OHIO LABORERS
Annuity Fund
EMPOWER
Empower administers the individual accounts. You can contact Empower via phone, mail, online, and mobile apps. Upon initial receipt of contributions, members will receive information directly from Empower.
Empower provides online services, such as the ability to manage your account, check your account balances and performance, research investment options, and make changes to how your account balance and future contributions are invested. Additionally, the platform includes helpful tools that enable you to customize your investment mix according to your specific investment goals.
To register on the Empower website, simply click Register/Login and choose “I do not have a PIN.” Follow the prompts to create a username and password. All inquiries should be directed to Empower. If you encounter any issues or require further assistance, you can call Empower at 1-833-569-2433 for prompt and efficient support.
Frequently Asked Questions
Can I opt out?
No. This is a collectively bargained employer contribution agreed upon by the Laborers’ District Council of Ohio and the Ohio Contractors Association. It is referenced in the Heavy Highway Agreement effective May 1, 2022.
When can I get my money?
Participants are eligible to receive the balance of their Annuity upon retirement from the Union, becoming permanently disabled from laboring, or leaving covered employment for at least 12 consecutive months. A participant’s named beneficiary(ies) are also eligible for distribution upon the participant’s death. Some distributions may be subject to early withdrawal tax penalties.
Are there any loan or hardship provisions??
There are no plan provisions for hardship withdrawals or loans.
What happens if I move jobs to a different contractor?
Participants are eligible to receive the balance of their Annuity upon retirement from the Union, becoming permanently disabled from laboring, or leaving covered employment for at least 12 consecutive months. A participant’s named beneficiary(ies) are also eligible for distribution upon the participant’s death. Some distributions may be subject to early withdrawal tax penalties.
What happens to my money if I change to a job outside laboring?
When you leave covered employment (with no contributions) for at least twelve consecutive months it is considered termination. If the account value is less than $1,000, the account will be distributed automatically. If the value is over $1,000, you are able to withdraw all or a portion of your annuity balance, but you must request the distribution. Otherwise, the account balance will stay in the portfolio and continue to be invested. Termination distributions may be subject to early retirement tax penalties.
How do I change my beneficiary?
Beneficiaries will be managed by Empower. Members can update their beneficiaries with Empower via phone, web, or mobile app. They cannot be updated by contacting Ohio Laborers Benefits.
When am I vested?
A member is vested upon receipt of one hour of contribution.
Who contributes?
Contractors under the following agreements:
- Ohio Highway Heavy Municipal – Utility State Construction Agreement
- Ohio Statewide Three Trade Solar Agreement
- Laborers Local 245 Building Agreement
- Laborers Local 83 Building Agreement
Can I manage my own investments?
Yes, participants will have the ability to invest their funds in a number of mutual funds and active managers. When first received, contributions will automatically be invested in a “Qualified Default Investment Alternative (QDIA),” more commonly referred to as a Target Date Fund. The participant’s annuity balance and any future contributions will remain in the QDIA until/unless the Participant chooses to invest in one of the other available investment options.
How is my benefit paid to me?
A participant’s benefit is paid as a lump sum which represents the total value of all the accounts within the participant’s portfolio. Funds can be rolled over into another qualified account. Contact Empower for more information.
When do I get notified I have an annuity account?
Within approximately 1 month after your first Annuity Contribution is received, you will receive information in the mail separately from the Benefits Office and Empower. The mailing from the Benefits Office will provide you with a Summary Plan Description (SPD) of the Plan, and the mailing from Empower will provide you with instructions on how to create your online account for your annuity.