WHAT DOES THE OPERATING ENGINEERS LOCAL NO. 77 PENSION PLAN MEAN TO ME?

  • No weekly deduction out of your take home pay for your pension or health insurance
  • If you meet the requirements of the Plan, the Operating Engineers Local No. 77 Pension Plan provides you with:
  • A pension benifit based on 3% of contribution made on you behalf by your employer payable for as long as you live when you retire.
  • An annuity plan that is set up like a 401k.  Under all of our contracts there are employer contributions to this plan.  You can choose to add aditional money to this plan out of your hourly wage.  If you have an existing 401k you can choose to roll it over into this plan.
  • Normal retirement at age 65 or upon reaching the 5th anniversary of your participation in the Plan, if later.
  • Early retirement if you are age 55 or older.
  • Disability benefits if you become totally and permanently disabled,or become unable to do bargaining unit work and have 15 Years of Service.
  • The right to deferred pension benefits if you stop working for an Employer after you have 5 years of Vesting Service.
  • Benefits payable to your beneficiary upon your death.
  • Different ways to receive your pension benefit
  • Please reference the benefit handbook for more detailed information on the specifics of the benefits and any deductions that might apply to early retirement.

HEALTH CARE BENEFITS

    • No weekly deduction out of your take home pay
    • $300 deductible per person per year
    • $1000 per family per year
    • 80/20 after deductible is met
    • $200,000 maximum per year
    • $4000 max out of pocket per person per year  
    • Delta Dental PPO with $1,000 benifit per year per member of your family 
    • Please see your benefit handbook for the specifics of all of our health and wealfare plans 

 

 

WHO PAYS FOR MY BENEFITS?

The full cost of your Plan is paid for by contributions made on your behalf by your Employer in accordance with a collective bargaining agreement. The contributions which are made for you are paid into a Pension Fund and Health and Welfare Fund. These Funds are held in trust under a trust agreement and are used to pay benifits and earn returns on investments.  Investment Managers, selected by the Board of Trustees, are responsible for investing the money in the Pension Fund.

Caremark will help you find a Generic brand of the medication that you are taking by clicking here.

You can find a One Net PPO doctor or facility by clicking here.

Delta Dental will help you find a Delta dentist at this number 1-800-932-0783 or at this web site, click here.  (We have the PPO coverage)

Associated Administrators, Inc. is our administrator and you can get to their web site by clicking here.

Our Annuity is Administrated by Mass Mutual and you can access your account by clicking here.