# annuity



## big2bird (Oct 1, 2012)

Socal Electric said:


> Hey guys, local 11 here. I've been unemployed for 5 months and my wife is not working. We've been living on unemployment and money is getting tight. Im thinking of pulling some money out of my annuity without borrowing. My situation is I have a $11,000 balance on my on my current loan I borrowed 2 years ago to remodel my house. Is it possible to pull money from my annuity even though I have an active loan?


We have Mass Mutual in 441. Only one loan at a time. You have to repay the balance before initiating another loan. Miss one payment, and they 1099 you.


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## hardworkingstiff (Jan 22, 2007)

big2bird said:


> Miss one payment, and they 1099 you.


That's a BIG OUCH! Struggle to make the loan payment and then get a higher tax bill.


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## electricmanscott (Feb 11, 2010)

Get out and find work.


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## drumnut08 (Sep 23, 2012)

Socal Electric said:


> Hey guys, local 11 here. I've been unemployed for 5 months and my wife is not working. We've been living on unemployment and money is getting tight. Im thinking of pulling some money out of my annuity without borrowing. My situation is I have a $11,000 balance on my on my current loan I borrowed 2 years ago to remodel my house. Is it possible to pull money from my annuity even though I have an active loan?


Pulling from your annuity is never a good idea and is always a last resort . I can't touch the money in mine unless I'm laid off 6 months in a row and I also pay a penalty on that too . That money is yours to do whatever with , but it should really stay put for what it was intended for " retirement " . Try to find some work in the meantime . Either on your own , non union , or something entirely different ? Ask your local how much longer they anticipate you being out . They know When projects are ready to break . Good luck !


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## brian john (Mar 11, 2007)

RULES MAY HAVE CHANGED

But I pulled from my annuity for a medical emergency and the penalities were steep plus you pay the taxes on the amount you pull put, state and federal.

Why aren't you working there is NO WAY I would be sitting that long, NO HOW NO WAY, unless you have a medical excuse. 

Double shift at a fast food resturant beats sitting on your azz.


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## drumnut08 (Sep 23, 2012)

Socal Electric said:


> Hey guys, local 11 here. I've been unemployed for 5 months and my wife is not working. We've been living on unemployment and money is getting tight. Im thinking of pulling some money out of my annuity without borrowing. My situation is I have a $11,000 balance on my on my current loan I borrowed 2 years ago to remodel my house. Is it possible to pull money from my annuity even though I have an active loan?


I don't know if you've ever seen the t-shirt that depicts a skeleton sitting on a wooden bench with a tool pouch on ? The caption is " sittin at the hall , waitin for a call " ! This isn't too far off from how things are now . If you try to be nice and color between the lines and just wait for them to call you , you'll be waiting forever ! Take a more proactive approach and make them work for you ! Your local has info on surrounding locals that are taking travelers I'm sure . This info isn't usually made public though . The phrase " the squeaky wheel gets the grease " definitely applies here . Try not to did in to your annuity ! You'll regret it later !


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## big2bird (Oct 1, 2012)

brian john said:


> RULES MAY HAVE CHANGED
> 
> But I pulled from my annuity for a medical emergency and the penalities were steep plus you pay the taxes on the amount you pull put, state and federal.


We can borrow from our annuities. You make payments to yourself, and pay yourself the interest. They only 1099 you if you default.


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## big2bird (Oct 1, 2012)

brian john said:


> Double shift at a fast food resturant beats sitting on your azz.


If he is Hispanic, maybe. Besides, at $450 a week unemployment with zero expenses, it's hardly worth it.


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## Loose Neutral (Jun 3, 2009)

Plans are different. We can pull out if your facing foreclosure and for educational purposes. Best to check with your local.


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## brian john (Mar 11, 2007)

big2bird said:


> If he is Hispanic, maybe. Besides, at $450 a week unemployment with zero expenses, it's hardly worth it.


 
So Hispanics have a better work ethic?

If you do not have morals and self respect I would agree to sitting on my azz.. 

I only can speak for what I would do and have done. Worked.


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## brian john (Mar 11, 2007)

Loose Neutral said:


> Plans are different. We can pull out if your facing foreclosure and for educational purposes. Best to check with your local.


 
At the TIME I did this you could not borrow. It was an all or nothing.


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## Socal Electric (May 19, 2013)

I understand you can not borrow while there's an active loan. But I'm not looking to borrow. I want to pull some money out. I don't know if this is possible or not. 

All of us have more than one retirement plan. Some of us have other means as swell. Our annuity generates roughly 4% interest. Not really great. I rather take a chunk out. Pay off the loan to reduce my monthly expenses and have a little left to weather the down time.


