Since being elected Business Manager in 1996, Mike Gallagher has been determined to raise the standard of living for our membership, with improving the pension benefits a top priority.
Now, due to strong contributions and the stable ongoing financial health of the IUOE Local 793 Pension Plan, an increase in pension benefits has been approved by the Pension Board of Trustees.
Effective September 1, 2023, all benefits earned up to January 1, 2023, will be increased by 6%.
“We know how difficult times have been in recent years with runaway inflation and rising interest rates, so on behalf of all the pension trustees, we are delighted to be able to improve your pension by 6%,” said Business Manager Gallagher.
“In the last 26 years, the membership has grown, pension and benefit plans have improved, and wages have been raised. This would not be possible without the solidarity and strength of our membership.”
Plan members who are entitled to benefits from the Local 793 Plan as of September 1, 2023 – whether they’re pensioners, active or inactive members – will benefit from the increase. The 6% increase will be applied and processed for pensions in pay starting with the September 1, 2023, monthly payment.
Local 793 President and OEBAC Executive Director, Joe Redshaw, said, “I am delighted with our Plan’s continued good health and the enhanced value it provides to plan members during these uncertain economic times.”
If you have any questions about this change or how it impacts you, please contact the Operating Engineers Benefits Administration Corporation (OEBAC) Pension Department at info@oebac.org or 1-844-793-1919.