Important FAQs for IPF Participants
JOURNAL: ISSUE 1 - 2014
The following FAQs (Frequently Asked Questions) are included in the recent 2012 IPF/IHF Annual Report to provide critical information for participants applying for benefits from the International Pension Fund (IPF). A complete listing of IPF FAQs are posted on-line, in English and Spanish, at www.ipfweb.org.
Q: Does IPF provide Survivor Benefits?
A: Yes. At retirement, a participant must elect either a regular or husband-and-wife form of payment. (The IPF Canada Plan contains several other forms of benefit payment elections). The regular form of payment is paid for life with a sixty month payment guarantee. The husband-and-wife pension is the regular pension for married pensioners reduced to provide a 50% or 75% lifetime benefit to the surviving spouse. If a participant dies prior to retirement, the IPF provides a 100% surviving spouse pension to vested participants. If a participant was not vested but had at least one year of future service credit, a lump sum death benefit is payable. An orphan's pension is payable in the event a vested participant and surviving spouse die at a time before benefits are payable. The monthly pension will continue to the children until they reach age 21 (age 19 under IPF Canada rules).
Q. Can I work after retiring?
A: Yes, but there are restrictions based on the type of employment, your age, and your income. First, you must separate from employment for the entire month your pension begins. You must also notify the Fund office in writing within 15 days about any employment you undertake. Any IPF benefits paid while working in Disqualifying Employment will be deducted from future benefits. Exactly what type of work that will cause your benefit to be suspended depends on your age and earnings. Disqualifying Employment refers to employment with a contributing employer, or an employer in the same or related business, self-employment in that business, or employment or self-employment in a business within the Union's jurisdiction, or employment with any union, fund, or program to which the Union is a party by an agreement. For each calendar quarter a pensioner under age 64 engages in Non-covered or self-employment in the masonry industry, their benefit will be suspended for six months regardless of their earnings. All pensioners must notify the Fund office when they return to covered employment.
Ages 55-61: Pensioners under the age of 62 will have benefits withheld for any month worked in Disqualifying Employment.
Ages 62-63: Those aged 62 and 63 may work until they have earned $15,480 (the Social Security Earnings Maximum for 2014) and must contact the Fund office when they have earned that sum.
Age 64: There are no earnings limits for those aged 64 or over. If you are unsure of the status of an employment type, you should contact the Fund office.
CANADA: You must notify the Fund office if you return to work for tax reporting purposes. There is no further pension accrual but benefits are not suspended.
Applying For Disability Pension?
Disability benefit applicants are reminded that a completed application for an IPF Disability Pension, as well as a copy of the Social Security (Canada Pension) Award letter and pertinent physician's statement, may be filed at any time after determination by the Social Security Administration of entitlement to Disability Benefits. Also note that in no event will payment be made for more than twelve months preceding the month in which the application is filed. Participants over age 55 experiencing delays in Social Security or Canada Pension Disability approval may apply for an interim early pension which must be reimbursed to the Fund once Disability benefits are approved.
Other questions concerning IPF may be directed to:
David F. Stupar
Executive Director
International Pension Fund
dstupar@ipfweb.org