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April 27, 2015
This notice is to inform you that IBEW Local Unions 440 and 477 and the Southern Sierras Chapter of NECA have established a new individual account plan known as the Inland Empire Defined Contribution Plan. Pursuant to an agreement between the Trustees of the Southern California Plan and the Trustees of the Inland Empire Plan, your individual account under the Southern California Plan will be converted from the current Trustee directed investments to cash and that cash amount transferred to the Inland Empire Plan.
IBEW Local Union 440 or 477 has advised us you are a member of one of those Local Unions. Accounts of all members of those Local Unions will be transferred except for a few individuals whose accounts are subject to an ongoing QDRO process. No member of IBEW Local 440 or 477 has a right to opt out of the transfer process. The Trustees of the Southern California Plan are relying upon the written representation of a Local Union that you are a member of that Local Union.
As a result of these changes, even if eligible, you will be unable to obtain a loan or distribution from the Southern California Plan after June 25, 2015. A separate notice from the Inland Empire Plan will explain how you may obtain distributions or loans after the anticipated June 30, 2015 transfer date. Given the need to liquidate assets for the cash transfer there will be a period of 1 day prior to transfer when your individual account in the Southern California Plan will not be credited or debited with the investment gains or losses applicable to other Southern California Trustee investment directed individual accounts. This period during which you will be unable to exercise your rights otherwise available under this Plan and the Inland Empire Plan is called a "blackout period". Whether or not you are planning retirement in the near future, the Trustees of the Southern California Plan encourage you to carefully consider how this blackout period may affect your retirement planning, as well as your overall financial plan.
The blackout period is expected to begin on June 25, 2015. During this period you may monitor the transfer under the Southern California Plan by accessing your individual information at www.mylife.newyorklife.com (the the New York Life website) or (800) 294-3575. Upon transfer, you may monitor your individual account at the Inland Empire Plan by accessing your individual account information at www.massmutual.com/retiresmart.
If you have any questions concerning this notice, you should contact the Administrative Trust Funds Office at (323) 221-5861 and ask for the Pension Department. If you have any questions concerning the Inland Empire Plan, you should contact the Gem Group at 1(800) 242-8923 and ask for Jim Bell.