For a real pension and real retirement security, come join the International Union of Operating Engineers.
What is the Central Pension Fund?
- The Central Pension Fund (CPF) is a multi-employer pension fund established in 1960 to provide retirement, disability and death benefits to members of, and individuals represented by, the International Union of Operating Engineers. Plan benefits are based upon annual employer contributions for participants which are reported to CPF from employer locations.CPF is governed by a Board of Trustees comprised of employee and participating employer representatives. CPF’s responsibilities include servicing participants and employers, supporting the employers and unions by maintaining a pension plan that will attract and retain employees, fulfilling the fund’s fiduciary role and ultimately paying pension benefits.
The Central Pension Fund has $14 billion in assets.
CPF has over 6,200 contributing employers.
CPF has over 120,000 active participants and pays benefits to over 65,000 recipients and beneficiaries each month.
CPF is the 3rd largest multi-employer defined benefit pension fund in the United States.
What Benefits Are Paid By CPF
Normal Retirement Benefit: Payable at normal retirement age (usually 65). It is a monthly benefit for life.
Early Retirement Benefit: Payable as early as age 55 with 10 years of service. It is equal to the Normal Retirement benefit reduced by 3% per year for years prior to age 65.
Special Early Retirement Benefit: Payable as early as age 55 with 25 years of credited service. It is reduced by 3% per year for years prior to age 62.
Special Retirement Benefit: Payable as early as age 62 with 25 years of credited service. It is equal to the Normal Retirement benefit without reduction.
Post-Retirement Surviving Spouse Benefit: Payable to the surviving spouse of a deceased retiree for life, at optional levels of 50%, 66-2/3%, 75%, or 100% of what the retiree was receiving. It is equal to the Normal Retirement Benefit with reductions because the benefit will be paid over two lifetimes.
Pre-Retirement Surviving Spouse Benefit: Payable at any age to the surviving spouse of a vested participant who dies before retirement. It is a lifetime benefit equal to 50% of the Normal Retirement Benefit. This does not apply if the Participant and their spouse have been married for less than one year.
Disability Benefit: Payable under age 55 with 15 years of service. It is equal to the Early Retirement Benefit at age 55.Visit the CPF Website
CPF Information is current as of Jan 2017