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PARTICIPANT QUESTIONS If I do not have a right to a benefit, can I withdraw the contributions paid to this Fund on my behalf? No. Contributions made to this Fund by Participating Employers are only payable in the form of benefits to an eligible Retiree and/or Beneficiary. What happens if I cease to work as an Operating Engineer? Your record will be kept indefinitely by the Central Pension Fund. If you have 5 years of Vesting Service, have at least 1200 hours of Credited Future Service (1000 hours if your I.P.D. was January 1, 1982 or later) and at least one hour of service reported to the Fund on or after January 1, 1989 and prior to your 65th birthdate, you can apply for a benefit at your Normal Retirement Date. If you have 10 years of Vested Service, have at least 1200 hours of Credited Future Service (1000 hours if your I.P.D. January 1, 1982 or later), you may apply for a benefit at your Early Retirement Date. What happens if I stop working as an Operating Engineer and leave the industry before I am vested? Your record will be kept by the Central Pension Fund. If you never work as an operating engineer again, you or your Beneficiary(s) may not have a right to any benefit and if so, the contributions made on your behalf will be forfeited and absorbed into the Trust. How often can I expect to receive information about my record with the Central Pension Fund? Twice each year active and/or vested Participants will receive a Statement of Fund Record from the Central Pension Fund. I did not keep all of my Statements. How can I find out what my record is with the Central Pension Fund? Write to the Central Pension Fund and ask for your record; a summary will be sent to you: Participant Records Department What should I do if my employer(s) did not report for me? Write to the Central Pension Fund and tell us the following: 1. Your social security number,
complete name and address If I work in the jurisdiction of a Local Union that has its own pension plan and does not participate in the Central Pension Fund, what happens to my hours? Write the Central Pension Fund and advise us: 1. Which Local Union's
jurisdiction you were working in With this information we can contact the administrator of the other plan and advise you if you have service with that plan, which we can recognize for vesting purposes. I worked 2000 or more hours in one year. Why didn't I receive two (2.00) years of Credited Future Service? The maximum Credited Future Service in a calendar year is one (1.00) year What happens to the contributions that are paid by my Participating Employer? The contributions are immediately deposited into interest-bearing accounts. They remain there for a short period of time and are then transferred to the investment accounts of the Central Pension Fund. The contributions are invested in common stocks, bonds, real estate, and other investment vehicles as permitted under the Fund's investment policies. All investments of the Fund are made on the basis of guidelines established by the Board of Trustees of the Central Pension Fund and are handled by independent professional investment managers. Why don't my contributions earn interest? Your contributions do earn interest through the Fund; however, the Plan is a defined-benefit plan where benefits are calculated on the basis of the contributions made by Participating Employers. It is not a savings account, an IRA, or a 401(k) plan and all assets are pooled. Thus, it would be improper to attribute the return on the Fund's assets to an individual participant. A defined-benefit plan such as the Central Pension Fund transfers the investment risk from the individual Participants to the Plan. It promises a known benefit with many additional features, something which cannot be determined under an IRA, savings account or 401(k) plan. Why haven't I received my Statement of Fund Record? Semi-annual statements are mailed directly to Participants for whom the Fund Office has an address. Statements for Participants without addresses are mailed to the home Local Union office for distribution. You should keep both the Fund Office and your Local Union office advised of any address changes. Are you thinking about changing jobs? You should find out whether you are going to be working for another Participating Employer. If so, your participation in the Central Pension Fund will continue. If you are unable to continue work for a Participating Employer, your previously earned credits will be maintained by the Fund Office; however, you will not earn additional credits until such a time as you return to work for a Participating Employer. What is Forfeiture of Benefits? Your Accrued Benefit will be forfeited if you incur a Break In Service. For most participants this would only occur if you do not accrue the necessary years of Vesting Service, (5 years if you have hours reported to the Fund on or after January 1, 1989, otherwise, 10 years), prior to your 65th birthdate. A Break In Service occurs when the number of consecutive years during which no vesting service was earned equals or exceeds 5 or the number of prior years for which vesting service was earned. If you have a Vested Interest you cannot incur a Break In Service. What is Suspension of Benefits? Your monthly benefit will be suspended if you return to work in disqualifying employment and exceed the provisions as described below. Benefits may be suspended upon your request prior to age 70 1/2 only. After age 70 1/2 we must pay you your benefit. What is Return to Work? (Prior To Age 70 1/2) After you have retired and except for the first month of your retirement, you can return to work in a job classification which is covered by the IUOE or in the job classification for which we received contributions for you and continue to receive your monthly benefit provided you do not work more than 40 hours in a calendar month. You do not have a right to a monthly benefit for any month(s) in which you work more than 40 hours:
Please note that for purposes of this rule, a trade or craft includes a related supervisory position. You are not eligible to commence receiving retirement benefits if you continue to work for your last contributing employer regardless of your job classification. Also, you are obligated to notify the Board of Trustees, in writing, of any post-retirement employment that exceeds 40 hours in a calendar month. If you do not, the Board may presume all your work is disqualifying employment, until you prove it is not.
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