March 5, 2010
Dear Local One and Local 23 Members participating in the Penn Traffic 401k Plan:
The Fund Office for the UFCW Local One 401k Plan has received a number of phone calls from Penn Traffic employees asking whether the UFCW Local One 401k Plan will be available as a rollover option for those employees who participated in the Penn Traffic 401k Plan. We are providing this information in response to your questions.
If you are a Local One or Local 23 member and employed by a participating employer in the UFCW Local One 401k Plan, such as Tops, you can choose to roll over your Penn Traffic 401k Plan account to the Local One 401k Plan. All you need to do is complete the attached form and send it back to the UFCW Local One Plan in the enclosed return envelope. Please return your completed form by March 31, 2010. The Penn Traffic Plan will work with Fidelity to make this transition as easy as possible for those choosing to move their account to the UFCW Local One Plan.
If you choose to roll over your Penn Traffic 401k Plan account to the Local One 401k Plan, you will enroll in the Local One Plan and decide how your account will be invested on the Enrollment Election Form. You can also elect to make new contributions from your salary on the Enrollment Election Form. These contributions will be payroll deducted and forwarded by Tops. More information about the Local One Plan is enclosed, including information about your investment options.
There are several advantages to rolling over your Penn Traffic Plan account to the UFCW Local One 401k Plan and participating in the Plan:
- You will not pay taxes on your distribution from the Penn Traffic Plan.
- You will not pay a 10% excise tax on your distribution from the Penn Traffic Plan.
- The ability to continue Voluntary Pre-Tax Contributions through payroll deduction.
- The ability to choose and modify Investment Options and 24 hour online account access.
- The option of Managed Portfolios with re-balancing by Unified Trust.
- The ability to borrow up to two (2) loans for allowed expenditures.
- Access to an Educational Advisor who can assist with your retirement planning and understanding your investment options (at no cost to you).
To view the UFCW Local One 401k Summary Plan Description, go to CLICK HERE NOW!
We hope that this information is helpful to you. Should you have additional questions not addressed here, please call the UFCW Local One Fund Office at 1-800-697-8329, extension 2582.
Sincerely yours,
Frank C. DeRiso
Chairman, Board of Trustees
JANUARY 15, 2010
JUST POSTED. INFORMATION PERTAINING TO THE ROLL OVER OF YOUR PENN TRAFFIC 401K PLAN.
READ THE INFORMATION ATTACHED BELOW (SCROLL ALL THE WAY TO THE BOTTOM OF THE PAGE)
IMPORTANT LINKS:
www.labor.state.us.com
Department of Labor links (NY only)
www.health.state.ny.us
NYS Family Health Plus 1-877-9FHPLUS or 1-877-934-7587
One Stop Locations:
Madison County (Herkimer Madison Oneida) Service for
Working Solutions One-Stop Career Center
1006 Oneida Plaza Drive
Oneida, NY 13421
www.working-solutions.org
Working Solutions One-Stop Career Center
1006 Oneida Plaza Drive
Oneida NY 13421
Phone 315-363-2400
(Oneida County service for Herkimer-Madison-Oneida Counties )
Working Solutions One-Stop Career Center
NYS Office Building Suite 202
207 Genesee Street 2nd Floor
Utica NY 13501 Phone: 315-793-2229
www.working-solutions.org
Onondaga County
CNY Works
443 North Franklin Street Lower Level
Syracuse, NY 13204
Phone315-473-8250
www.cnyworks.com
PA LINKS
Adult Basic Health Care Program PA residents
PA Labor & Industry link
READ THE 401K LETTER
PERTAINING TO
ROLLING OVER YOUR 401K PLAN:
| Attachment | Size |
|---|---|
| PENN TRAFFIC 401K MEMO.pdf | 398.89 KB |
