The International Union of Operating Engineers Local 14-14B Annuity Fund has established a Plan that is designated to provide you with a valuable supplement to the retirement income you may receive from other sources, such as the Pension Fund and Social Security.
Who's Eligible
You are eligible to participate in the Plan if you are covered by a collective bargaining agreement that requires your employer to contribute to the Plan on your behalf. You're also eligible if you are a full-time employee of I.U.O.E Local 14-14B or the Benefit Fund Office.
Employer Contributions
Your employer contributes to the Fund according to its collective bargaining agreement with I.U.O.E Local 14-14B. The collective bargaining agreement specifies exactly how much your employer must contribute on your behalf.
You receive employer contributions in the form of Benefit Stamps. Your employer distributes these Stamps to you with your paycheck. The Benefit Fund Stamps you receive are not transferable nor are they redeemable for cash or other compensation. An amount equal to the value of the Annuity portion of these Benefit Fund Stamps will be credited to your Individual Account under the Plan.
Naming a Beneficiary
Once you become a plan participant, you'll be asked to name a beneficiary or beneficiaries to receive your account balance if you die before receiving all of it. You do this by completing a Beneficiary Designation Form and returning it to the Fund Office. Forms are available at the Fund Office.
CARES Act Announcement show more/hide
Dear Brothers, Sisters and Participants:
On behalf of the Board of Trustees of the Local 14-14B Annuity Fund, I hope that you and your families are safe and healthy. On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) which provides relief and allows Plans, such as the Local 14 Annuity Fund, to provide a new form of distribution to eligible participants affected by the coronavirus pandemic together with a special loan provision and a waiver of Required Minimum Distributions for 2020.
Earlier today, the Board of Trustees voted to amend the Local 14 Annuity Fund’s Plan Document to provide affected participants with greater access to their individual annuity accounts in accordance with the CARES Act. The amendments to the Local 14 Annuity Fund are as follows:
• In-Service Distributions - Through December 31, 2020, a participant is allowed to take up to $100,000 from his/her individual annuity account as a “coronavirus-related distribution” if the participant has: (1) tested positive for COVID-19; (2) a spouse or beneficiary who tested positive for COVID-19; or (3) experienced one or more of a wide range of adverse financial consequences including being quarantined, furloughed or laid-off, having a reduction in work hours, or being unable to work due to a lack of child care as a result of the COVID-19 pandemic. As provided for by the CARES Act, the federal government is waiving its collection of the otherwise required 10% early withdrawal penalty, and you may pay the income tax due on the distribution over 3 years as well as repay the amount of the distribution within 3 years. The Fund Office is working with Prudential Retirement Services to update the application and administrative procedures required to effectuate this in-service distribution option.
• Plan Loans - Any participant who has (1) tested positive for COVID-19; (2) a spouse or beneficiary who tested positive for COVID-19; or (3) experienced one or more of a wide range of adverse financial consequences including being quarantined, furloughed or laid-off, having a reduction in work hours, or being unable to work due to a lack of child care as a result of the COVID-19 pandemic, is now eligible to take a loan through September 23, 2020 in an amount equal to the greater of $100,000 or 100% of the participant’s nonforfeitable accrued benefit (the amount of the loan is reduced by the outstanding balance of any existing loans). In addition, any participant with a loan between March 27, 2020 and December 31, 2020 may delay for 1 year any loan repayments due during this period. The Fund Office is working with Prudential Retirement Services to update the application and administrative procedures required to implement this new loan option as well as any directive from a participant to delay loan payments due through the end of the year.
• Requirement Minimum Distribution (“RMD”) - Participants may waive the RMD they would otherwise be required to take in 2020 because they attained age 70 ½ in 2019 (unless they received a RMD in 2019) or attained age 70 ½ in earlier years. A participant must affirmatively effectuate this waiver by providing written notice to the Fund Office. The Fund Office is in the process of drafting a waiver form to be used by affected participants.
If you have any questions, please contact the Fund Office and please stay safe and well during these trying times.
Fraternally yours,
Edwin L Christian
Business Manager & Member
of the Board of Trustees
You can access your Empower Account by calling 833-569-2433 or by clicking here.
Click here to read the Annuity Fund SPD