The IUOE Local 30 Pension Fund provides members with retirement income in addition to Social Security and other plan benefits you may have. Learn more about your pension fund by reviewing the summary plan description below and other important pension documents.
You’re eligible to participate in the Pension Plan if:
How Contributions Work
When Participation Begins
You become a participant in the Plan on the earliest January 1 or July 1 following completion of a 12-consecutive-month period.
Within that first 12-consecutive-month period, you must complete at least:
You earn pension credits when you work in covered employment. You convert the pension credits to pension benefits (money in your account) when you retire.
When Participation Ends
Your participation continues for as long as you remain actively employed and contributions are made to the Fund on your behalf. Generally, participation ends only if you have a “break in service,” retire or die before you retire.
The amount of your pension benefit depends on several factors:
You earn pension credits throughout your career based on how much you work each year in covered employment.
Generally, after you have earned 1,000 hours of work, 100 days of work, 22 weeks of work or 5 months of work or more in covered employment, you are vested in the Plan.
Once you are vested:
As a participant in the Local 30 Pension Plan, you earn pension credits as you work. When you retire, you redeem the credits in the form of retirement income, or pension benefits.
When You Can Receive Your Benefit
You may receive your pension benefit when you retire from active employment.
The Local 30 Pension Fund offers five types of pensions, each with its own eligibility requirements:
How to Receive Your Benefit
To receive your pension benefits, you must contact the Fund office.
How Your Pension is Calculated
Your pension benefit is determined by combining the following when you retire:
Each type of pension has its own formula using the above criteria for calculating your pension amount.
Each year, you receive a Personalized Total Retirement Planning Statement from the Fund which shows an estimate of your pension benefit under the different types of pensions.
How Benefits Are Paid
Your pension benefit is typically paid over time in monthly installments.
If you are eligible, you may choose separate forms of receiving your benefit:
Each form of payment is an annuity. That means you and your spouse, if applicable, will receive a monthly payment for life.
Returning to Work After Retirement
You may return to active employment after you retire. However, your pension benefit will be reduced if you return to work in the same industry, trade or craft covered by the Local 30 plan in the geographic area.
If You Die
If You Die While Receiving Your Benefit
If you are married:
If you are single:
If You Die Before Receiving Your Benefit
If you are married and retired:
If you are married and not retired:
If you are single:
If Your Spouse Dies Before You
Your pension benefit is determined by various factors including the collective bargaining agreement at your workplace. The Local 30 Benefit Funds office sends each participant in the pension fund an annual benefit statement which relfects current and projected pension benefit amounts.
Contact the IUOE Local 30 benefit funds with any questions regarding your pension benefit.