BAC SAVE Annuity Posts 14.43% Return for 2019, Adding New Participating Locals
The assets of the BAC SAVE RSP annuity now totals more than $180 million and covers 20,000 participants in 34 Local Unions. New participating jurisdictions include the Local 47 Chapter of Local 5 Pennsylvania; Locals 3, 7 and 44 Ohio; the Local 6 Tennessee Chapter of Local 8 Southeast, and the Local 6 Colorado Tile Chapter.
In addition to financial hardship and inactive benefits withdrawals, participants wishing to receive a distribution from their accounts can receive several payment options, including joint and survivor, single life annuities, monthly installments, lump sums and rollover options at retirement.
The RSPs moderately conservative investment policy has approximately 45% of Plan assets held in high quality fixed income securities, 40% in equity investments and 15% in pooled real estate funds such as the AFL-CIO Housing and Building Investment Trusts. The annuity’s 2019 annual yield was 14.43%, with an average annual yield since inception at 6.16%.
Log on today — RSP Annuity Portal Access
The BAC Member Portal enrollment continues to increase, including RSP Annuity participants who are enjoying round-the-clock access to account balances, and the ability to track hours and contributions to their individual accounts. Currently 3,350 RSP participants are accessing this information through the Portal. More than 20% of all Member Portal registrants are RSP Annuity account holders. Portal registration is fast and easy. To get started, visit bacweb.org and click on the Member Portal banner.