The IUOE Local 4 Pension Plan was first established in 1959. The purpose of the Pension Plan is to provide you with income during your retirement years. The Plan has been improved many times since it was established in October 1959, and actuarial studies are conducted annually to make sure the Plan is operating soundly and to determine whether benefits can be further improved.
Covered Employment is work covered by an agreement between your employer and IUOE Local 4 that requires your employer to make contributions at a fixed amount per hour to the Pension Fund on your behalf.
An employer who has signed such an agreement is a contributing employer. Contributing employers pay the entire cost of the Plan. There are no contributions required from participants.
If you work in Covered Employment for a contributing employer, you will be eligible to participate in the Plan and earn a pension. In general, if you are a participant in the Plan and are working in Covered Employment on or after January 1, 1998, you can become vested with five years of Vesting Credit. If you were not a participant in the Plan on or after January 1, 1998, you will be required to obtain at least ten years of Vesting Credit.
This document uses the five-year vesting rule for illustrative purposes. You should review the vesting provisions for the rules that apply to you.
The Board of Trustees expects to continue this benefit plan indefinitely, but reserves the right to change or terminate the Plan at any time. The Trustees reserve the right to amend the Plan at any time. The Trustees authorize the Fund Administrator to notify all eligible participants of any such change. If the Plan is terminated or amended to change or reduce benefits, benefits accrued to the date of termination will be nonforfeitable to the extent they are funded as of that date.
The Trustees shall administer and interpret the Plan and have been granted 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 said determination is arbitrary and capricious.
Only the Trustees have the authority to make decisions for the Fund. No local union officer, business agent, local union employee, employer or employer representative, fund officer personnel, consultant, attorney or any other person is authorized to speak for or on behalf of the Trustees, or to commit the Trustees of this Fund on any matter relating to the Fund without the express authority of the Trustees.
We have made every effort to make this Summary Plan Description (SPD) as accurate as possible, but the SPD is not the Plan document. Your rights to benefits under this Plan can only be determined by consulting the Pension Plan itself, which is available for review at the Fund Office during regular business hours. If any conflict should arise between the SPD and the actual Plan document, the provisions of the Plan document always govern.
Normal Retirement Age is usually age 62. However, if you have not earned 1/4 Pension Credit after 1999, or if you have earned less than five Vesting Credits when you attain age 62, your normal retirement age may be later. If this applies to you, contact the Fund Office for a copy of the rules