International Union of Operating Engineers
Local 30

When You Retire

When you retire from active employment with the Local 30 Union, you have a variety of options to maintain a steady income and remain covered for health benefits.

Health and Welfare Benefits

Private Sector Participants

When you retire, you may be eligible to receive a retiree allowance to help you purchase medical coverage for you and your dependents.

You may also enroll in Medicare when you reach normal retirement age (age 65). If you do not enroll in Medicare when you are first eligible but decide to enroll later, you may pay a higher Medicare premium.

Municipal Participants

When you retire, you may enroll in Local 30 Retired Employees Welfare Trust Fund benefit plans. Plans include dental and vision benefits. These plans cover many of the same services as the plans for Active Municipal workers.

You may also enroll in Medicare when you reach normal retirement age (age 65). If you do not enroll in Medicare when you are first eligible but decide to enroll later, you may pay a higher Medicare premium.

When you retire, you may be eligible to collect your full Pension Plan benefit. To be eligible, you must:

  • Be vested under the terms of the Plan
  • Be at the normal retirement age or older

Your pension benefit is distributed in a number of ways, depending on your eligibility:

  • Lump-sum payment
  • Annuity payment
  • Split payment between you and your spouse

If you retire before you reach the normal retirement age, you may still collect your Pension Plan benefits. However, depending on your eligibility, you may receive a reduced benefit for being under the normal retirement age.

For more information about how your Pension benefits, please contact the Fund office.

If you are a Municipal employee your pension is through the New York City Employee Retirement System (NYCERS). Please visit the NYCERS website for more information.

When you retire and are at least age 55, you are eligible to receive your Annuity Fund benefit.

To receive your Annuity benefit, you must:

  • Set up a withdrawal request with Fidelity, the Plan administrator, by contacting Fidelity;
  • contact the Fund office.  

If you are eligible, you will receive your benefit in monthly installments for the rest of your life.

For Municipal employees, visit the City of New York Deferred Compensation website.

For more information about how your Annuity benefits, please contact the Fund office.