The IUOE Local 57 Annuity Fund was first established on May 1, 1989. As a member of Local 57, the Annuity Plan gives retirees of Local 57 the opportunity to retire with a lump sum benefit to supplement costly retirement expenses.
If you have any questions or wish to obtain a current statement of your annuitybenefit, please contact the Benefit Funds Office at (401) 331-9191.
How to Become Eligible for Annuity Benefits
Your benefits are payable to your beneficiary should you die before beginning to recieve benefits from the Fund. If you have no surviving spouse, they will automatically be paid to you surviving beneficiary. If you do not have a beneficiary on file or if you wish to change your beneficiary, please complete the Beneficiary Designation Form and return to the Funds office.
How Much Your Benefit Will Be
When you have become eligible for your benefit, the amount you will receive is:
You have the option to withdraw your full account value or 50% of your account value.
Taxation of Benefits
Current law requires a mandatory 20% federal income tax withholding for lump sum payments. You can avoid this mandatory withholding by having the benefit rolled over directly to an IRA or another qualified plan.
Other taxes may also be deferred or reduced, therefore, you should review your personal situation with a tax advisor before beginning to receive benefits.
You are responsible for the tax liability of benefits received and may be subject to estimated tax payments and penalties if you do not have sufficient taxes withheld. You may also be responsible for state income tax liability, if any.