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Summary of Material Modification


Important Notice of Summary of Material Modifications


                    LOCAL 138, 138A, 138B & 138C


In accordance with Section 5.3 of the Plan, the Trustees hereby amend the Plan effective March 15, 2018 to add Article X to the Plan, set forth as follows:




Effective March 15, 2018, a Participant may take an In-Service distribution of the employer contributions made to his account in any amount, up to a maximum of $100,000 lifetime. A Participant is only eligible to receive upon proper application, an In-Service distribution at the following anniversary dates of participation in the Plan:

· 5 Plan Years of Participation

· 10 Years of Participation

· 15 Years of Participation


Local 138 Self Direct Program

Monday, 07 February 2011 15:29

The Prudential GDA Account net rate for the period 1/1/2011 through 6/30/2011 is 5.75%.  Please contact David Barnett, SR. Vice President of Investments at Merrill Lynch, at (631)351-5190 if you are not currently enrolled in the Self Sirect Program and would like to participate.


Summary of Material Modification

Monday, 22 February 2010 21:10

Summary of Material Modification


Important Notice of Summary of Material Modifications

Monday, 27 April 2009 19:00

TO:     All Eligible Participants of the Local 138, 138A, 138B & 138C Annuity Fund.

In order to address the ongoing issue of the fluctuation in the economic markets and to benefit affected participants and their beneficiaries, the Trustees of the Local 138, 138A, 138B & 138C Annuity Fund have modified the Plan’s valuation upon distribution provisions.

Effective January 1, 2009, when a participant with more than $5,000.00 in their account applies for a distribution of $5,000.00 or more, the Fund shall retain 10% of the gross distribution amount until the investment yield of the Fund is determined.  The Fund will distribute the remaining distribution to the participant, depending on the market gain or loss of the Fund, at the end of the Plan Year in which the distribution is taken.

This modification was passed upon the advice of our professional advisors and takes into account fluctuations in the economic markets that might negatively impact on your account at a particular time.

Please keep this notice with your Summary Plan Description.  If you have any questions regarding the contents of this notice or your benefits in general, please contact William K. Duffy, Jr., the Fund Administrator, at (631) 694-2480 ext. 3.

Very truly yours,

Board of Trustees


The stock market's affect on Local 138 investments

Friday, 13 February 2009 19:00

During the fourth quarter, global and domestic stock markets tumbled. The damage was widespread, and affected all pension funds and individual investors alike. Fortunately, our portfolio has a conservative stance, so the potential for damage was greatly reduced. As per our investment policy, we do not invest in hedge funds or private equity, and so have distanced ourselves safely from the likes of Bernie Madoff and other ponzi schemes that have come to light.

Our Welfare, Trustee Directed and Self Directed Annuity programs have been carefully selected and scrutinized and are free of such fradulent investments. In light of all the troubles our economy is facing the Local 138 Annuity Fund would like to ensure all of it's participants that the Board of Trustees will continue to monitor the fund and keep a close eye on all of it's investments in the manner that you have come to expect from us.

If you have any questions or would like to review your individual account please contact the Fund office to set up a one on one meeting with the Fund Administrator.


Fraternally yours,

William K. Duffy, Jr.
Fund Administrator
IUOE Local 138
P.O. Box 206
Farmingdale, NY 11735
(631) 694-2480


Important change to your Annuity Plan concerning your eligibility for a hardship withdrawal

Tuesday, 06 May 2008 19:00

Important change to your Annuity Plan concerning your eligibility for a hardship withdrawal.

Dear Participant:

The following is an important change that has been made to your Local 1 38, I 38A, 138B and I38C, I.U.O.E. Annuity Plan concerning your eligibility for a hardship withdrawal.

Effective July 1, 2008, Section 9.2 of the Annuity Plan is amended as follows:

Section 9.2 Except in the case of medical expenses incurred totaling $1 ,000 or above that are consistent with the terms under section 9.1(a), or with respect to the need to pay tuition expenses consistent with the terms under 9.1(b), a hardship withdrawal may be granted to a participant only one time per eighteen (18) consecutive months.

The amount of the hardship withdrawal may include Federal, State and Local income taxes, as well as early distribution penalties. For purposes of this Article, dependent child means any child or grandchild claimed as a dependent on a Participant’s individual tax return. This new provision is intended to modify Section 9.2 of the Annuity Plan.

If you have any questions concerning the changes stated above, please contact the Fund office for assistance.


Trustees of the Local 138, 138A, 138B and 138C, 
I.U.O.E. Annuity Fund


Important Update!

Tuesday, 01 August 2006 08:30

To: All Local 138 Annuity Fund Participants.
From: William K. Duffy, Jr. - Administrator
Re: Local 138 Annuity Fund Self Directed Program


The Local 138 Annuity Fund Board of Trustees is continuously monitoring the investment options offered within the self directed program. Therefore the Board has implemented several changes to the Program. These changes will take affect August 1, 2006.

As of that time Prudential will no longer be the record keeper on the plan. NY Life will replace Prudential and this transition will be transparent to all those members that participate. The move will allow the Fund to offer a greater variety of investment options as well as some increased technology that the Board feels will benefit the membership in the long run.

If you should need additional information regarding these new options, or you are thinking about enrolling in the program for the first time, pleae contact the Fund Advisor, David Barnett @ (631) 351-5190. 

David Barnett
Senior Vice President-Investments
Merrill Lynch



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