When our members finish working, they deserve a retirement they can count on. When you participate in the IUOE Local 877 Benefit Fund, you may be eligible for our Annuity / 401k Plan through the Principal Financial Group. With over 20 investment options managed by experienced professionals, your retirement earnings are in safe hands. Once you join the Fund, you will always be 100% vested — meaning you can keep your account even after leaving Covered Employment.
The IUOE Local 877 401(k) Plan is a tax-qualified defined contribution retirement plan. That means that 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. Our financial advisors offer an array of investment choices suited to your needs.
In addition, you may be eligible to participate in the IUOE Local 877 Annuity Plan as a bargained contribution under your Collective Bargaining Agreement
While we do our best to offer you the strongest retirement possible, your account will be subject to both market earnings and losses.
Hardship Withdrawals are available in accordance with IRS regulations. Contact Melissa Warner at the Fund Office for more information.