January 1st to December 31st

You must complete the Principal Enrollment form and Beneficiary form for the IUOE Local 877 Annuity Fund.

You are 100% vested from day one.

The Fund allows two types of withdrawals for active participants; hardship withdrawal or a one-time 100% account distribution for members who are at least 59 1/2 years old.  

Hardship withdrawals are available to help ease the burden of immediate and heavy financial hardships.  The eligible financial expenses are  based on IRS guidance and include: medical care, education, purchase of primary residence, amounts needed to prevent eviction or foreclosure, burial or funeral expenses, and home repairs due to a natural disaster.  

Please note, the value of your account with the Fund must be at least $5,000 in order to qualify for a hardship withdrawal.  A participant is allowed only five (5) hardship withdrawals in a lifetime. 

Please contact the Fund office for application and more details.

Loans are not allowed by the Plan.

You are able to direct the investments by choosing among several investment options or elect to have your money invested for you based on the plan's normal retirement date.

Death benefits are first based on your work status.  

If you are not yet retired and are unmarried, the total value of your account will be paid to your beneficiary in a lump sum.

If you are not yet retired and are married, your spouse may receive monthly annuity payments or elect to receive a lump sum payment in the value of your account. If you elect to receive a monthly annuity, it will be set up through an annuity contract with Principal Financial Group.

If you die and you were receiving benefits in the form of a Joint and Survivor Annuity, your surviving Spouse will continue to receive fifty percent (50%) of the monthly benefit that you were receiving for his or her life. Monthly payments will be made from the annuity contract, not from the Fund (see Section 8 of the SPD). If you are not survived by the Spouse to whom you were married when the Joint and Survivor Annuity began, or if the Joint and Survivor Annuity is provided through a non-transferable annuity contract, no further payments will be made.

If you die and you were receiving benefits in the form of a Life Annuity, no further payments will be made to anyone.

If the value of your Accounts is $5,000 or less and never exceeded that amount, your Beneficiary will receive the value of your Accounts in a lump sum.

Complete the IUOE Local 877 Annuity Fund Beneficiary form.  

If you will be filing a Qualified Domestic Relations Order as a result of a divorce, please contact the Fund Office for the appropriate procedures.

Contact Principal Financial Group at www.principal.com or 1-800-547-7754