How can I put money into my 401k Plan?
You may only contribute to the 401k Plan on a pre-tax basis through salary deductions up to the annual statutory limit. If you are interested in participating, please contact the Plan Administrator at (503) 224-0048 or (800) 547-4457, extension 1683, for an Enrollment Packet.

How do I get a Personal Identification Number (PIN)?
You may set up or request a new PIN via the web at www.principal.com, or by contacting Principal at (800) 547-7754. Without a PIN, to reach a customer service representative press 0 (zero).

How often should I expect to receive an account statement?
Semi-annually. Participant statements are mailed by the Plan's record keeper, Principal, to your address of record on or about January 15th and July 15th. To request a duplicate or replacement statement, contact Principal via the web at www.principal.com, or by contacting Principal at (800) 547-7754. You may also request that electronic statements be emailed to you via the website www.principal.com.  

How do I request a distribution from the Plan?
To request a distribution you must contact the Trust Office to request the Distribution Election Forms. Then once complete your Distribution Request Forms must be forwarded to the Trust Office for review and approval.

Your Distribution Request Form will be reviewed, and if complete, the approved request will be forwarded to Principal for processing. Your check should be mailed within three weeks from the date of receipt by the Plan Administrator, although the Plan Administrator does have up to 90 days to complete the request.

What taxes or penalties apply to my retirement plan distribution?
If you request a distribution payable to you, mandatory 20% federal income tax withholding will apply and minimum mandatory state income taxes will also apply. Furthermore, if you are under the age of 59½, you may also incur an additional 10% early withdrawal penalty. Unless you request otherwise, the 10% early withdrawal penalty is not withheld from the distribution.

If you elect to rollover your account balance to an IRA or another qualified retirement plan, no taxes or penalties would apply at the time. Please note that some distributions are not eligible for rollover.

How can I change my name or address?
To change your name or address, please contact the Trust Office. You may also mail your change the Trust Office, Attn: IBU 401k.

What will happen to my account if I should die?
If you should die before having received your entire account balance, the remaining balance is payable to your beneficiary(ies). Your spouse is automatically your beneficiary, unless you designate, and your spouse consents, in writing on the Beneficiary Designation Form to another beneficiary. Contact the Trust Office to request a Beneficiary Designation Form.

What should I do if I'm going through a divorce?
If you are going through a divorce and expect that a portion of your 401k account will be awarded to your spouse, please contact the Plan Administrator at (503) 224-0048 or (800) 547-4457, extension 1683 and request a sample Domestic Relations Order.

There are specific requirements that a Domestic Relations Order must meet to be deemed Qualified under the Plan, the sample Order may be provided to your attorney as a guide in preparing your Order.

What if I miss a payment?
A participant loan becomes delinquent when any one payment is not received when due, and loans will be deemed in default if the payment is not made up within 90 days of the original due date

If you default on your loan the IRS will be notified and you will be issued an IRS Form 1099-R. The IRS imposes servere tax consequences for default loans. You will be required to pay ordinary federal, and if applicable, state and local income taxes on the totall outstanding loan balance and an additional IRS penalty tax of 10% may apply. You should consult a tax advisor for additional information concerning loans from a qualified retirement plan.