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Plan Overview

OFFICE AND PROFESSIONAL EMPLOYEES INTERNATIONAL UNION LOCALS NO 30 & 537 RETIREMENT FUND

Defined Benefit Cash Balance Plan
OFFICE AND PROFESSIONAL EMPLOYEES INTERNATIONAL UNION LOCALS NO 30 & 537 RETIREMENT FUND is a Defined Benefit Cash Balance Plan which is essentially a blend between a traditional Defined Benefit and Defined Contribution plan because it has traits of both. Most cash balance plans are described and recognized as a Defined Benefit Plans because of the structure of individual accounts for each employee which are similar to 401(k) plans.

Under a cash balance plan the employee receives defined pension credits for each year of employment based on a set percentage of the employe's annual salary. For example if the employee's annual salary is $45,000.00, and the contribution rate is 5%, the annual contribution to the employee's cash balance plan would be $2,250.00. Along with this annual contribution the employee's plan will also gain interest value. The interest value is a set percentage and does not change, therefore, the employee has no control over how the funds in the plan are invested.

This type of plan often results in increased company profits and lower employee pensions.

Plan & Company Information:
CompanyBOARD OF TRUSTEES OF OPEIU LOCALS 30 & 537
13191 Crossroads Pkwy N
Ste 205
City of Industry, CA 91746-3434
562-483-5000
Plan NameOFFICE AND PROFESSIONAL EMPLOYEES INTERNATIONAL UNION LOCALS NO 30 & 537 RETIREMENT FUND
Plan Type Plan Type
Defined Benefit Cash Balance Plan
(Expanded Definition and Explanation)
Plan Administrator BOARD OF TRUSTEES OF OPEIU LOCALS 30 & 537
13191 Crossroads Pkwy N
Ste 205
City of Industry, CA 91746-3434
562-483-5000
   
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