Important Notice About Your Pension Plan Benefits
Effective for contributions made to the Plan on your behalf on and after April 1, 2022, the benefit accrual rate will be increasing. This is a benefit to active participants because you will earn a greater pension benefit for the hours you work in Covered Employment.
Currently, the monthly benefit you earn at Normal Retirement Age is equal to 1% of Contributions paid on behalf of Covered Employment for all Credited Service on September 1, 2009. Beginning with work on and after April 1, 2022, you will earn 2% of Contributions paid on your behalf.
The Board of Trustees takes pride in the ability to provide a quality retirement benefit to the working men and women affiliated with IUOE Local 132. Your continued interest in the Plan is appreciated and questions are welcomed. Feel free to contact the Fund Office with any questions.
If your employer is reporting pension contributions on your behalf, you can start planning towards that day when you can retire. You’ll want to review your quarterly statements from the Trust Office to verify your employer is reporting the correct hours. You should also keep your quarterly statements as they can serve as a record of your work history. Each statement prepared shows your total hours and total contributions since participation. When the time comes that you are no longer working, if you have not yet retired, you will continue to receive a quarterly statement every three months, up to two years. If you still have not retired from the Fund, you will be written and advised whether or not you are vested in the Fund. If you are vested for a future benefit, you will be provided a deferred vested letter showing the amount of your normal retirement benefit.