How does my reserve account work?
Hours are reported and paid in by your employer following the month in which they were worked. As stated above, you need to work 120 hours in the work month to be eligible in the coverage month. Any hours in excess of 120 are placed into your reserve account. If in a month, you have fewer than 120 hours reported, you can use any hours in your reserve account to make up the difference.
When and how do I become eligible for coverage?
You become eligible for coverage the first day of the third month following the month in which 360 hours have been reported and paid into your reserve account. You have up to three consecutive months in which to build these hours. The Plan uses an advanced eligibility. For example, if you worked a total of 360 hours in Feb, Mar and Apr and these hours were reported and paid for by your employer in May, your eligibility would begin in July.
Once I am eligible, how long will I be covered?
You will be covered so long as the hours reported and paid in by your employer each month total at least 120. As stated above, the Plan utilizes the advanced eligibility method. For example, hours worked in May would be reported and paid in June; these hours would provide your coverage in August.
What pension plans are available for me?
There are two pension plans available. The Defined Benefit Plan provides a monthly benefit to you upon your qualified retirement. With the Defined Contribution Plan, you can receive a rollover distribution, monthly installments or a lump sum distribution subject to mandatory 20% federal tax withholding.
How old do I have to be to start collecting benefits from my defined benefit pension plan?
Reduced early retirement commence is available at age 55 with at least 10 years of credited service. Unreduced benefits are payable at age 60 with minimum of 10 years of service or by the Rule of 85 (you have attained age 55, and the sum of your age and years of vesting credit are at least 85.) Unreduced benefits are also payable at the attainment of Normal Retirement Age (age 62 and vested.)
What are the different forms of benefits offered by the defined benefit pension plan?
The Plan offers a single life annuity, and joint & survivor annuity options with the survivor percentage at 50%, 75% and 100% (note: the higher the survivor percentage, the lower the participant monthly benefit). Please refer to your plan’s Summary Plan Description for details.
When will my vacation money be transferred to my Credit Union account if that’s the option I choose?
Vacation deposits are available at the Credit Union on the 25th day of the month following the employer’s payment to the Trust Fund.
How do I open an account with the Credit Union to receive my vacation pay?
Contact the Operating Engineers Federal Credit Union.
Could my vacation money be deposited into my own person financial institution?