Labor Alliance Savings Trust (LAST) Fund Frequently Asked Questions

How do I qualify for enrollment in LAST?

To qualify for enrollment in LAST, you must have valid alternative medical coverage (i.e. coverage through your spouse) and provide acceptable proof to the Plan Administrative Office.

How often and how much are the contributions into my Individual Account?

LAST will allocate $350.00 every month into your “Individual Account”, subject to your employer remitting a contribution on your behalf.

What happens if I lose my alternate medical coverage?

In the event you lose your alternative medical coverage, you will be required to enroll in the Labor Alliance Managed Trust Fund (LAMT) medical plan, and your LAST “Individual Account” will be frozen. If in the future you acquire alternative medical coverage, you may re-enroll into LAST provided you meet the eligibility requirements.

When can I request a distribution from my Individual Account?

In general, you (or your beneficiary) are eligible to receive distributions from your Individual Account when:

a. You apply for benefits and no Employer Contributions have been remitted on your behalf for six (6) consecutive months because you are no longer working for an Employer who is a contributor to LAMT and LAST; or
b. You die and your beneficiary or spouse applies for benefits; or
c. You are retired; or
d. You become totally or permanently disabled and receive Social Security disability benefits.
e. You have been inactive for more than twenty-four (24) consecutive months and have an account balance of less than $5,000.

How much money will I receive from this LAST program?

The amount you will receive is the value of your Individual Account at the time you qualify for a benefit distribution. Please note that the contributions to your Individual Account are always 100% vested. Generally, the amount in your Individual Account is the sum of all contributions made over the years on your behalf, plus earnings (or less investment losses) credited to the account, less any withdrawals, contract charges and administrative expenses.

How often will I receive statements?

You will receive a statement approximately two (2) weeks after the end of every quarter. Your quarterly statement reflects all of the investment activity on your behalf during the statement quarter. Each new statement reports the latest account activity that is added to your beginning balance, which is an accumulation of all prior activities. You should keep all statements for your records and future reference.