Q:

What is a central pension fund?

A:

Quick Answer

The Central Pension Fund is a pension fund founded in 1960 by multiple employers to provide retirement benefits to members of the International Union of Operating Engineers. The fund also provides death and disability benefits, states the Central Pension Fund website.

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Full Answer

Beneficiaries of the Central Pension Fund receive a monthly retirement benefit for life. More than 6,500 union employers in the United States contribute towards the fund, as of 2015. Other benefits paid the fund include early retirement benefits, special retirement benefits, post-retirement surviving spouse benefit, pre-retirement surviving spouse benefits and disability benefits, according to iuoelocal406.org. The fund maintains records for all contributions made by a member, even if they change employers.

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