President's Corner

 

October 2020 Critical Fights in Complex Times

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Pension

Local 150 is the proud and strong Local that it is today not only because of the strength and skill of its active members, but also those who have come before. For decades, Local 150 has provided its members with a Pension Fund to allow them to enjoy their retirement and receive a steady income.

The full cost of the Midwest Operating Engineers Pension Fund comes from employer contributions, made at the rates specified in the collective bargaining agreement to which they are signed. A member becomes a participant once an employer is required to make contributions to the Fund on his or her behalf.

Vesting gives you a non-forfeitable right to your pension. Generally, you earn a year of vesting service for each Plan year (April 1 through March 31) you work at least 500 hours in covered employment. You earn a year of vesting service for your first Plan year, as long as you work at least one hour in covered employment. You are 20% vested after you have three years of vesting service, and then 20% for each additional year of vesting service until you reach seven years. Once you have seven years of vesting service, you are 100% vested.

For more information on the MOE Pension Fund, please call the Fund at (708) 579-6640 or click here to visit the Fund website.