The Retirement Savings Plan which is a successor Plan to the Money Purchase Plan was adopted effective January 1, 2007. It is a multi-employer, collectively bargained Profit Sharing (401a) Plan with an Elective Deferral (401k) option. The Plan is funded from Employer contributions and elective Employee 401k contributions. It is a defined contribution plan which means that benefits at retirement or early withdrawal, if applicable, are determined by the amount of total contributions made on your behalf into the plan (including elective 401k contributions) plus or minus investment returns or losses net of investment fees, minus your share of the Plan’s operating expenses.

Working Members have the opportunity to elect 401(k) contributions in $1.00 per hour increments up to $7.00 per hour during a special open enrollment period which begins in November, with payroll changes taking effect on January 1. These elective contributions reduce taxable income, but not earnings subject to social security taxes. You may change your election to any whole dollar amounts from zero up to $7.00 per hour only during open enrollment.

You are immediately vested with the first dollar that is contributed to the plan on your behalf.

See also: Notice of USERRA Rights

The Plan determines the value of your individual Account as of midnight of each Business day. The default fund, known as the Trustee-Directed Account, includes a 5% allocation to commodities index fund with the remaining balance actively managed by Dodge & Cox in both equity and fixed income assets. The Plan provides the option to self-direct all, or a portion, of the net assets credited to your Individual Account once you have satisfied the minimum balance and education requirements to do so. Click here to access the on-line investment education workshop. The investment options include a wide range of funds that vary from conservative to more aggressive investment approaches allowing you to design an investment strategy that best suits your goals, time horizon and risk tolerance. Click here to view the latest plan investment information. [Qualified Default Investment Alternatives sheet*] The Plan has contracted with Alan Biller & Associates, an investment consulting firm, to monitor the Plan's investments and investment managers and to assist the Board in developing the Plan’s investment policy. Fidelity Investments has been retained to provide both custody and recordkeeping services for the Plan. To register and to view your account activity on the Fidelity website, click here.

* This will be updated annually.

When you work in other jurisdictions, your contributions may be transferred into this plan, provided you timely follow the required procedures. See the "Reciprocity" page for additional information.

The San Francisco Electrical Workers Retirement Savings Plan has been amended to allow two loans to any Participant or Beneficiary in the Plan on or after July 1, 2010. Loans are initiated through Fidelity's website or by phone at 1-866-84-UNION. For more details, please consult the full notice and the complete text of the loan policy.

The Plan has contracted recordkeeping services with Fidelity Investments which will provide annual statements showing detailed Employer and elective deferral contribution information, investment returns, expenses, and the value of your account at the end of each calendar year. You also have online access to your account at any time by logging onto Fidelity NetBenefits at fidelity.com/atwork once you have set up your personal identification number.