Boston Shipping Association
Boston Shipping Association
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Your Fidelity Account

We encourage you to take an active role in the BSA-ILA Retirement Account Plan and choose investment options that best suits your goals, time horizon, and risk tolerance.  Your Employer makes a pretax contribution.  You are always 100% vested in all contributions to the Plan. 

Although your plan account is intended for the future, you may borrow from your account for any reason.  You may borrow up to 50% of your vested account balance.  The minimum loan amount is $1,000, and a loan must not exceed $50,000.  You then pay the money back into your account , plus interest, via automatic payments from your checking or savings account.  Any outstanding loan balances over the previous 12 months may reduce the amount you have  available to borrow.  You may have one loan outstanding at a time. 

The cost to initiate a loan is $50.00, and there is a quarterly maintenance fee of $6.25.  The initiation and maintenance fees will be deducted directly from your individual plan account.  If you fail to repay your loan (based on the original terms of the loan),  it will be considered in "default" and treated as a distribution, making it subject to income tax and possibly a 10% early withdrawal penalty.  Defaulted loans may also impact your eligibility to request additional loans.  Be sure you understand the Plan guidelines and impact of taking a loan before you initiate a loan from your plan account.

Account Access

 You may access your account online through Fidelity NetBenefits at www.netbenefits.com/atwork or call the Fidelity Retirement Benefits Line at 1-800-343-0860 to speak with a representative. 


 To request a loan, log on to www.netbenefits.com/atwork or call the Fidelity Retirement Benefits Line at 1-800-343-0860.