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What is a Pro-Rata Retirement Benefit?

A Pro-Rata Retirement Benefit is available under this Pension Plan for Employees who would otherwise lack sufficient Service Credit in order to be eligible for any pension because the years of employment were divided between different pension plans.

A Related Pension Plan is any other pension plan in which the Trustees have executed a Pension Reciprocity Agreement for Operating Engineers Pension Funds.

In order for an Employee to be eligible for a Pro-Rata Pension under this Plan, he must satisfy all of the following requirements:

  1. He must be retired and not performing work for which contributions are being made to a Related Plan; and
  2. He would be eligible for any type of pension under this Plan if his Combined Pension Credits were treated as Credited Service under this Plan; and
  3. He has at least one (1) year of Credited Service in which contributions have been made to this Plan; and
  4. He is eligible for a Pro-Rata Pension from a Related Plan; and
  5. He waives his right to any other pension he may otherwise be entitled to from the Plan. 

The amount of the Pro-Rata Pension Benefit is determined in the same manner as to the calculation of regular pension benefits based on the years of Credited Service under this Plan and the Employer contributions reported to this Plan on behalf of the Employee. 


Reciprocity

A Participant working for an Employer in another localís jurisdiction should contact their Union Office to see if that local maintains a pension plan that is signatory to the International Union of Operating Engineers Pension Reciprocity Agreement.  If the other local does participate, you should complete a Transfer Authorization Form and request the Related Pension Plan to transfer any hours and contributions reported upon your behalf to the International Union of Operating Engineers Local No. 132 Pension Fund.

It is important to complete a Transfer Authorization Form when you begin working out of the other localís jurisdiction.  There are some Related Pension Plans from which the Local No. 132 Pension Fund is not permitted to accept a transfer of hours and contributions after you have completed one (1) or more years in which you have accumulated 1,000 or more Covered Hours.  Furthermore, there are Related Pension Plans that may not transfer your hours and contributions which are over one (1) year old.

For additional information concerning Reciprocity, please contact the Fund Office.