Get Iuoe Local 4

About the Pension Plan. Our Local 4's Defined Benefit Pension Plan is designed to make your retirement easy and worry-free. The Plan provides vested members, qualified surviving spouses, and other beneficiaries with a guaranteed retirement benefit.

This briefing paper provides information about the different types of pension plans and serves as a primer for the panel discussion at the March 24, 2022, SAVA meeting. There are three major types of retirement plans in the public sector: defined benefit (DB), defined contribution (DC), and hybrid plans.

How many state and local pension plans are there? State and local governments sponsor more than 5,500 pension plans. Nearly 21 million members participate in these plans, including active public employees, former public employees who have earned benefits that they are not yet collecting, and current retirees.

We provide and administer a comprehensive array of benefits such as prescription drugs, dental, vision, hearing, life insurance, substance use, and mental health treatment, and more for eligible members and their families.

Description. International Union of Operating Engineers (Local 4) Pension Fund is a multi-employer-defined benefit union pension fund based in Medway, Massachusetts. Established in 1959, the plan provides retirement, death, and pension benefits to the members of the International Union of Operating Engineers (IUOE).

The 62/5 Retirement Plan, also referred to as the Basic Tier 4 Plan, allows participants to retire with a full pension at age 62 with at least five years of Credited Service, or with a reduced pension between the ages of 55 and 61.

About the Annuity and Savings Plan. Our Annuity and Savings Plan was established in 1987 with the purpose of providing an additional way to prepare for retirement. The Plan offers members a clear, secure pathway for retirement by combining their own wages with employer contributions in a tax-deferred 401(k) account.