President's Corner

 

October 2020 Critical Fights in Complex Times

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Retirement Enhancement Fund

In June of 2007 when the members of Local 150 in Districts 1, 2, and 3 ratified the latest Illinois Heavy, Highway & Underground and Building Agreement, the Retirement Enhancement Fund (REF) was created. Since then, several other agreements have been renewed and now include the REF. As other agreements come up for renewal, the REF may be included in them. The first hourly contributions into the new Fund were received for work performed in June of 2008. The Trustees have selected Fidelity Investments to manage the new Fund.

This Fund is in addition to and to enhance the existing MOE Pension Plan that members of Local 150 already enjoy. Members working under a contract containing the Retirement Enhancement Fund will receive a contribution into the new Fund for each hour worked (beginning June 1, 2008) at the hourly contribution rate specified in the contract. Contributions will be made by your employer on a pre-tax basis to an account in your name. The contributions will be sent to the Fund Office and promptly transferred to your Fidelity Investments account. You will direct Fidelity Investments on how you wish to invest your account. Over time, your account will grow with additional contributions and investment income. When you retire, you may access your account in a variety of ways, including periodic payments or a lump sum payout.

For more information on the Retirement Enhancement Fund, contact Fidelity Investments at (866) 848-6466. You may at any time contact Fidelity to create a PIN for your account and designate how you would like your contributions into the Retirement Enhancement Fund invested.