Building Services 32BJ Benefit Funds

Frequently Asked Questions

How can I take money out of my SRSP account?

You cannot take money out of your account unless you retire, become disabled or you stop working in covered employment and your employer has not made a contribution to the Plan on your behalf for at least six consecutive months. You cannot borrow or request a loan from your SRSP account.

When can I start contributing towards my 401(k)?

Generally, if you are eligible for the SRSP, you can voluntarily enroll and start contributing to the 401 (k) portion of the Plan in the first payroll period after 6 months of covered employment.  If you do not enroll when first eligible, you will have to wait until December unless your employer allows more frequent enrollment.

I filled out a deferral form to start my 401(k) contributions. Who do I give this to?

The SRSP Deferral Form should be submitted to your employer.

How do I stop contributing or change the contribution?

You can stop your contributions at any time.  You can only change your contributions during the December open enrollment period unless your employer allows more frequent enrollment periods.  Complete a new SRSP Deferral Form and submit it to your employer.

Does my employer match my 401(k) contributions?

Your employer does not match your 401(k) contributions. Your employer contributes the amount that is specified in your contract.

I am no longer working.  When can I request a distribution of my SRSP?

The money in your account becomes available to you once your employer has not made a contribution to the Plan on your behalf for at least six consecutive months.

Is there a tax penalty if I request an SRSP distribution before retirement?

If you request an SRSP distribution before retirement you may be subject to penalties.  We strongly recommend that you consult a tax advisor to fully understand the tax consequences of taking your funds out of the account before requesting a distribution.