Skip main content and go to side navigation

2015 Summary Annual Report

Investment Brochure

Summary Plan Description – January 2012

401(k) Option – FAQ for Pilots/Beneficiaries

 

 

Former TWA employee account balances are 100% vested at all times.  Former TWA employees are classified as “terminated” on the recordkeeping system.  Beneficiaries are classified as either “spousal” or “non-spousal” on the recordkeeping system.  Former TWA employees may have funds whose source is classified as 1) Employer Contributions, 2) After Tax, 3) Rollover.

CONTRIBUTIONS

Systematic Contributions

Former TWA employees and their beneficiaries are not eligible to make systematic contributions (such as yearly IRA contributions) to their DAP accounts.

Roll-In Contributions

Former TWA employees may add to their DAP account by rolling-in funds from the following sources:

  • Qualified plans (such as 401(k), profit-sharing, and money purchase pension plans)
  • Individual Retirement Account (IRA)

A roll-in form is available on this website under “ONLINE FORMS”.  Participants should have the prior custodian make the check payable to “Great-West Trust Company, LLC”. Please include the following information on the check: Participant name, Social Security Number, Plan Number 385086-01, Plan Name - Directed Account Plan.   The roll-in form and the check should be mailed to the DAP office at 3221 McKelvey Road, Ste. 105, Bridgeton, MO 63044.  Large balances may be wire-transferred.  Please contact the DAP office at 314-739-7373 for wire instructions.

FORMS OF PAYMENT

The following forms of payment are available to former TWA employees and beneficiaries. The forms for these forms of payment are available on this website under “ONLINE FORMS”.  :

Periodic Payments

This form of payment is used to set up monthly distributions from your DAP account. Participants may elect to have the payments mailed by check or direct deposited into their bank account.  Distributions take place after the Market close on the 15th day of the month unless the 15th falls on a weekend or Market holiday.  In those cases, payments are made after the Market closes on the nearest business day after the 15th.  Spousal Consent* is needed for this withdrawal for Former TWA Pilots in order for their spouse to waive the first form of payment which is a Qualified Joint Survivor Annuity.

Partial Withdrawal

This form of payment is used when a participant elects to withdraw a certain amount of funds from their DAP account. Participants may elect a funding source for this payment. They may also elect check or direct deposit. Spousal Consent* is needed for this withdrawal for Former TWA Pilots in order for their spouse to waive the first form of payment which is a Qualified Joint Survivor Annuity.

Partial Rollover

This form of payment is used when a participant elects to ROLL-OVER a portion of their funds in the DAP to a qualified account (IRA) or a qualified retirement plan (such as another 401k plan).  Two completed forms must be completed and submitted for this payment (Partial Withdrawal & Partial Roll-Over).  Checks made payable to the new custodian for the benefit of the participant will be used for this type of distribution. Spousal Consent* is needed for this withdrawal for Former TWA Pilots in order for their spouse to waive the first form of payment which is a Qualified Joint Survivor Annuity.

Lump Sum Withdrawal

This form of payment is used when a participant elects to withdraw all their funds from the DAP and is not rolling-over the funds to a qualified account.  Participants may elect to receive their funds by check or direct deposit. Spousal Consent* is needed for this withdrawal for Former TWA Pilots in order for their spouse to waive the first form of payment which is a Qaulified Joint Survivor Annuity.

Lump Sum Rollover

This form of payment is used when a participant elects to rollover 100% of their balance in the DAP to a qualified account (e.g. IRA) or a qualified retirement plan (e.g. 401k plan). Two completed forms must be completed and submitted for this payment (Lump Sum Withdrawal & Lump Sum Roll-Over).   Checks made payable to the new custodian for the benefit of the participant will be used for this type of distribution. Spousal Consent* is needed for this withdrawal for Former TWA Pilots in order for their spouse to waive the first form of payment which is a Qaulified Joint Survivor Annuity.

Forms for the above payment types may be found on this website under “ONLINE FORMS”.

Participants may also call the DAP service center at (1-800-338-4015) and request the appropriate form be sent to them by the service center.

*For distributions from funds sourced “Employer Contributions” ERISA Law requires the first form of payment for former TWA employees is to be in the form of a Qualified Joint and Survivor Annuity unless a participant would choose one of the payment options listed above.  If a former TWA employee chooses a payment  other than a Qualified Joint and Survivor Annuity,  then the Participant, along with the Eligible Spouse must sign the “Election to Waive Joint and Survivor Annuity” section of the distribution forms.  To receive quotes on a Qualified Joint and Survivor Annuity participants must contact the DAP office at 314-739-7373.

Go back to main content | Go back to main navigation

Go back to main content | Go back to main navigation