IUOE Local 877 Annuity Fund
As a participant of the IUOE Local 877 Benefit Fund, you may be eligible to participate in several different programs offered by IUOE Local 877 Annuity/401K Plan based on your Collective Bargaining Agreement between your employer and IUOE Local 877. Both plans are currently administered by Principal Financial Group. The plan offers over 20 investment options including 10 age based lifestyle accounts. Once you become a participant, you will always be 100% vested. This means your account balance cannot be forfeited even if you leave Covered Employment. Your account is, however, subject to earnings and losses based on your investment selections and administrative charges.
The IUOE Local 877 401(k) Plan is a tax-qualified defined contribution retirement plan. Based on IRS regulations, you are allowed to defer 1% to 100% of your salary up to an annual maximum (currently $19,500). Contributions are made on a pre-tax basis and all earnings from investments are tax deferred. Contributions withheld from your paycheck are credited to your account and invested per your investment instructions. An array of investment choices is available for your convenience.
In addition, you may be eligible to participate in the IUOE Local 877 Annuity Plan either as a bargained contribution under your Collective Bargaining Agreement or as a participant in the Health & Welfare Trust Fund of IUOE Local 877 and 70.
Hardship Withdrawals are available in accordance with IRS regulations. Contact Melissa Warner at the Fund Office for more information.
Contact your Business Agent or Melissa Warner in the Fund Office to see if you are eligible to participate.
To review the IUOE Local 877 Annuity Fund’s Summary Annual Report please see below:
- 2018 Annuity Fund Summary Annual Report
- 2017 Annuity Fund Summary Annual Report
- 2016 Annuity Fund Summary Annual Report
- 2015 Annuity Fund Summary Annual Report
Plan Documents and Important Notices
- IUOE Local 877 Annuity/401k Summary Plan Description
- IUOE Local 877 Annuity Fund Plan Document
- Qualified Default Investment Alternative (QDIA) Notice
401K Change Form