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Midwest Operating Engineers Fringe Benefit Funds

The Midwest Operating Engineers Fringe Benefit Funds are comprised of the Pension Fund, Welfare Fund, Retiree Medical Savings Plan, Retirement Enhancement Fund and Vacation Savings Plan.

 

The Midwest Operating Engineers Pension Fund is designed to provide members with a steady monthly income after they retire. Contributing employers pay the full cost of the Fund Plan and make all contributions. Employee contributions are neither required nor allowed. Employer contributions are based on the rate(s) specified in applicable collective bargaining agreements.

 

The Midwest Operating Engineers Welfare Fund is a self-insured multi-employer benefit plan that strives to provide its eligible participants and their families the best healthcare benefits in the most cost effective manner. In addition to great healthcare benefits, the Welfare Fund provides participants, if eligible, with disability, life, and accident coverages.  The Welfare Fund partners with a number of vendors to offer great benefits and resources, such as: BCBS of IL, Delta Dental of IL, MCM Solutions, CVS Caremark, The Hartford, ComPsych, Premise Health and various other entities.

 

The Retiree Medical Savings Plan (RMSP) was created by the Trustees of the Midwest Operating Engineers Welfare Fund and is designed to make retiree’s health care spending more manageable and flexible. The funds accumulated under this program can be utilized in a variety of ways to cover your healthcare expenses after retirement. This benefit will be a standard part of all contracts moving forward. The Fund Office will maintain RMSP balances for each member. These balances are funded by pre-tax hourly contributions made by your employer at the hourly rate included in the collective bargaining agreement. You cannot make self-payments into RMSP. Annually, the Fund Office will add your share of the RMSP investment earnings to your balance after deducting a small administrative charge. Each quarter, the Fund Office will show the amount of your RMSP balance on your quarterly statement so that you can keep track of it. Your RMSP balance will continue to grow over the years, even if you leave the Fund.

 

The Retirement Enhancement Fund is in addition to and to enhance the existing MOE Pension Plan that members of Local 150 already enjoy. Members working under a contract containing the Retirement Enhancement Fund will receive a contribution into this Fund, for each hour worked at the hourly contribution rate specified in the contract. These contributions will be made by your employer, on a pre-tax basis, to an account in your name. The contributions will be sent to the Fund Office and promptly transferred to your Fidelity Investments Account. You will direct Fidelity Investments on how you wish to invest your account. Over time, your account will grow with additional contributions and investment income. When you retire, you may access your account in a variety of ways, including periodic payments or a lump sum payout.

 

Vacation Savings Benefits are paid to members whose contracts include this benefit. Vacation savings is an hourly amount paid to members by their employers and is included in their gross wages. This amount is taxed then deducted by the employer and forwarded to the Fund Office. Payments received from employers January 1 through December 31, representing the work months of December through November, are accumulated for each member. At the end of the year all accounts are reconciled and the monies are paid out. The payout occurs the fourth Monday each January.

 

For more information about any of your benefits please navigate to www.moefunds.com.

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