Contributions
1. Voluntary 401(k) Election -
A. Pre-tax Voluntary Contributions:
You may contribute between 1% and 100% on a pre-tax basis up to the IRS annual limit.
B. Roth After-tax Voluntary Contributions:
You may contribute between 1% and 100% on a after-tax basis up to the IRS annual limit.
You may elect one or both options above.
Form > Particpation Election Agreement Form
To Elect: Submit a completed Particpation Election Agreement Form to your Employer. Keep a copy for your records.
A new form must be completed anytime you change employers, make an election change, or terminate your election. Forms can be printed using the link above or reach out to the Local 38 Fund Office.
2. Employer Contributed 401(k)- Employers will contribute a specific dollar amount per hour paid as outline in your collective bargaining agreement. Please refer to the collective bargaining agreement for the current rate.
What happens to your first 401(k) contribution deposit?
Your initial contributions are deposited into a Target Date Fund based on your normal retirement date. Target Date Funds are designed to derisk as you approach retirement. Complete information on the plan's investment alternatives can be found on the Transamerica website.You have the option to decide how your account will be invested among the available investment options by calling Transamerica or going on the Transamerica website.
401(k) Beneficiary Designation Form
Please return the completed Beneficiary Designation Form to the Local 38 Fund Office.