|Operating Engineers Local 66 Pension Fund|
The Plan was established in 1957 by the International Union of Operating Engineers, Local 66 and participating employers who signed a Collective Bargaining Agreement. Today, employers make monthly contribution payments in accordance with the terms of each Collective Bargaining Agreement. Copies of Collective Bargaining Agreements may be reviewed at the main office of the Union, Local 66, or at its district dispatch offices during normal business hours.
A list of participating employers is maintained at the Fund Office -- 111 Zeta Drive, Pittsburgh, PA, 15238. The Fund Office will provide you, without charge and upon request, information as to whether or not your employer is obligated to make contributions to this Plan on behalf of employees working under the Collective Bargaining Agreements.
The Plan is administered by a Joint Board of Trustees, who is the Plan Sponsor. Under the Employee Retirement Income Security Act of 1974 (ERISA), the Board of Trustees is the Plan Administrator with final responsibility for the manner in which the Pension Fund operates. The Board of Trustees consists of 10 members, five appointed by the Union, and five appointed by the participating employers. The Trustees are full time employees of other organizations and serve without pay. They hire a Fund Administrator, as manager of the Plan to run the fund on a day-to-day basis. When a plan is operated in this way, it is known as self-administered.
The costs of financing the pension plan are determined periodically and are paid entirely by the participating employers in the form of a cents-per-hour contribution as set forth in the collective bargaining agreements. These contributions are paid into a trust established for the exclusive benefit of participants in the plan. The investment managers invest the assets of the trust in stocks, bonds and other securities until needed to pay plan benefits. The investment managers have been selected by the Board of Trustees to carry out this fiduciary responsibility. The plan’s fiscal year ends December 31.
IMPORTANT - This information summarizes the requirements for the Pension Fund. It does not replace or amend the Summary Plan Description. To obtain additional information concerning the Pension Fund call (412)968-9750. Or email firstname.lastname@example.org do not include your Social Security number in the email.