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## Loose Neutral (Jun 3, 2009)

brian john said:


> At the TIME I did this you could not borrow. It was an all or nothing.


Like i said, plans are different. Best he calls his hall.


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## Socal Electric (May 19, 2013)

brian john said:


> RULES MAY HAVE CHANGED
> 
> Double shift at a fast food resturant beats sitting on your azz.


In Cali. fast food rest. wouldn't hire me for reason similar to what bird said.


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## Loose Neutral (Jun 3, 2009)

Socal Electric said:


> I understand you can not borrow while there's an active loan. But I'm not looking to borrow. I want to pull some money out. I don't know if this is possible or not.
> 
> All of us have more than one retirement plan. Some of us have other means as swell. Our annuity generates roughly 4% interest. Not really great. I rather take a chunk out. Pay off the loan to reduce my monthly expenses and have a little left to weather the down time.


You guys have no control over where your money sits? The market is cooking right now.


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## Potential11 (Nov 14, 2011)

Socal Electric said:


> Hey guys, local 11 here. I've been unemployed for 5 months and my wife is not working. We've been living on unemployment and money is getting tight. Im thinking of pulling some money out of my annuity without borrowing. My situation is I have a $11,000 balance on my on my current loan I borrowed 2 years ago to remodel my house. Is it possible to pull money from my annuity even though I have an active loan?


It sad to hear you've been out of work for so long. To answer your question I say you call the Health and Trust Fund at the hall to see if you could pull out some money on your annuity without borrowing. They are more knowledgeable. The girls there are really helpful and can explain your options and possible penalties you will incur. Maybe their will be other alternatives. Plus, you should be receiving a vacation check by the end of this month. You should get a sigh of relief from there.

As the other brother stated see if you can do some traveling to get you by. From what I know work should be picking up really soon. Even if you have to drive to Rosamond. Work will be steady there for at least 2 years with that 800 MW Solar Project between the two EC. It'll be a drive but at least there will be work. 

Also, I don't know why you are in that situation but I know if you talk to the brothers at the hall they will help you out with an alternative while your number moves up. There are market recovery jobs that I have seen go unfilled for a couple of weeks because brothers don't want to take them even when they will not lose their place in the book. 

There is Welfare Committee you can speak to for minimal financial help. Also, you can go to the LAEWCU. In the next week there is food drive at the ETI where they are helping brothers with food. 

Good luck to you and stay active. The rest is on you.


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## J.Dunner (Apr 21, 2013)

Local 11 has been putting book 2 out sporadically for over a year now, no??? Also, California in general has been putting book 2 hands out with regularity. Get up and start signing those books!


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## Potential11 (Nov 14, 2011)

Loose Neutral said:


> You guys have no control over where your money sits? The market is cooking right now.



Can you elaborate on, " the market is cooking right now " ?


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## Loose Neutral (Jun 3, 2009)

Potential11 said:


> Can you elaborate on, " the market is cooking right now " ?


Doing Good.


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## brian john (Mar 11, 2007)

Loose Neutral said:


> Doing Good.


The last thing I would want is some union offical investing my money, I mean they have done so well with growing the membership.


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## big2bird (Oct 1, 2012)

brian john said:


> So Hispanics have a better work ethic?


Hardly. It just depends on where. Most Mc Donalds are 100% Hispanic now. But go to In-and-Out Burger, it's all white.:laughing:

I pay $$ in for unemployment. If I draw it during the summer when our aspect of the trade is slow, so be it. 
Saving $$ by doing everything around the house when I am off is just as good as working and paying someone else. Probably better. Less taxes and such.


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## big2bird (Oct 1, 2012)

brian john said:


> The last thing I would want is some union offical investing my money, I mean they have done so well with growing the membership.


Our annuity you can select from different funds. I split my $$ into 3 funds in case one tanks. One investment is paying 15% right now. The worst is 10%. Not bad when real estate loans are 2.625%.


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## ibuzzard (Dec 28, 2008)

Socal Electric said:


> I understand you can not borrow while there's an active loan. But I'm not looking to borrow. I want to pull some money out. I don't know if this is possible or not.
> 
> All of us have more than one retirement plan. Some of us have other means as swell. Our annuity generates roughly 4% interest. Not really great. I rather take a chunk out. Pay off the loan to reduce my monthly expenses and have a little left to weather the down time.


Why even ask here? Call your Hall.


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## Loose Neutral (Jun 3, 2009)

brian john said:


> The last thing I would want is some union offical investing my money, I mean they have done so well with growing the membership.


