BAC SAVE Annuity Posts 7.25% Return for 2016, Adding New Participating Locals
The assets of the BAC SAVE RSP annuity plan now total more than $150 million and cover more than 18,000 participants in 29 Local Unions. The annuity’s 2016 annual yield was a healthy 7.25%, with an average annual yield since inception at 5.28%. New participating jurisdictions include the Tennessee Chapters of Local 8 Southeast, Local 52 Ohio, and the Utah Chapter of the Mountain West Administrative District Council (MW ADC). The former BAC Local 15-11 Florida Annuity Plan merged into the BAC SAVE RSP effective March 1, 2017, granting those participants access to the RSP’s hardship withdrawal provisions. In addition to financial hardship and inactive benefits, participants wishing to receive a distribution from their accounts are offered several payment options, including joint and survivor, single life annuities, monthly installments, lump sums, and rollover options at retirement.
Track Your BAC SAVE Retirement Savings Annuity Plan Balances Electronically with the BAC Member Web Portal
If you are a member of a Local Union that participates in the BAC SAVE Retirement Savings Plan (RSP), you can now monitor your contribution and account balance data electronically through the BAC Member Web Portal. In addition to BAC and IPF contribution information and statements, BAC SAVE participants can access an application to apply for withdrawals whenever and wherever an Internet connection is available via a PC or laptop. You can also access this information on tablets or smartphones with BACMobile apps for both Android and iOS users. Currently 2,300 RSP participants are accessing this information through the Portal. These BAC members make up more than 30% of all Member Portal registrants. Portal registration is fast and easy. Just go to www.bacweb.org and click on the blue BAC Member Portal banner (see picture), located in the middle of the International Union’s website to get started.
Portal Registration is Fast and Easy
Get started today by registering online now at member.bacweb.org for the BAC Member Web Portal by following these simple steps:
- Log onto BAC’s homepage at www.bacweb.org
- Have your IU Number ready (located on the upper left of your Union card)
- Have the address of your active e-mail account ready
- Click on the “Member Portal” banner
- Click on “Create an Account”
- Follow the instructions on the screen
- Sign up for the receipt of IPF/BAC SAVE materials electronically
- Record your username and password for future use
Register for the BAC Member Web Portal and Mobile Applications and Stay Connected.
Note: BAC SAVE 401(k) Plan participants have similar access to their 401(k) accounts through Wells Fargo at www.wellsfargo.com.