I.U.O.E. Local 14-14B Fringe Benefits
One of the benefits of being a member of Local 14-14B is that you are entitled to some of the best health, retirement and retraining benefits available in the construction industry. Briefly, these benefits are outlined below. For more in-depth information, we suggest that you review your SPD booklet.
 
Pension Plan
The Local 14 Pension Plan currently has assets in excess of $90 million which are used to fund the retirement benefits available to all members who satisfy the written requirements established by the Plan. Presently, a member of Local 14 is entitled to a pension benefit if he or she satisfies any of the following criteria:
 
     Regular Pension: A Local 14 member is entitled to a “Regular Pension” when he or she reaches age 62 and has at least 15 years of credited service (5 years of which must be future service credit).
 
    Vested Pension: A Local 14 member is entitled to a "Vested Pension" when he or she reaches age 62 and has at least 10 years of credited service.
 
     Early Retirement Pension: A Local 14 member is entitled to an "Early Retirement Pension" when he or she is between the ages of 55 and 62, and has at least 15 years of credited service.
 
    Disability Award Pension: A Local 14 member is entitled to a "Disability Award Pension" when he or she (at any age) has at least 10 years of credited service (5 years of which must be future service credit) and is unable to continue working in the construction industry as an operating engineer as evidenced by a Social Security Disability Award.
To obtain an application for a pension benefit, please contact the Fund Office at
(718) 939-1489.
   
   
   
   
   
   
   
   
   
   
   
   
     
Annuity Plan
     Local 14 is very proud to provide its members with an Annuity Plan which in actuality provides an extra retirement benefit to those members who have worked hard in the construction industry. The Local 14 Annuity Plan is setup as a participant-directed investment program which is administered through Prudential Retirement Services, one of the preeminent retirement service providers in the country. With current assets in excess of $220 million, the Local 14 Annuity Plan provides diverse investment options for its participants, as well as providing the opportunity for members to take a loan from their individual accounts for such purposes, including but not limited to: buying a primary residence, making a home improvement or stopping a mortgage foreclosure.
(The full list of available loan options and the detailed rules regarding the loan program are listed in your SPD booklet.)
       
     
Welfare Plan
   The Local 14 Welfare Plan provides a wide array of health care benefits to those members, their spouses and dependents who satisfy the eligibility requirements outlined in the SPD booklet. Local 14 and the Trustees of the Local 14 Welfare Plan are proud of the fact that this Plan is able to provide participants with medical, hospital, death, prescription drug, dental and vision benefits, to just name a few. As a union member, you and your family are entitled to the highest level of health care available, and the Local 14 Welfare Plan ensures that you and your family are protected in times of illness. If you have any questions concerning your medical benefits, please contact the Fund Office at (718) 939-1489.
       
     
Training Program
   The Local 14 Training Program provides for the retraining and enhanced training of members through classes held at the union hall and the training facility in Montrose, New York, and practical supervised training on the heavy construction equipment maintained at the Montrose training facility. In addition, Local 14 has an established and DOL certified Apprenticeship Program wherein the next generation of operating engineers receive classroom, practical and on-the-job training. For information concerning the Apprenticeship Program or journeyperson retraining classes, please contact Director of Apprenticeship Training Stephen P. Nolan at (718) 939-0600, Ext. 126..