Annuity /401k Funds

As a participant of the IUOE Local 877 Benefit Fund, you may be eligible to participate in several different programs offered by IUOE Local 877 Annuity/401K Plan based on your Collective Bargaining Agreement between your employer and IUOE Local 877.

The IUOE Local 877 401(k) Plan is a tax-qualified defined contribution retirement plan. Based on IRS regulations, you are allowed to defer 1 to 100% of your salary up to an annual maximum (currently $16,500). 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. An array of investment choices is available for your convenience.

In addition, you may be eligible to participate in the IUOE Local 877 Annuity Plan either as a bargained contribution under your Collective Bargaining Agreement or as a participant in the Health & Welfare Trust Fund of IUOE Local 877 and 70.

Once you become a participant, you will always be 100% vested. This means your account balance cannot be forfeited even if you leave Covered Employment. Your account is, however, subject to earnings and losses based on your investment selections and administrative charges.

Both plans are currently administered by Principal Financial Group. The plan offers over 20 investment options including 10 age based lifestyle accounts.

Loan and Hardship Withdrawal provisions are available. Qualifications must be met in both cases in order to be eligible.

Contact your Business Agent or the Fund Office to see if you are eligible to participate.

Benefit Highlights

• IUOE Local 877 Annuity/401k Summary Plan Document (amended 1/1/07)
• Qualified Default Investment Alternative (QDIA) Notice
• Loans - are available from 401K contributions only.  Contact the Fund Office for more information.
• Hardship Withdrawals - are available in accordance with IRS regulations.  Contact the Fund Office for more information.

401K Change Form

Please download this form if you wish to make a contribution change or to discontinue your participation to your 401K.  After completing the form please fax to the Fund Office at 781-769-2165.