Don't Put Off Checking Your 2011 IPF Annual Statement
The International Pension Fund has mailed the 2011 Annual Statements to all participants. Each participant's statement contains important information about hours reported by employers on their behalf in the last year, updates of past service and future service credit, and beneficiary information. It is very important that every participant review their statement carefully and notify IPF of any discrepancies or concerns. Here's what you need to be aware of when reviewing your statement:
Social Security/Insurance Number
For your security, the first five numbers of the Social Security (Insurance) number have been suppressed.
Future Service Credit Hours
Again this year the Annual Statement shows members all hours reported to IPF on their behalf by year. This can include hours worked outside a member's home Local, including those worked prior to the date their home Local first participated in IPF. Participants may request a more detailed report of total hours reported to IPF on their behalf by month and may provide information on any missing hours or periods of disability which are not reflected in the Fund's records. Periods of disability are not credited as past or future service, but may qualify a participant for a disability exemption for an apparent break in service.
IPF processes hundreds of thousands of transactions each year. In 2011 alone, the Fund office processed more than 550,000 report transactions from about 11,000 contributing employers. This mailing is comprised of over 45,000 Annual Statements. If you find a discrepancy in your hours or a possible delinquency, please notify the Fund office, and provide the office with check stub copies, or Local or employer records that document the missing hours, along with a copy of your statement. Hours reported or adjusted in 2011 will appear on the statement in detail, showing the work month and name of employer. If detailed hours for a year earlier than 2011 appear on the statement, the hours were either reported late or originally under an incorrect Social Security (Insurance) number.
Past Service Credit
Past service credit estimates shown on the annual statement take into account many factors including the member's initiation date, the member's date of participation, the Local's date of participation, the participant's home Local (the Local in which the majority of a participant's employment in the International Pension Fund has occurred), and any apparent breaks in future service, which can cancel service credit.
IPF has taken numerous steps to improve the accuracy of participants' estimated past service credits. A participant may request to have their past service estimate verified as part of a pension status report. This request must be made in writing. A final determination of a participant's eligibility for past service can only be made at retirement.
Your statement only shows beneficiary designations received by the Fund office. Designations made for the International Union or a Local plan will not appear. Any beneficiary changes related to IPF must be made on an IPF enrollment card or IPF change of beneficiary card. Participants whose statements do not show a beneficiary will receive a separate mailing from IPF requesting that designation.
Since 2002, IPF has been sending and receiving contributions for traveling members under the International Reciprocal Agreement (related adjustments appear under the employer account number 297706 in the U.S. or 997706 in Canada).
IPF takes pride in providing personalized service to its participants. For questions or concerns, please contact IPFAnnualStatements@ipfweb.org.
To notify the Fund in writing of any discrepancies, please write to:
David F. Stupar
International Pension Fund