This short video is only applicable to IUOE Local 302 members who’s employers remit PENSION hours on their behalf per the Schedule A of the International Union of OPERATING ENGINEERS and INLAND NORTHWEST AGC Master Labor Agreement and Addendums (District 5 Eastern WA and Northern Idaho) after January 1,2021. If you do not work under the INLAND NORTHWEST AGC MLA after January 1, 2021 this DOES NOT apply to you.  

Sustainable Income Pension (SIP) This video presentation only applies to 302 members with benefit hours being reported to the ENGINEERS-AGC RETIREMENT TRUST FUND OF THE INLAND EMPIRE. That are working under the EASTERN WASHINGTON AND NORTHERN IDAHO, Master Labor Agreement (International Union of Operating Engineers and the Inland Northwest AGC). The new plan design will take effect on 1-1-2021. 

The Milliman Sustainable Income Plan (SIP) is an innovative retirement Plan design, combining the benefits of a defined benefit Plan (DB) and a defined contribution plan (DC). It provides the best of both worlds. 

The SIP is a smarter way to balance risk between sponsors and employees. It’s the first plan design that aligns the objectives of finance and human recourses. 

This is still a Defined Benefit Plan!