The Central Pension Fund of the International Union of Operating Engineers was established in 1960, and is now the 4th largest labor-management pension fund in the United States with assests in excess of $8 Billion.
Contributions are made to the Central Pension Fund by the Employer on behalf of the participant(s). After just 5 years of credited service you are vested with the Central Pension Fund, meaning that at age 65 you would be eligible to draw a monthly retirement check, for your lifetime.
The Benefits are payable as follows:
Normal Retirement Benefit – age 65 with 5 years of credited service
Early Retirement Benefit – as early as 55 with 10 years or more of credited service, there is a penalty of 3% per year prior to normal retirement age
Special Retirement Benefit – age 62 with 25 years of credited service with no penalty
Surviving Spouse Benefit – which you and your spouse decide the percentage amount that she will receive after your death
Disability Benefit – payable at any age with 15 years of credited service and is equal to the Early Retirement Benefit
Why is CPF Better than a 401(k) Account?
CPF is a real lifetime pension – a 401(k) is just an individual savings account
Only employers finance CPF – 401(k) participants must finance their own account
CPF Pays a guaranteed monthly benfit for life – 401(k)s pay a single lump sum with no guarantee it will last
CPF provides spouse, disability and death benfits – 401(k)s do not
CPF’s benefits do not depend on risky stock market returns – 401(k) accounts rise and fall with the markets. And some disappear completely!
CPF’s benefits are insured to the statutory limits by the U.S. Pension Benefit Guartanty Corporation – 401(k) accounts are not
For more information please visit www.cpfiuoe.org or call 202-362-1000