Microloan Program Terms and Conditions
Disclaimer: Past trends of return percentages provided under instrument types are not guarantees of future performance. Returns are subject to change and influenced by market conditions and other factors. It is highly recommended to consult with a financial advisor before choosing a retirement account type. A financial advisor can offer personalized guidance based on individual financial goals, risk tolerance, and prevailing market conditions.
IMPORTANT
I understand that Oaisis Retirement Trust will not consider my group approved until the funds have been received for our first month’s contribution payment. If such funds are not received or cannot be processed, my group will NOT be considered approved and will be terminated as of the original requested effective date. If such a termination is made, any expenses that may have been incurred due to utilization by our employees of trust and retirement services offered by any Oasis Retirement Trust plan will not be the responsibility of Oasis Retirement Trust. I understand that no alterations can be made to this section and that it must be signed exactly as stated. I understand that once Oasis Retirement Trust coverage is approved, group policy changes cannot be implemented until the next billing cycle. These changes shall include, but not be limited to COBRA provisions, minimum hours worked per week and contribution amounts. I understand Oasis Retirement Trust is the brand name for the ERISA-based benefits provided by the participating labor organizations pursuant to the executed bona fide Collective Bargaining Agreement.
IDs required: Government-issued ID (e.g., passport, driver's license, national ID) and proof of address (e.g., utility bill). Check the platform's terms for specifics.
Beneficiaries
Employees
- The Employee Contribution field should correspond to the amount the employer plans to deduct from the employee's compensation or salary. The employee should have already informed the employer of this amount before the employer finalized the application.
-
The Employer Contribution field should accurately represent the amount the employer intends to allocate to the employee's account, whether matching or contributing another specified amount.
-
The amount you entered in each field should correspond to the automated frequency, whether weekly, biweekly, or monthly. Please refer to the EMPLOYER CONTRIBUTION INFORMATION section for verification.
Terms and Conditions
- When you sign up for the OASIS Retirement Plan & Trust you must be enrolled as a member of the union.
- This plan contains the features of a general and typical retirement plan. College savings plans such as 529s are also contained in this chartered plan.
- Retirement distributions take place when you declare your own retirement between the ages of 59½ and 70 ½. Distributions can be made monthly, quarterly, semi-annually, and annually.
- Rollovers are accepted into this plan.
- A retirement trust summary will be sent to each participant in this plan.
- Employers adopt this plan and are under the auspices of an ERISA benefit and an agreement to benefit employees and as such members within the contractual nature of a multiple employer welfare agreement- ECE arrangement that applies.
- Within the OASIS Retirement Plan & Trust, a participant or member may borrow funds from their account and the terms for borrowing limits depend on balances, creditworthiness, risk, and payment period, but cannot have more than $2,000 unpaid balances. An annual 4% interest rate is charged from the borrowed funds.
- There are rules for withdrawing early from this Retirement Plan. Penalties are calculated by IRS rules and internal administrative fees apply at 10%. Certain conditions apply to extreme individual emergency requests for early withdrawals.
- Beneficiaries must be assigned to each account.
- If you, by any means, decide to roll over your funds you will be charged a one-hundred-dollar administrative fee.
- Quarterly statements are sent out for each account.
- This is not a self-directed fund investment allotting retirement program, except for 401(k).
- There are no annual maintenance fees.
- Oasis Retirement Plan & Trust will be allowed a grace period for processing disbursements/withdrawals. Distributions (Full Account or One-Time) of twenty-five thousand ($25,000) or less can take up to fifteen (15) business days for processing, and for distributions (Full Account or One-Time) over twenty-five thousand ($25,000) can take up to thirty (30) business days. Once the program receives a distribution request form, no account interest will accrue during the fifteen (15) or thirty (30) day processing period.
- Distributions of $100,000 or more may require a maximum of 60 business days for processing. It is important to understand that financial institutions often implement hold times on large transactions to comply with regulatory obligations and internal protocols. These precautions are in place to safeguard against potential risks, such as fraudulent activities, money laundering, and other threats associated with substantial monetary transactions."
Note:Our administrative office must report the value of cash or assets withdrawn from Oasis. This value is reported to you and the IRS-on-IRS Form 1099-R. Form 1099-R will be issued to Oasis members by January 31st of the year following the year an asset is removed from the program.
By signing this electronic signature, I acknowledge that I consent to authorize and affirm by this electronic signature as equivalent to signing by hand. My electronic signature is a legally binding representation of my consent and agreement to the terms set forth.
ERISA BONDED
MAY LOSE VALUE
NOT FDIC INSURED
NO BANK GUARANTEE