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.
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.
The Boston Shipping Association is committed to working with its maritime employer members, the waterfront labor they employ, and maritime stakeholders to ensure stability for workers and economic prosperity for the Port of Boston, Massachusetts and the New England region.
How We Accomplish Our Mission
On behalf of its maritime employer members, the Boston Shipping Association (BSA) carries out its mission by facilitating collaboration between its members, labor unions and maritime stakeholders and by negotiating and administrating union collective bargaining agreements. Through its actions the BSA seeks to encourage the protection and growth of traditional maritime industries in the Port of Boston and emphasize the safety of those industries and their workers. Copyright © 2020 Boston Shipping Association - All Rights Reserved.
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