IPF Rules on Employment After Retirement - Rules for US Members
To be considered retired, a pensioner must separate from employment for the entire month their pension starts. After retirement, the pension may be suspended for any month the pensioner works in Disqualifying Employment, depending upon their age and earnings. Disqualifying Employment is:
1. Work with a contributing employer or employer in the same or related business as a contributing employer.
2. Self-employment in the same or related business as a contributing employer.
3. Employment or self-employment in any business, which is under the jurisdiction of the BAC.
4. Employment with any union, fund, or program to which the BAC is a party by an agreement.
Pensioners are required to notify the International Pension Fund (IPF) office within 15 days, in writing, about any such employment they undertake. If they do not, their pension may be canceled for an additional six months.
Payments made during Disqualifying Employment will be deducted from future benefits. Exactly what kind of work will cause the benefit to be suspended depends upon age and earnings.
AGES 55–61:
Pensioners under age 62 will have their payments withheld for any month worked in Disqualifying Employment.
AGES 62–63:
Pensioners ages 62 and 63 will have their monthly benefit payment suspended when their yearly earnings in covered employment exceed the Social Security maximum ($22,320.00 for 2024) for recipients under age 64.
AGES 64 AND OVER:
For pensioners over age 64, there are no earnings limits, effective April 1, 2000.
For each calendar quarter in which a pensioner under age 64 engages in Non-covered Employment or self-employment in the masonry industry, their benefit will be suspended for six months regardless of their earnings.
All pensioners must notify the IPF office when they return to covered employment. Pensioners ages 62–63 should notify the IPF office when their earnings exceed the Social Security earnings maximum. If you are not sure if a type of employment is prohibited, you may request a ruling from the Board of Trustees.
RULES FOR CANADIAN MEMBERS
POSTPONED RETIREMENT
If a participant or former participant defers their retirement beyond their normal retirement age (65), their pension must commence by the end of the calendar year in which they attain age seventy-one (71). Prior to the commencement of the pension, and while the participant is still in Covered Employment, the participant shall be entitled to continue to accrue Future Service Credit under the Plan in the same manner and to the same extent as they could have done in that employment prior to their normal retirement age. Prior to age 71, retirement under the Plan shall be voluntary.
RULES ON EMPLOYMENT AFTER RETIREMENT
To be considered retired, a participant or former participant must have separated from Covered Employment for at least one benefit period (one month) after meeting the conditions necessary to retire with a Normal Pension or Early Retirement Pension:
1. If a pensioner who is not a Disability Pensioner becomes employed in Covered Employment after pension payments under this Plan commence, the pensioner shall continue to receive pension payments and shall not be entitled to accrue any additional pension under the Plan for any period of such employment after pension payments commence.
2. A pensioner who is re-employed in Covered Employment shall notify the Trustees as soon as possible.
3. After ceasing to be eligible to receive a Disability Pension, a participant who is employed in Covered Employment shall continue to accrue pension benefits hereunder in respect of such Covered Employment.
If a participant returns to Covered Employment, they are required to notify the IPF office in writing within 15 days about any such employment undertaken so that appropriate tax reporting can be prepared, as it could reduce the amount they are able to contribute to other retirement arrangements.
For further information, visit https://bacbenefits.org/international-pension-fund.
CONTACT THE IPF OFFICE, NOT ONLY THE LOCAL UNION / ADC
The IPF must be notified in writing directly from the pensioner when there is a change to employment status when drawing a IPF pension. Contacting the Local Union / ADC will not qualify. Emails should be sent to PensionPayroll@ipfweb.org