We'll our pension fund is in the top 10% of Taft Hartley pension funds in the country, Not bad for some union officials. Our annuity is catching up to it, not bad for a bunch of dumb ol' electricians.:thumbup:


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## brian john (Mar 11, 2007)

Loose Neutral said:


> We'll our pension fund is in the top 10% of Taft Hartley pension funds in the country, Not bad for some union officials. Our annuity is catching up to it, not bad for a bunch of dumb ol' electricians.:thumbup:


I am sure that they have professionals managing the funds.


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## Loose Neutral (Jun 3, 2009)

Of course they do. Kinda contradicts your post 21.


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## ce2two (Oct 4, 2008)

big2bird said:


> Hardly. It just depends on where. Most Mc Donalds are 100% Hispanic now. But go to In-and-Out Burger, it's all white.:laughing:
> 
> I pay $$ in for unemployment. If I draw it during the summer when our aspect of the trade is slow, so be it.
> Saving $$ by doing everything around the house when I am off is just as good as working and paying someone else. Probably better. Less taxes and such.


 I once went to jack in the boxes for ice teas, not any more:no: all the women working there were latinas, bottom of the barrel women, i wouldn't hire them to baby sit my cat ,attitude, teeth missing getto in some ways:001_huh:disgusting.....I love in/out burger , clean ......need i say more....


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## brian john (Mar 11, 2007)

Loose Neutral said:


> Of course they do. Kinda contradicts your post 21.


I was being sarcastic.


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## brian john (Mar 11, 2007)

big2bird said:


> Hardly. It just depends on where. Most Mc Donalds are 100% Hispanic now. But go to In-and-Out Burger, it's all white.:laughing:
> 
> I pay $$ in for unemployment. If I draw it during the summer when our aspect of the trade is slow, so be it.
> Saving $$ by doing everything around the house when I am off is just as good as working and paying someone else. Probably better. Less taxes and such.


UYou are a contractor?


Employers pay into a pool for unemployemnt.

And yes I am a union contractor

If a guy is cashing in his annuity because he has been out of work for 5 months something is wrong IMO. NO WAY IN HELL I WOULD SIT ON MY AZZ for 5 months. I would work, McDonalds was a suggestion there is other work out there and I'd damn well be doing it. 

There have been post on here about locals in CA and North Dakota looking for men.I'd work.


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## Brother Noah1 (Mar 23, 2010)

brian john said:


> UYou are a contractor?
> 
> 
> Employers pay into a pool for unemployemnt.
> ...


I would have to agree something does not sound right, with 440,428,332,639,47 putting workers out and 569 has actually had calls left over. Brian your egotistic approach spoils the viable info in your post.We can never really know what life this said person leads without his own post to clarify.All my IRA's and annuity's I have through the IBEW, I have control where the money will be invested.
Question for the The person who started this thread, do you qualify for S&N?


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## brian john (Mar 11, 2007)

Brother Noah said:


> I would have to agree something does not sound right, with 440,428,332,639,47 putting workers out and 569 has actually had calls left over. Brian your egotistic approach spoils the viable info in your post.We can never really know what life this said person leads without his own post to clarify.All my IRA's and annuity's I have through the IBEW, I have control where the money will be invested.
> Question for the The person who started this thread, do you qualify for S&N?


Early on in my post I said short of health issues......If he is healthy and not working there is more to his story than he posted.


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## electricmanscott (Feb 11, 2010)

I can't and will never understand waiting to be taken care of. If you're at the point you can't pay your bills, do something about it. Downward spiral is the term I'd use to describe tho op's situation. Dump the union as they have already done to you and make something of yourself. 

Nice to see Noah the phony chime in though. :laughing:


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## big2bird (Oct 1, 2012)

electricmanscott said:


> Nice to see Noah the phony chime in though. :laughing:


I have worked with Noah before. There is nothing phoney about him.
As for "dumping" the union. It's a tad harder than you might think.
He might just not have that annuity to bail him out if it were not for the union in the first place.


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## big2bird (Oct 1, 2012)

brian john said:


> UYou are a contractor?
> 
> 
> Employers pay into a pool for unemployemnt.


Yes, they do. Along with wages, benefits, pension, annuity, medical. Pretty much all the package.
If I work over $16,000 in a quarter, I get an unemployment fund of $6000 for the year. If I do not use it, it reverts to the state. 
If my employer of 8 years wants me to hang around during the summer when it's dead, and happily pays my unemployment so that I do, and I collect it rather than the state, what would you do? The same of course.
I use that time to do repairs on the house and cars that accumulate when I aam working, which can be 80 hrs a week during the good season.
Trade shows are unique, and I love the summers off.


