What is the Central Pension Fund?
- CPF is a “real” pension plan—one that pays a monthly retirement benefit for life.
- CPF was established in 1960 by the International Union of Operating Engineers and union employers nationwide.
- CPF is the 4th largest labor-management pension fund in the United States with assets in excess of $11 billion.
- CPF receives contributions from 6,500 union employers throughout the United States.
- CPF has more than 185,000 active participants and pensioners.
- CPF has reciprocity with every IUOE Local Union pension fund in the United States, and four province-wide funds in Canada.
- CPF’s benefits are insured to the limits set by the U.S. Pension Benefit Guaranty Corporation.
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 Retirement Benefit: Payable as early as age 62 with 25 years of 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.
Disability Benefit: Payable at any age with 15 years of service. It is equal to the Early Retirement benefit.
CPF Information is current as of Aug 2011