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401(k) Plan
ELIGIBILITY - any employee working under the terms of a Local 9 labor contract which provides for the supplemental retirement savings fringe benefit; non-bargaining employees of a participating employer; officers and employees of Local 9 and the Local 9 training program.
PLAN COORDINATOR - Innovative Employee Benefit Programs, Woodland Hills, California.
PLAN ADMINISTRATOR - Zenith Administrators, Westminster, Colorado
COSTS - No employer costs beyond payroll deductions; $60.00 per year for participant.
CONTRIBUTIONS - .50 cents an hour increments, up to $7.00 an hour.
INITIAL ENROLLMENT - at any time an employee elects to enroll. Local 9 is responsible for enrollment paperwork. Local 9 will provide the employer with employee plan deduction authorization.
CHANGE IN CONTRIBUTION - once per month or at the time of a job change. An employee can choose to increase or decrease contribution; changes in contribution effective only if made through Local 9 who then provides notice to the employer to make adjustment.
DISCONTINUATION OF PARTICIPATION - once per month or at the time of a job change. An employee can choose to increase or decrease contribution; changes in contribution effective only if made through Local 9 who then provides notice to the employer to make adjustment.
INVESTMENT OPTIONS - presently seven participant investment options in varying degrees of risk; changes in investment can be made daily by participant phone contact to CompuSys Erisa.
VESTING - all employee contributions to the plan are immediately 100% vested.
BENEFIT PAYMENT - at normal retirement - age 62; at early retirement - age 55; permanent disability; withdraw from the trade for a minimum of 24 months; hardship (under certain circumstances); and death. Any withdrawal before age 55 1/2 subject to 10% IRS penalty.
FORMS OF PAYMENT - lump sum; regular on-going payment; roll-over to another retirement savings account.
Central
Pension Fund
The
Central Pension Fund is a multi-billion dollar fund covering many thousands of
Operating Engineers who are being reported on by thousands of employers in
different industries around the country.
The
Fund is administered by a joint Board of Trustees, half representing the
International Union of Operating Engineers and half representing Participating
Employers.
The
Fund offers an excellent benefit package including:
A
pension benefit of $30.00 per month for each $1,000.00 is contributed by
employers under your contract.
Five
year vesting. Vesting
includes your continuous service with your Initial Contributing Employer.
Lifetime
protection for your spouse, if you should die after you are vested,
payable immediately regardless of age.
Disability
benefits and much more!!
Health
Insurance
Upon eligibility, you will receive a packet from the Fund Office along
with an enrollment card (in the middle of the booklet) which should be
completed and returned to them as soon as possible.
Any questions regarding your health insurance should be directed to the
Fund Office at (303)412-9021 or 1-877-363-5738.
If you have questions, please feel free to contact the office.
Death
Benefit
As
a paid up member you have a death benefit of $2,000/$4,000 accidental death and
$1,000 on each of your dependents.
Vacation
Pay or Paid Vacation
Your
Local Union has negotiated either paid vacation, or vacation pay which is a set
amount paid for each hour worked. If
your employer gives a paid vacation, you should consult the contract for
specifics. If your employer
contributes to vacation pay, these monies are distributed as follows.
For
hours worked September 1st through August 30, a check is issued the first Friday
in December.