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
Retirement Savings Plan - A Summary Plan Description

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Annuity Status Report

As of August 31, 2017, the assets of the International Retirement Savings Plan (RSP) totaled over $154 million covering 17,488 participants in Alabama, Connecticut, Delaware, Florida, Georgia, Louisiana, New Jersey, Montana, West Virginia, Ohio, New York, Missouri, Michigan, North Dakota, Oklahoma, Pennsylvania, Tennessee, Texas, Utah, and under the ICE agreement. Currently, over $23 million in assets is financing union construction. The Local 15-11 Florida Annuity Plan merged March 1, 2017. Local 52 Ohio participated June 1, 2016. The average participant account balance is more than $7,900.00, with 660 members having accounts in excess of $50,000.00 and 259 members with amounts greater than $100,000.00. The average local contribution rate is $3.73. The Plan is summarized as follows:

Vesting

  1. One year of IPF future service credit or
  2. 400 hours of employer contributions to Retirement Savings Plan

Benefit Types

  1. Retirement - receiving benefit from IPF
  2. Inactive - 24 months since last employer contribution
  3. Totally and Permanently Disabled
  4. Survivor Benefit - accumulated share payable to beneficiary
  5. Financial Hardship
    • Funeral and related expense due to death of close relative
    • Unreimbursed medical expenses
    • Foreclosure/eviction prevention
    • Educational expenses
    • Home purchase or repair
    • Other extraordinary financial hardship

Benefit Amount

  1. The value of your Individual Account as of last valuation date, plus
  2. Employer contributions since last valuation date, plus net
  3. Quarterly investment yield applicable to your Individual Account since last valuation date
  4. Less Administrative Expenses
  5. Equals account benefits payable

Annual investment yields are summarized as follows:

1990: 10.3%
2001: 1.92%
1991: 10.0% 2002: -0.02%
1992: 6.4% 2003: 8.20%
1993: 5.2% 2004: 4.85%
1994: -2.1% 2005: 2.6%
1995: 13.5% 2006: 7.7%
1996: 5.2% 2007: 6.8%
1997: 13.3% 2008: -10.3%
1998: 10.0% 2009: 6.9%
1999: 1.35% 2010: 4.8%
2000: 3.03% 2011: 2.08%
2012: 10.33% 2013: 8.4%
2014: 5.0% 2015: 0.052%
2016: 7.25%
Average Yield: 5.28%

Investment Portfolio

60% Fixed Income (Marco Consulting Group Trust, Amalgamated Bank Longview Construction Loan Fund & AFL-CIO Housing and Building Investment Trusts); 40% Equities.

Benefit Payment Options

  1. In lump-sum
  2. Equal monthly installments over 5 or 10 year period
  3. Lifetime annuity, as either a 50%, 75% or 100% Joint and Survivor or Single.
  4. Single life annuity or lifetime annuity with balance to survivor

Members may track their balance and apply for benefits, via the BAC Member Portal, at member.bacweb.org. A total of 48 participants have converted their account balance at retirement to a monthly annuity and are receiving an average $560.00 per month under Benefit Payment Options 2, 3, and 4. Further information on the Annuity Plan or the BACSAVE 401(k) Program can be provided by contacting the IPF office at 1-888-880-8222 or go to www.ipfweb.org

Last updated: October 2017