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## sbrn33 (Mar 15, 2007)

big2bird said:


> Hardly. It just depends on where. Most Mc Donalds are 100% Hispanic now. But go to In-and-Out Burger, it's all white.:laughing:
> 
> I pay $$ in for unemployment. If I draw it during the summer when our aspect of the trade is slow, so be it.
> Saving $$ by doing everything around the house when I am off is just as good as working and paying someone else. Probably better. Less taxes and such.


Do you pay in as much as you take out? Summer is your slow time???


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## big2bird (Oct 1, 2012)

sbrn33 said:


> Do you pay in as much as you take out? Summer is your slow time???


I have never depleted the fund.
And yes, summer is slow. Trade shows/conventions are in the off season. I still make my yearly wage, but do it working like a mad man for 8-9 months, then have summers off. Petty cool,huh?


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## John Valdes (May 17, 2007)

Call me lucky. My wife and I always both worked.
When we bought this house 20 years ago, we decided to buy a house that we could afford on one income should either of us loose our jobs.

We never did loose our jobs and eventually paid off the house in full.
My wife contributed as much money to our success as I did.

There are two of you.


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## Potential11 (Nov 14, 2011)

John Valdes said:


> Call me lucky. My wife and I always both worked.
> When we bought this house 20 years ago, we decided to buy a house that we could afford on one income should either of us loose our jobs.
> 
> We never did loose our jobs and eventually paid off the house in full.
> ...


You are blessed John Valdes.


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## dronai (Apr 11, 2011)

John Valdes said:


> Call me lucky. My wife and I always both worked.
> When we bought this house 20 years ago, we decided to buy a house that we could afford on one income should either of us loose our jobs.
> 
> We never did loose our jobs and eventually paid off the house in full.
> ...


 
Now rent that house out, and move to Calif. I'll get you on in my new gig :thumbsup:


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## Potential11 (Nov 14, 2011)

dronai said:


> Now rent that house out, and move to Calif. I'll get you on in my new gig :thumbsup:


Dronai, are you out of 441?


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## dronai (Apr 11, 2011)

Potential11 said:


> Dronai, are you out of 441?


No, almost joined 441 years ago. I have been self employed since 1989. Worked a bit at LAX, and now I am working part-time for an industrial contractor in a manufacturing plant. What about you ?


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## Potential11 (Nov 14, 2011)

dronai said:


> No, almost joined 441 years ago. I have been self employed since 1989. Worked a bit at LAX, and now I am working part-time for an industrial contractor in a manufacturing plant. What about you ?


Industrial work sounds fun. 

I'm out of Local 11.


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## dronai (Apr 11, 2011)

Potential11 said:


> Industrial work sounds fun.
> 
> I'm out of Local 11.


 
Well.... it's still hard work. It's interesting for sure, a lot of processes, but I'm always working around something hazardous. Chemicals this weekend, heights on a grimy conveyor last week. At the airport I was around giant xray machines, that had curtains that would open and close, and I'm sure were giving us doses of radiation I think it's far dirtier than going under a house, or in an attic :laughing:


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## Potential11 (Nov 14, 2011)

dronai said:


> Well.... it's still hard work. It's interesting for sure, a lot of processes, but I'm always working around something hazardous. Chemicals this weekend, heights on a grimy conveyor last week. At the airport I was around giant xray machines, that had curtains that would open and close, and I'm sure were giving us doses of radiation I think it's far dirtier than going under a house, or in an attic :laughing:


For sure, sounds interesting and like good work. It is keeping you busy so it's all great.


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## Socal Electric (May 19, 2013)

LoL! I just want to know if I can take $$ from my annuity.


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## walkerj (May 13, 2007)

Brother Noah said:


> I would have to agree something does not sound right, with 440,428,332,639,47 putting workers out and 569 has actually had calls left over. Brian your egotistic approach spoils the viable info in your post.We can never really know what life this said person leads without his own post to clarify.All my IRA's and annuity's I have through the IBEW, I have control where the money will be invested.
> Question for the The person who started this thread, do you qualify for S&N?


Have you ever used a screwdriver other than the one that came with your entertainment center?

You are nothing but a vacuum salesman to us until you prove otherwise.


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## big2bird (Oct 1, 2012)

walkerj said:


> Have you ever used a screwdriver other than the one that came with your entertainment center?
> 
> You are nothing but a vacuum salesman to us until you prove otherwise.


Noah is a fine sparkey. There is no need to prove anything here.


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