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Plan highlights

Details, descriptions and everything you need to stay informed about your plan.

About your account

An account is automatically established in your name when you become a participant in the plan.

How your account is funded

  • This plan is funded through employer contributions made on behalf of participants under the terms of a Collective Bargaining or Participation Agreement, and any potential investment earnings on those contributions.
  • You are immediately 100% vested in your Account Balance.
  • Individual contributions are not permitted.
  • Two cents per hour worked is credited to the Crediting Account, which pays for certain unfunded amounts such as Qualified Military Service or unpaid employer contributions.

How to access the money in your account

Loans

You may borrow up to 50% of your account balance, with a minimum of $1,000 and a maximum of $50,000.

You may request a loan for the following reasons:

  • Foreclosure, tax sale and to prevent eviction in principal residence
  • Medical expenses
  • Purchase of a primary residence
  • Higher education
  • Funeral expenses
  • Repairs or improvements to principal residence

Loan guidelines:

  • Note: If you had a prior loan in the past year, the $50,000 is subject to a calculation that takes into consideration your highest loan balance over the past 12 months.
  • You have up to five years to repay the loan, unless it is for the purchase of your principal residence, in which case it may be paid back over 20 years.
  • To keep the loan in good standing, regular monthly payments according to the term of the loan must be made, even if you make a larger-than-required payment in any given month.
  • There is a fee of $50 for taking a loan.
  • You may only have one () outstanding loan at a time, including a loan that has been "deemed" a distribution due to no payments.

Distributions

You are eligible to withdraw benefits from your account if you meet one of the following criteria:

  • Separation from service: You have not performed any work in Covered Employment for at least 12 consecutive months
  • Total and Permanent Disability
  • Retired and at least age 55
Footnote. Amounts withdrawn before age 59½ may be subject to a 10% federal income tax penalty, applicable taxes and plan restrictions. Withdrawals are generally taxed at ordinary income tax rates. End footnote.

The plan's Normal Retirement is age 65, however you may retire and begin to receive benefits at any time after you attain age 55, as long as you meet all of the eligibility requirements for retirement.

For details on mandatory benefit payments, see When you must begin withdrawing money from your account.

Forms of Payment (you may select one or more of the following):

  • Installment payments
  • Partial distributions
  • Life Annuity
  • Rollover to an IRA or qualified plan
  • Lump Sum (applicable taxes are withheld)

Neither Prudential Financial nor any of its representatives are tax or legal advisors and encourage you to consult your individual legal or tax advisor with any specific questions

Death Benefits

If you die before the money in your account is distributed to you, the balance of your account will be paid to your spouse, or the beneficiary(ies) that you have designated. You should keep your beneficiary up to date, using the form on this website any time changes are needed.

If you are not married at the time of your death, and you have not designated a beneficiary, the balance of your account will be paid by order of priority as outlined in the Plan Document.

When you must begin withdrawing money from your account

Benefits are required to begin if:

  • Your Individual Account is valued at $5,000 or less when you separate from service
  • An Alternate Payee's Individual Account under a Qualified Domestic Relations Order (QDRO) is valued at $5,000 or less at the time he or she is eligible to receive a benefit payment
  • You die and the value of your Individual Account is $5,000 or less
  • You die and payment has not been made to your beneficiary within five years after your death
  • If you die and your surviving spouse does not elect to postpone payment of the Qualified Pre-retirement Survivor Annuity (QPSA) by September 30 of the year after your date of death, benefits will begin being paid

Amounts $1,000 or less.

If your Individual Account is valued at $1,000 or less, then it will automatically be paid in a single lump-sum payment unless you, your surviving spouse or beneficiary (as applicable), elect a direct rollover.

Automatic rollover of amounts more than $1,000 but not more than $5,000.

If your Individual Account is valued at more than $1,000, but is not more than $5,000, and you do not elect either the single lump-sum payment or the direct rollover amount, then your Individual Account will automatically be paid in a direct rollover to an Individual Retirement Account (IRA), designated by the Board of Trustees.

On the date you are required to begin receiving benefits, you will receive the minimum payment required by federal law.

Account fees

The current annual account fee is $35 per year, charged directly to your account at a rate of $8.75 per quarter.

Account fees table

Fees

Description

Plan Loan Expenses

If you take out a plan loan, the fee for processing that plan loan will either be deducted from the loan amount or subtracted from your individual account.

Missing participant Locator Expenses

In the event the Fund incurs charges to locate you because it no longer has valid contact information for you, expenses the Fund may incur will be subtracted from your individual account.

Calculation of Annuity Benefits

In the event the Fund incurs charges to calculate a different benefit payment option, that amount will be subtracted from your individual account.

Benefit Payment Expenses

In the event the Fund incurs charges in connection with a benefit payment, such as an optional service you select, those charges will be subtracted from your individual account.

Tools and resources

You have access to a variety of helpful retirement planning tools, including:

  • Articles—Access a broad range of important educational materials dealing with retirement.
  • Interactive Online Courses—Learn more about retirement planning, budgeting, investing and many other financial planning topics.
  • Calculators—Allow you to model scenarios unique to you and learn more about your individual situation.
  • Glossary — List of important terms and definitions related to retirement.

Access your account online or call 855-611-BNAT (855-611-2628)855-611-BNAT (855-611-2628) for assistance.
Representatives are available weekdays from 8 a.m. to 9 p.m. ET.

Boilermakers National Annuity Trust Plan Resources & Quick Actions

DOWNLOAD PLAN DOCUMENTS

Download plan communications, documents and information here.

Go to forms & documents

GET IN TOUCH

Get in touch with Prudential Retirement to help answer your questions.

View plan contacts

LOG IN TO YOUR ACCOUNT

Manage your information, review your plan details and more.

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