About Automobile mechanics' local 701 pension fund
Automobile Mechanics' Local 701 Pension Fund: Providing Financial Security for Auto Workers
The Automobile Mechanics' Local 701 Pension Fund is a non-profit organization that provides retirement benefits to auto workers in the Chicago area. Established in 1952, the fund has been helping mechanics and their families achieve financial security for over six decades.
The fund is managed by a board of trustees, which consists of both employer and employee representatives. The trustees are responsible for overseeing the fund's investments and ensuring that it remains financially stable.
One of the key benefits of being a member of the Automobile Mechanics' Local 701 Pension Fund is that it provides a guaranteed monthly income during retirement. This income is based on a formula that takes into account an individual's years of service and earnings history.
In addition to providing retirement benefits, the fund also offers disability and death benefits to its members. If an active member becomes disabled or dies before reaching retirement age, they or their beneficiaries may be eligible for financial assistance from the fund.
To qualify for membership in the Automobile Mechanics' Local 701 Pension Fund, individuals must work as auto mechanics or related trades in Cook County or one of its surrounding counties. They must also be employed by an employer who contributes to the fund on their behalf.
Contributions to the fund are made by both employers and employees. Employers are required to contribute a certain percentage of each employee's wages into the pension plan, while employees may also choose to make voluntary contributions.
Overall, joining the Automobile Mechanics' Local 701 Pension Fund can provide peace of mind knowing that you will have financial security during your retirement years. With over six decades of experience managing pension funds for auto workers, this organization has proven itself as a reliable source for retirement benefits in Chicago and its surrounding areas.
If you're interested in learning more about how you can become a member or how your employer can contribute to this important cause, visit their website today at www.local701pensionfund.com