For IPF:
Phone: 1-888-880-8222
Fax: 202-347-7339

For IHF:
Phone: 1-888-880-8222
Fax: 202-383-3905

620 F Street, NW
Washington, DC 20004

About Us
Retirement Savings Plan - A Summary Plan Description

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401(k) Participation

To participate your Local Union must participate in the International Pension Fund and must have negotiated specific language covering the BACSAVE 401(k) Plan into their collective bargaining agreement(s). The plan will be available to every member covered by the agreement, but only those members that want to participate in the 401(k) will contribute to it, and each participating member will decide how much they want to contribute. Members will be able to make contributions to the 401(k) in 25-cent increments up to a maximum hourly contribution of $5.00. Contractors who are incorporated and the staff of all contractors are also allowed to participate in the BACSAVE 401(k). By linking participation in the BACSAVE 401(k) to participation in the International Pension Fund, administrative difficulties for participating employers are eased.

In other words, three different members could make three different decisions: Member A could choose not to participate and would contribute nothing to the 401(k); Member B could choose to contribute $1.00 of pre-tax earnings; and Member C could contribute $2.50. All three scenarios would be allowed under the 401(k). This is different from the annuity plan in which employers contribute the same amount for all employees covered by the collective bargaining agreement, and all members covered by the agreement must participate in the plan.

Once a member decides to participate—and decides how much per hour he or she wants to save—a personal identification card will be issued to him or her that states that hourly amount. A member will be required to show this card to the employer’s payroll office when he or she starts a new job so that the contractor will know how much to deduct for the first payroll period. From that point on, however, the member’s hourly deduction will automatically be printed on the contractor’s IPF Report Form. This will help the contractor keep track of who is, and who is not, participating and the amount of the deduction. It will also help the contractor continue to make the appropriate pre-tax 401(k) plan deductions from the participating member’s wages. Will it take getting used to? Will it work? The answer to both questions is yes.

The BAC SAVE 401(k) Plan is available to members whose Local Unions have negotiated Plan participation into their collective bargaining agreements. For more information on the BAC SAVE 401(k) and the investment options available under the Plan, please contact the Fund office or go to (links below) for more information.

BAC SAVE 401(k) Introduction

BAC SAVE 401(k) Fee Notice