The Annuity and Savings Plan was established in December 1987 with the purpose of supplementing the income payable to you from the Pension Fund during your retirement years. If you work in Covered Employment for a Contributing Employer, you will be eligible to participate in the Plan and earn a benefit.
In addition, you are eligible to contribute to the 401(k) feature of the Plan. This feature became effective January 1, 1997. The 401(k) feature allows you to invest your money on a before-tax basis, which actually reduces your current taxable income. The Plan provides you with a broad range of investment options from which to choose. The Plan is a defined contribution plan designated as a profit sharing plan with the Internal Revenue Service.
This means that the Plan allows you to save in two ways. You have the benefit of:
· Employer-contributed money (annuity dollars), and
· Making before-tax contributions through the Plan’s 401(k) feature.
The Annuity and Savings Plan is intended to be a Plan subject to the protections of ERISA section 404(c). This means that you are responsible for selecting the investment options in which you will invest your money from the investment options provided by the Plan. The Trustees may be relieved of liability for any losses that are the “direct and necessary” result of participants’—that is your —investment directions.
Covered Employment is work covered by an agreement between your employer and the International Union of Operating Engineers Local 4 that requires your employer to make contributions at a fixed amount per hour to the Plan on your behalf (annuity dollars). Some participants, such as employees of the Union or the Funds, participate as a result of a participation agreement, in which case their participation is governed by the Plan and the participation agreement. You may contribute to the 401(k) feature only when you are working in Covered Employment or under the terms of a participation agreement.
An employer who has signed such a collective bargaining agreement or participation agreement is a Contributing Employer.
The Trustees reserve the right to amend the Plan at any time. You will be notified if any changes are made to the Plan that affect this Summary Plan Description.
The Board of Trustees expects to continue this benefit Plan indefinitely, but reserves the right to change or terminate the Plan at any time. If the Plan is terminated, benefits accrued to the date of termination will be non-forfeitable.
The Trustees administer and interpret the Plan and have the sole and absolute discretionary power to make all factual determinations, take all action and to make all decisions necessary or proper to carry out the terms of the Plan. The determination of the Trustees as to any questions involving the administration and interpretation of the Plan and rights to benefits under the Plan shall be conclusive as to all parties to the Plan and their determination shall not be overturned unless the determination is arbitrary and capricious.
We have made every effort to make this Summary Plan Description (SPD) as accurate as possible, but the SPD is not the plan document and only contains summary information. Your rights to benefits under this Plan can only be determined by consulting the Annuity and Savings Plan itself, which is available for review at the Fund Office during regular business hours. If any conflict should arise between this SPD, and the actual Plan document, the provisions of the Plan document always govern.
Normal Retirement Age is age 62.
Early Retirement Age is age 52, provided you have retired and have begun receiving your pension from the International Union of Operating Engineers Local 4 and Its Branches Pension Plan.
The Plan year is the calendar year, January 1 through December 31.