We are pleased to provide you with this updated International Union of Operating Engineers Local 132 Pension Fund Summary Plan Description, which defines and describes the benefits available. This booklet cancels and replaces all previous booklets and related material which you have been previously issued.
Your Plan is a defined benefit pension plan. A defined benefit pension plan uses a formula to determine the benefit you receive when you retire. The amount of your monthly pension benefit is based on the employer contributions which are required to be paid upon your behalf and the benefit accrual rate.
Collective Bargaining Agreements, and the names of the parties thereto and their expiration dates, may be reviewed at the Fund Office. The Collective Bargaining Agreements are between the International Union of Operating Engineers Local 132 and various Employers that have entered into labor contracts with the Union.
A list of the Employers who participate in the Fund may be obtained either by writing to the Administrator or examined at the Fund Office by participants and their beneficiaries during normal business hours. Upon written request, the Administrator will furnish you with information as to whether a particular Employer participates in the Plan, and if so, their address.
The Plan Year commences on April 1st and ends on March 31st, and consists of an entire twelve (12) month period for the purposes of accounting and all reports to the United States Department of Labor and other regulatory bodies.