LUSP Trust

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Frequently Asked Questions
You may save as much as you wish. You may contribute money to your account as often as you wish, even after you retire. Your saving will begin earning interest, compounded daily, as soon as the deposit is received. Your account will continue to earn interest until the day of withdrawal.
Contributions can be made via ACH, Bill Pay, payroll deduction, or check.

To start payroll deductions, or to discuss other arrangements, call the Plan Administrator at (845) 367-7625.
If necessary, you may increase, decrease or temporarily suspend your payroll deductions by contacting the Plan Administrator to obtain the appropriate form.
Your contributions to the Plan will earn a minimum rate of interest which is announced annually.
Your interest earnings are not currently taxable. They are tax‑deferred. Unlike interest earned in a savings account from a bank or savings and loan, the interest you earn in the LUSP Trust Plan is not reportable or taxable until you withdraw your money. Instead of paying some of the interest to the government each year in the form of taxes, it stays in your account working for you!
Your payroll deductions are sent directly to the Plan’s custodial bank. The custodial bank transmits your money to Nationwide Insurance Company who has the responsibility to manage and invest your money on your behalf.
Insurance companies manage over half the retirement plans of corporations and businesses in the United States. LUSP Trust chose Nationwide Insurance Company because of its recognized excellence in the field. Established in 1929, Nationwide now ranks among the twenty largest financial services companies in the nation with over $110 billion in assets.
Nationwide will furnish a statement each quarter showing the current value of your account. You can access your account via the Nationwide website and view all transactions in your account 24/7. For Online Access, please visit https://www.nationwide.com/login
Yes, you can make additional contributions while actively employed or after you retire. Additional contributions may be made payable to LUSP Trust by Bill Pay or personal check. Such deposits must be $500 or more. Forms and instructions are available on the Forms page.
Your designated beneficiaries can withdraw the account in a lump sum, choose a monthly annuity option to suit his/her needs, or leave the money in the Plan, changing the name on the account to his/her name.
You can name or change your beneficiaries by completing and returning the Beneficiary Form on the Forms page.
Complete flexibility! When one of the above happens, you have several options:

  1. You may withdraw all or part of your money at any time. However, unlike most retirement plans, you are never required to begin taking your money out. There are no required minimum distributions. You may leave your money in the Trust for as long you like, even after you reach age 70½. If you wish to take a partial distribution of your account, you may do so once in a 12‑month period. You may take up to 60% of the accumulated balance at the time of withdrawal.
  2. You may select from a wide range of annuity (guaranteed monthly income) options. Please contact our Plan Advisor for further information.
Upon withdrawal, all earnings may be subjected to a 10% excise penalty. Please consult with your tax adviser prior to withdrawal.
Contact the Plan Advisor for the proper forms to complete.

Contact Us

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hand holding a money tree Ready to secure your future?

Our Specialists are available to answer your questions and assist you in joining the LUSP Trust. Call or email today!

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