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Important Notice of Summary of Material Modifications

AMENDMENT OF THERESTATED ANNUITY PLAN OF THE

                    LOCAL 138, 138A, 138B & 138C

INTERNATIONAL UNION OF OPERATING ENGINEERS, AFL-CIO

In accordance with Section 5.3 of the Plan, the Trustees hereby amend the Plan effective March 15, 2018 to add Article X to the Plan, set forth as follows:

ARTICLE X

IN-SERVICE DISTRIBUTION

10.1

Effective March 15, 2018, a Participant may take an In-Service distribution of the employer contributions made to his account in any amount, up to a maximum of $100,000 lifetime. A Participant is only eligible to receive upon proper application, an In-Service distribution at the following anniversary dates of participation in the Plan:

Minimum of 5 Plan Years of Participation.

Second Distribution cannot take place until 5 years after the First Distribution (as long as the $100-0,000.00 lifetime maximum has not been met).

 

Any subsequent distributions can be made 5 years after the prior distribution (as long as the $100,000.00 lifetime maximum has not been met).

 

 

 

 

 

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