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. CPF has had 10 major increases for retirees since the inception of the Plan, and currently is the fourth largest labor management pension fund in the nation.
CPF has no employer withdrawal liability
Current Funding of Vested Benefits: 115%
Current retirees: 55,000
Contributions for fiscal year ended January 31, 2005 are estimated at approximately $430 million
Benefits paid for fiscal year ended January 31, 2005 are estimated at approximately $446 million
Current vested and active participants total more than 106,000
Number of participating locals: 82