IUOE Local 925
PO Box 398
Mango, FL 33550
813-626-4161
813-623-1381 Fax
Pension Retirement Account:
As we have negotiated under the current collective bargaining agreements, the employer is required to make a monetary contribution into your pension retirement account for every hour you work. These contributions are paid directly into a pension retirement account on your behalf. With the exception of work performed under the Site Prep Agreement, employers are required to contribute $5.00+ per hour worked. If you were to average 40 hours per week, you will have accumulated $10,000 in your pension account in just one year. In ten years, you could have $100,000 in your pension without working any overtime. Under current conditions, when you reach retirement age you are eligible to begin drawing from your pension at a rate of 1% a month. With $100,000 in your pension fund, that means you would receive $1,000 a month for the rest of your life!! Unlike a 401K, your account balance does not diminish and your benefits continue for life.
After working just five years at a minimum of 1000 hours per year, you are vested in the pension plan. Normal retirement age is 65 years old, however if you have ten vested years you can retire as early as age 55 at a reduced rate. You have many options on how to set up your pension to benefit your spouse should you pass on before your spouse does. All the details are in the “Guide to Your Benefits” booklet.
Simply put, our pension retirement plan is one of the best in the industry!
More information on the Central Pension Fund.
Click on a link below to learn more about some of the benefits available through IUOE Local 925.
