The previous sections outlined benefits available to you through the three plans that comprise the A&B Retirement and Investment Program. This section briefly reviews these benefits and provides some additional information of which you should be aware.
Back to TopThe total value of your retirement package will depend on the following factors...
The value of the benefits you receive under the A&B Retirement Plan as determined by:
Date you became eligible to participate in the Plan (which determines the formula under which you earn benefits); and,
Your covered compensation over the course of your employment with the Company and other factors, such as your years of credited service as of the date you retire (for employees hired or rehired before January 1, 2008) and interest credit factors (for employees hired or rehired on or after January 1, 2008)
Your share of the PSR contributions made while you were an eligible plan participant.
The amount of salary deduction contributions you made to the IDC Plan while you were an eligible plan participant.
The amount of Company matching contributions A&B made to your IDC Account while you were an eligible plan participant.
Your TCESOP and rollover account balances, if applicable.
Your share of the investment earnings, expenses, gains, and losses incurred by your PSR and IDC Accounts.
Any withdrawals you make from your PSR and IDC Account(s).
If you remain an A&B employee, but become ineligible for the IDC and PSR Plans (for example, you are transferred to a subsidiary or a position that does not participate in those Plans), your benefits under those Plans will be affected as explained below...
You will become an inactive participant, but you will not lose any benefits earned under the Plans for service up to the date you become ineligible
You will not be entitled to a share of PSR contributions while an inactive participant
Your salary deduction contributions will be suspended while you are an inactive participant
You will continue to share in the investment earnings, expenses, gains, and losses of your Account(s) during your period of inactive participation
You or your beneficiary may claim Plan benefits by filing a written request for such benefits with the Plan Administrator for the Plan. Forms are available from the Human Resources Department. The Plan Administrator decides whether you or your beneficiary are entitled to any benefits and, if so, the amount to which you are entitled. To evaluate your claim, the Plan Administrator may request additional information from you.
If the Plan Administrator determines that your claim is valid, you will receive a statement specifying the amount of your benefit, the methods of payment, when benefits will begin, and other information related to the payment of your benefits.
If your claim for benefits is denied in full or in part, the Plan Administrator will notify you in writing within 90 days after receiving your claim. In special cases, the deadline may be extended for another 90 days, but you will be notified before the end of the initial 90-day review period of the reasons for the delay and the date by which you may expect a decision.
If your claim is denied, the notice of denial will state the reasons for the denial and the plan provisions on which the denial is based. It will also inform you of any additional information or material required to perfect your claim, why the information or material is necessary, and the procedure you must follow to have the Review Panel review the denial of your claim.
If you do not receive a notice of delay or a notice of denial within the applicable deadline described above, you can assume that your claim was denied. You then can proceed to the appeal stage. Please refer to Claim Deadlines below for a concise list of the claim and appeal deadlines.
If your claim is denied (or considered denied because you did not receive a written response from the Plan Administrator), you or your beneficiary may write to the Review Panel, in care of Alexander & Baldwin, Inc., to appeal the denial. You generally must appeal a denial within 90 days.
Your appeal will be given a full and fair review by the Review Panel consisting of Plan fiduciaries who are neither the same individuals who originally denied your claim nor the subordinates of those individuals. You or your beneficiary will be allowed to see all documents, guidelines and other materials that relate to your claim, submit any issues and comments, in writing, to the Review Panel and, if you wish, have someone act as your representative in the review procedure.
If your appeal is denied, the Review Panel must provide you with written notice of this denial within 60 days after the Review Panel’s receipt of your appeal. There may be times when this 60-day period has to be extended. However, this extension is allowed only when there are special circumstances, which must be communicated to you in writing within the initial 60-day period. If there is an extension, a decision will be made as soon as possible, but not later than a total of 120 days after the Review Panel receives your appeal.
The Review Panel’s final decision on your appeal of the denial of your claim will be communicated to you in writing and will include references to the specific Plan provisions on which the decision was based. If the Review Panel’s decision on your appeal is not submitted to you by the deadlines described above (and summarized in the table below), you should consider your appeal to have been denied.
If you fail to appeal in the manner and by the deadlines specified above, you waive your right to request a review and you are barred from again asserting the claim.
Claim deadlines apply to the evaluation of a claim and to claims appeals as follows...
Initial benefit determination: 90 days from receipt of the claim
Extension: 90 days from the end of the initial benefit determination period
Claimant deadline for filing an appeal: 90 days from receipt of the notice of the denial
Decision on the appeal: 60 days from receipt of the appeal
Extension for reviewing the appeal: 60 days from the end of the decision period
If you have a claim for benefits that is denied or ignored, in whole or in part, and you followed the Plan’s claim and appeal procedures as described above (and in Article 6 of the Plan Document, available from Human Resources), you may sue in a state or federal court. In addition, if you disagree with the Plan’s decision or lack thereof concerning the qualified status of a domestic relations order, you may file suit in federal court.
Back to TopThere are no specific Plan provisions regarding your disqualification as a plan participant, or for denial or loss of benefits. However, the Company assumes each participant will furnish complete and truthful evidence, data and information requested by the Plan Administrator. For example, the Plan Administrator will request that you provide a birth certificate to confirm your normal retirement date.
Your right to benefits may be withheld or delayed if you do not provide all proper information to the Plan Administrator.
If you become disabled and do not receive compensation from A&B, or if you have been granted a leave of absence, you will not be entitled to contribute to the IDC Plan or receive an allocation of A&B's PSR contributions during your disability or absence. Your Credited Benefit and Vesting Service under the Retirement Plan may also be affected.
Back to TopAssets held in the Trust Fund may never be returned to the Company except under the following conditions: If...
A contribution made by the Company is made under a mistake of fact, the contribution may be returned to the Company within one year after the date of payment; or
The IRS disallows a tax deduction for the contribution then the contribution may —to the extent the deduction is not allowed—be returned within one year after the date it was disallowed.
Your retirement benefits are intended to be reserved solely for you or your surviving spouse (or beneficiary). Therefore, you cannot transfer these benefits to anyone else or use them as security for a loan, other than a loan you make from the IDC Plan. The Plans are written to ensure the maximum possible protection from creditors.
However, your benefits are subject to payment to an alternate recipient pursuant to a qualified domestic relations order (QDRO). For more information regarding QDROs, contact the Plan Administrator.
Back to TopAlexander & Baldwin, Inc. intends to maintain these Plans, but reserves the right, in its sole discretion, to terminate, suspend, withdraw, amend, or modify the Plans, in whole or in part, at any time and for any reason.
The Plans are subject to the continuing approval of the IRS, and changes in the Plans' operation may be required at any time. No change, however, may take away from you any vested interest you already have in the Plans. Your accrued benefits will remain part of the Plans' trusts and will become payable in accordance with the termination provisions of the Plans.
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