Life Events Guide

Leaving the Trade

Whatever the reason may be for your leaving the industry, you should determine the effect this will have on your benefit plans.

Plan Checklist

• Once you are no longer working as an operating engineer, are no longer working in covered employment and you have exhausted your eligibility reserve, under most circumstances you may elect to self-pay on a monthly basis to stay covered under COBRA provisions for up to 18 months.
• You should check your vesting status under the Pension Plan to determine whether you are vested for a pension benefit. Since this benefit will not be payable until you reach the required age, you must keep your address information current with the Fund Office.
• All monies contributed on you behalf to the Defined Contribution Plan were immediately vested. After you have terminated employment with all Covered Employers, have performed no work in Covered Employment (and have had no contribution activity in your account) in the past 18 months you will be eligible to withdraw your balance. However, bear in mind that there are tax penalties for withdrawing retirement monies of this kind prior to attaining retirement age. Check with you tax advisor about this before taking a withdrawal.
• If you are vested and married when you leave the industry and you later become divorced, be sure to deal with the division of your pension benefit at the time of your divorce. If you wait until you reach retirement age to do this, you may experience a considerable delay before you can get the paperwork straightened out and can begin receiving benefits.

Also Consider…

Contact the Fund Office if you have any questions.