Annuity and Savings Plan: Saving for your Future

Saving through the IUOE Local 4 Annuity and Savings Plan is a smart, simple way to work toward a more rewarding future. Starting early and making small increases in the amount you contribute could make a real difference when you retire. Your contributions are deducted from your pay before taxes, so whatever amount you decide to contribute may affect your take-home pay less than you think, while also reducing your taxable income.

Join your brothers and sisters who are already contributing to the 401(k)
When it comes to saving for the future, time may be your best friend. With the potential compound interest, not only will your contributions earn interest, but you will also gain interest on your interest for potentially faster growth. The money you start saving today could double in just ten years.


This example assumes a Member works 2,000 hours per year for 20 years, saves $5 per hour in their 401(k), receives $3.25 per hour in their Annuity, and earns 7% interest. Leap years are not taken into account. Final amounts are exclusive of any taxes or penalties that may be due upon distribution. Hypothetical chart for illustrative purposes to demonstrate the effects of compounding only. Not intended to reflect actual performance of any specific investment. Individual experience will likely vary. Past performance does not guarantee future results.


Start saving more for retirement today
Visit the Important Forms and Documents page to download and complete an Income Deferral Agreement Local 4-401(k) Election Form. After you complete the form, provide a copy to your employer.

Empower Retirement is here to help
Representatives are ready to answer your questions and help you plan for the future. Call 800-743-5274 weekdays from 8 a.m. to 8 p.m. Eastern. You may also view your account and take advantage of the interactive learning tools and resources on to help you determine the savings approach that’s right for you.

Quick Facts: How do I apply for my Pension?
Ready to retire, but not sure how to get started? The Local 4 Pension Plan is designed to make your retirement easy and worry-free.

You are eligible to retire on a Regular Pension if you have reached the age of 62 (or age 52 for an Early Pension) and have earned the appropriate number of Pension Credits. either:

  • Earned at least 5 Pension Credits, provided you have received credit for at least one hour of service after January 1, 1998; or
  • Earned at least 10 Pension Credits, if you have not been credited with an hour of service since December 1, 1997.

Contact our Pension Department within 60 days of your desired retirement date at 508-533-1400, option 5. Together, we’ll walk through the necessary paperwork to begin your Pension benefit. We’ll then help you make an informed decision about when to begin receiving your pension and what form of payment you may wish to choose.


Effective on December 31, 2020, Empower Retirement (Empower) acquired the Massachusetts Mutual Life Insurance Company’s (MassMutual) retirement business. Through this transaction, business written by MassMutual is reinsured by Great-West Life & Annuity Insurance Company (GWLA) and in New York by Great-West Life & Annuity Insurance Company of New York. Concurrently, MassMutual retroceded business it reinsures from a cedent, which MassMutual assumed in a previous transaction. Empower administers the business on MassMutual’s behalf, with certain administrative services being performed by MassMutual and its affiliates during a temporary transition period. GWFS Equities, Inc., is the distributor of the MassMutual insurance products sold on Empower’s platform. Empower Retirement refers to the products and services offered by GWLA and its subsidiaries. GWFS Equities is a subsidiary of GWLA and an affiliate of Empower Retirement, LLC; Great-West Funds, Inc.; and registered investment advisers, Advised Assets Group, LLC and Personal Capital. Empower is not affiliated with MassMutual or its affiliates.

Securities offered and/or distributed by GWFS Equities, Inc., Member FINRA/SIPC. GWFS is an affiliate of Empower Retirement, LLC; Great-West Funds, Inc.; and registered investment advisers, Advised Assets Group, LLC and Personal Capital. This material is for informational purposes only and is not intended to provide investment, legal or tax recommendations or advice. ©2021 Empower Retirement, LLC. All rights reserved. RO1620832-0421