For IPF:
dstupar@ipfweb.org
Phone: 1-888-880-8222
Fax: 202-347-7339

For IHF:
rdonovick@bacweb.org
Phone: 1-888-880-8222
Fax: 202-383-3905

620 F Street, NW
Washington, DC 20004
202.783.3788

About Us

[ En Español ]

The International Pension Fund has 176 participating locals in the U.S. and Canada, including 39 tile locals and 10 OP&CMIA local unions. Local 8 Ohio participated June 1, 2008. Currently, 92% of BAC members are in locals participating in the International Pension Fund. The assets of the U.S. Fund total $1,445,808,609.00 as of August 31, 2017 from contributions and investments. At this time, $250,422,218.00 of assets is invested to finance union construction. The current assets of the International Retirement Savings Plan amount to $154,924,965.00. BAC Save 401(k) Plan Assets total $3,430,165.00.

The average contribution rate is $1.41. The Fund currently is disbursing $13,400,000.00 monthly benefits to 26,106 pensioners and beneficiaries. Currently, 24,468 pensioners have elected to have their benefit paid via electronic fund wire transfer. The average monthly benefit is $509.00. The highest monthly benefit being paid is $5,090.00. The highest benefits reflect merged local Pension Plans where the former Plan benefit is combined with the International Pension Fund benefit. By December 2016, more than $2.8 Billion had been paid to retired tradesmen and their beneficiaries.

The contribution rate/benefit formula was increased by 10% effective July 1, 2000 and again by 5% effective November 1, 2001. Effective April 1, 2009, the accrual rate was decreased to each $.10 of the contribution providing an accrual of $1.40 per month for each year (1,500 hours) of future service credit. For example, if an IPF participating Local was at a contribution rate to $1.50, the prior accrual was $32.34 per year of service. The accrual for employment after April 1, 2009 at the $1.50 contribution rate is $21.00 ($1.40 x 15) per year of service earned.

All collective bargaining agreements negotiated on or after April 1, 2009, or current agreements with increases to be allocated on or after April 1, 2009, must have included a 15% increase in the IPF contribution rate effective from the time the IPF rate in effect on March 31, 2009 expires. The 15% increase is not recognized for purposes of benefit accrual but is used solely to increase the funding of the IPF to help ensure compliance with the funding requirements under the Pension Protection Act (PPA).  Under the PPA, the Board of Trustees is required to institute a 10-Year Funding Improvement Plan (FIP) and, more recently, a Rehabilitation Plan.

As previously noted, for Collective Bargaining Agreements expiring in 2013 and thereafter parties negotiated agreements with a Preferred or Alternate Schedule with a 3% or a 4% increase in each of the years covered by the CBA. Under each FIP Schedule, the increases are compounded with each new rate and as additional increases are required.  Instead of listing additional 3% or 4% (6% in later years) negotiated contribution rates separately, these increases should be combined with existing 15% IPF PPA rates and the prior PPA 3% or 4% increases, and reported together on the IPF employer report form. In calculating increases, a remaining half-cent or more increase is to be rounded up to the next cent. Under the Rehabilitation Plan, effective July 1, 2016, unreduced early and unreduced disability retirement is eliminated. In addition, inactive vested participants are no longer eligible for early pension unless they earn three (3) years of future service to qualify. Lump-sum death benefits are capped at $5,000.00 and the “pop-up” feature for joint and survivor pensions are eliminated with the regular pension five (5) year guarantee being replaced by a lifetime benefit.

Last updated: October 2017