The Labor Alliance Savings Trust Fund (LAST) is designed to be a supplemental savings program in conjunction with the Labor Alliance Managed Trust Fund (LAMT).
In lieu of the LAMT medical plan, a LAST “Individual Account” is established for you, which is funded by employer contributions.
To qualify for enrollment in the LAST, you must have alternate medical coverage (i.e. coverage through spouse*) and provide acceptable proof to the Plan Administrative Office. The features of the LAST are as follows:
- $300.00 of the employer’s contribution is allocated into your LAST “Individual Account” on a monthly basis; and
- The balance of the employer’s contribution is allocated into LAMT to provide a vision benefit along with life and dental benefits, if applicable (see your employer’s Summary of Benefits for specific benefit coverage).
In the event you lose your alternate medical coverage, you will be required to enroll in the LAMT medical plan and your LAST “Individual Account” will be frozen. If at a later date you acquire alternate medical coverage, you may re-enroll into the LAST providing you meet the eligibility requirements.
The employer contributions allocated into your “Individual Account” are 100% vested. You will receive a quarterly statement summarizing the activity of the account and interest earned.
You may only request a distribution from your “Individual Account” at retirement or upon termination of participation in LAMT. In the event of termination, there is a six (6) month waiting period prior to accessing the monies in your “Individual Account.”
Please Note: This is only a brief description of the Labor Alliance Savings Trust Fund. Please refer to the Summary Plan Description for more information pertaining to the Plan’s provisions.
*Plan participants should confirm eligibility rules established by their alternate medical plan prior to enrolling in LAST.