Central Pension Fund
As a Local 94 Union member, you may be eligible to participate in the International Union of Operating Engineers (IUOE) Central Pension Fund.
What is the Central Pension Fund?
The Central Pension Fund provides a source of income for your retirement. As a defined benefit plan, the Central Pension Fund pays monthly benefits to you or your dependents once you retire.
The money you receive from your Pension Fund comes from Employer Contributions made while you are actively at work. Your benefits from the Central Pension Fund are guaranteed and will only grow with time. The longer you work and the longer you are a member of the Central Pension Fund, the more benefits you receive.
Visit the Central Pension Fund Website
The IUOE, not the Local Union, administers the Central Pension Fund. To learn more about the Central Pension Fund, such as how the Fund works and to see the latest Annual Funding Report, visit the Central Pension Fund website.
You may also contact Joan Dimarco by email or at (212) 331-1836.
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What are the acceptable reasons for taking a loan from my Annuity Fund account?
In certain cases, you can take out a loan from your Annuity Fund account. Reasons to take out a loan include:
- Buying or fixing a principal residence
- Medical bills that are not reimbursed by medical insurance
- Educational expenses (tuition) at an accredited school, including vocational school, at any level
- Expenses incurred for the legal adoption of a child
- Funeral expenses incurred because of the death of your Spouse or a dependent child
You are eligible to apply for a loan if you are actively employed by a Contributing Employer, and you have been so employed for at least three years. You may have only one loan outstanding at a time. An outstanding loan balance (active or defaulted) must be paid in full prior to applying for a subsequent loan (except those loans that were defaulted prior to January 1, 1996). The maximum loan amount is the lesser of $50,000 or 50% of your account balance.
For more information, please go to the Annuity Fund section of this site.