About the Annuity and Savings Plan

Our Annuity and Savings Plan was established in 1987 with the purpose of providing an additional way to prepare for retirement. The Plan offers members a clear, secure pathway for retirement by combining their own wages with employer contributions in a tax-deferred 401(k) account. If you work for a Contributing Employer, you will be eligible to participate in the Plan and earn a benefit.

As a member, you are eligible to contribute to a 401(k) feature of the Plan. This feature allows you to invest a portion of your wages on a before-tax basis and provides you a range of investment options to choose from, including a selection of mutual funds.

When you’re ready to retire, you and your family can receive your Annuity. You’ll also be able to choose how you want to receive those payments, whether that’s in one lump sum or spread out over time.

Documents and Resources

Download the Summary Plan Description

Your Summary Plan Description (SPD) provides you with a comprehensive overview of your Annuity and Savings Plan benefits. Download the complete SPD below for all details. For questions, please call the Funds Office at 508-533-1400 or email us at office@local4funds.org.

download the plan document

Frequently Asked Questions

NOTE: The following FAQs are abbreviated explanations of complicated Plan benefits. Please review the applicable Summary Plan Descriptions if you still have questions, and please note any discrepancy between these FAQs and the Plan Documents will be resolved in favor of the Plan Documents, which are the controlling documents.

Just fill out an Income Deferral Agreement Local 4 – 401(k) Election Form and choose to contribute a whole-dollar amount per hour up to the IRS annual deferral limit ($20,500 total deferral if under age 59 and $27,000 total if 50 or over in 2022). The form must then be completed by your employer who will mail the yellow form to the Benefit Funds Office. The employer is responsible for withholding the contribution amount from the member’s paycheck and remitting to the IUOE Local 4 Benefit Funds. To request a form, contact the Funds Office at 1-508-533-1400 or via email: office@local4funds.org. You can also download a version from the Important Forms & Documents page on our website.

Yes, unless you are married. If you are married, your spouse must by law serve as your beneficiary unless he or she agrees to waive that right.

All loans, hardships, distributions, and rollovers are initiated by the Benefit Funds Office. Please contact the Annuity Department to check eligibility and to request the proper paperwork. For more information, contact the Benefit Funds Office at office@local4funds.org or by calling 1-508-533-1400.

In general, you can take a hardship distribution if you have a heavy financial need that you can demonstrate, such as medical bills, tuition bills, or notice of an imminent foreclosure or eviction.

We will send you an application that needs to be filled out and notarized. If you are married, your spouse will also need to consent to the loan. If you have never been married, you will need to fill out a Single Statement that will need to be verified by two other people. You will also need to speak with one of our retirement advisors at CAPTRUST. Loan repayments will be drawn from your checking or savings account each month until the loan has been repaid in full with interest.

You can take up to $50,000.00 – or 50% of your account, whichever is greater – at one time. Loans can be for a period of up to 5 years, unless it is for the purchase of a primary residence, in which case it may be for a period of up to 30 years.

Yes. You can rollover your distribution to another qualified plan. We can roll the amount over directly to the other institution, or you would have 60 days from the date of the distribution to deposit the check in the other institution without tax penalty. There is an application that would need to be filled out and notarized, and we would need verification from the receiving institution that it is an IRA or other qualified plan.

Yes. We are required to withhold 20% of your distribution for federal taxes, along with state taxes. Also, if you take a distribution before you are age 59 and ½, with some exceptions, we must withhold an additional 10% for federal taxes.

The Plan has partnered with CAPTRUST Financial Advisors to offer Participant Advisory Services (PAS). PAS will take place of the individual consultations that Cammack Investments provided in the past. CAPTRUST is an independent investment advisory firm that provides investment advice to IUOE Local 4 Annuity & Savings Plan participants. Members who need help navigating their retirement benefits and other financial priorities (e.g.  budgeting, debt, credit, college savings) can rely on CAPTRUST’s participant advice program. CAPTRUST has been helping individual participants for over 30 years by providing personalized advice. To learn more about the firm, please visit CAPTRUSTadvice.com. The easiest way to make in investment advice phone appointment is to schedule it online at CAPTRUSTAdvice.com. You can also call CAPTRUST directly at 1-800-967-9948. Please have your Empower account login information, a recent copy of your account statement, a current paycheck, and any other financial records you would like to review during your appointment. This service is available at no cost to you as part of your Annuity & Savings Plan benefits.