I.U.O.E. Local 98 Annuity Benefits

As a participant in the Annuity Plan of the International Union of Operating Engineers, Local No. 98, you have a tax deferred pension benefit or lump sum benefit when you retire or leave the industry.

Your account is held with Empower Retirement, their web site gives you access to your account information, investment options, and allocation strategies. Please contact the Benefit Office at (413)998-3230 with any questions regarding withdrawals, transfers and/or rollovers. The Benefit Office will provide you with approved forms for use in any Empower Retirement transactions.

Annuity Fund Summary Plan Description

Beneficiary Designation Form

SMM – September 2023

SMM – December 2021

SMM – March 2021

SMM – July 2020

Distributions are allowed from the Annuity Fund on or after your retirement date or upon termination from the Plan (12 consecutive months with no contributions). Participants also have a right to apply for a hardship distribution or a hardship loan. The criteria for a hardship distribution or loan is as follows:

1. Expenses for excess medical care for a Participant or the Participant’s spouse or dependents.
2. Purchase of your Primary Residence or building a Primary Residence. If you are building, you must apply for this Hardship during the construction of this residence. Once you have an occupancy permit, it is no longer considered a construction loan and becomes what is considered “home improvement”, which is not allowed under the Hardship rules. This expense excludes mortgage payments.
3. Payment of tuition and related educational fees and room and board expenses for the next 12 months of college for the Participant, Participant’s spouse, children or dependents.
4. Expenses for the Repair of Damage on your primary residence that would qualify for the casualty deduction under IRC Section 165.
5. Payment for for Burial or Funeral Expenses for your deceased parent, spouse, children or dependent.
6. Prevention of Eviction or Foreclosure on your primary residence. Regarding foreclosures under this expense, you must have a letter from your bank, mortgage provider or an attorney indicating that they are commencing foreclosure proceedings immediately if payment is not received and indicating the “loan servicing reinstatement calculation”. A letter from your bank or mortgage company indicating that you are delinquent in mortgage payments will not be sufficient under this expense. To prevent eviction, a notarized letter from your landlord is required, indicating the months due and the amount of monthly rent owed.

Please call the Fund Office for the appropriate forms. The forms required for a distribution or loan are to be completed and returned to the Fund Office for approval.