Annuity Fund

The Local Nos. 295 and 295C Employees’ Annuity Plan (“Annuity Fund”), a multi-employer defined contribution plan, was established on January 1, 2008. The Annuity Fund is only available to those members who perform covered employment for employers who have a contribution obligation to the Annuity Fund in accordance with the terms of its Collective Bargaining Agreement (“CBA”) with the Union. The Contributing Employers pay the full cost of the retirement benefits available under the Annuity Fund for eligible participants. The amount your Contributing Employer contributes to the Annuity Fund is set by the terms of its CBA (other applicable written agreement, which requires your Contributing Employer to contribute to the Plan) with the Union.

Under the Annuity Fund, an individual Annuity Account is established for each eligible participant. As noted above, the Annuity Fund (and the Annuity Accounts) is funded by solely by employer contributions from your contributing employer. You are not required (nor are you allowed) to make contributions to the Annuity Fund. In addition, you may not roll over any amount from another qualified plan into your Annuity Account. The Annuity Fund has retained John Hancock to serve as the record-keeper for the plan and participant accounts thereunder.

Effective as of January 1, 2022, participants are responsible for self-directing the investment of their Annuity Account with John Hancock in accordance with the plan terms and Section 404(c) of the Internal Revenue Code. Please contact John Hancock or the Fund Office if you need information on how to access your Annuity Account online.

You are eligible to participate under the Annuity Fund if you work for:

(i) an employer who contributes to the Annuity Fund on your behalf according to the terms of its CBA (or other written agreement) with the Union, or

(ii) the Union, the Annuity Fund or the affiliated IUOE Local 295 Benefit Funds, provided that such employers contribute to the Annuity Fund on your behalf pursuant to a CBA (or other written agreement) with the Trustees.

In addition, an eligible covered employee must satisfy the plan’s eligibility requirements in order to become a participant under the Annuity Fund. There are two ways to satisfy the Annuity Fund’s eligibility requirements. Under the first eligibility requirement, an employee must complete sixty (60) continuous calendar days of covered employment. Under the second eligibility requirement, an eligible covered employee may also become a participant upon the completion of 870 Hours of Service during an eligibility period upon the earlier of the first day of the Plan Year thereafter, or the first day of the month which includes the six-month anniversary of this hours’ requirement.