Take Time to Review Your Last Paper IPF Annual Statement

JOURNAL: ISSUE 3 - 2016

The International Pension Fund (IPF) has mailed the 2015 IPF Annual Statements (see sample on page 30) to all active U.S. and Canadian participants and the BAC SAVE Retirement Savings Plan 2015 Annual Statements to members of Locals/ADCs which participate in BAC SAVE. These documents provide critical information on hours reported, Service Credit and beneficiary updates, and represent the last paper version of the statements for members who opt to receive Plan documents electronically via the BAC Member Portal. By mid-July, a total of 2,286 BAC members have opted for electronic communications through registration with “ecomm” service provided by the Portal. Registration is fast and easy (see box below). 

On paper or on the Portal, your IPF and RSP Annual Statements provide critical information regarding your work history. Keep the following information and procedures to follow in mind while reviewing your statements:

• Social Security/Insurance Number

  For your security, the first 5 digits of your Social Security/Social Insurance number have been suppressed.
   

• Future Service Credit Hours (IPF Statements)

  The Annual Statement shows members’ detailed 2015 hours in addition to 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 that 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 2015 alone, the Fund office processed more than 590,000 report transactions from more than 10,000 contributing employers. This mailing is comprised of approximately 47,500 Annual Statements with more than 2,200 Statements being sent electronically directly to members via the Portal. If you find a discrepancy in your hours or a possible delinquency, please notify the Fund office by contacting IPFAnnualStatements@ipfweb.org, and provide the office with Local or employer records or check stub copies that document the missing hours, along with a copy of your statement. Hours reported or adjusted in 2015 will appear on the statement in detail, showing the work month and name of employer. If detailed hours for a year earlier than 2015 appear on the statement, the hours were either reported late or originally under an incorrect Social Security/Insurance number. 
   

• Past Service Credit (IPF Statements)

  Past service credit estimates 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.
  
  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 application for retirement.
   

• Beneficiary Information

  Your statements only show IPF and BAC SAVE beneficiary designations received by the Fund office. Designations made for the International Union Death Benefit 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. Any beneficiary changes related to BAC SAVE must be made on a BAC SAVE card. Participants whose statements do not show a beneficiary will receive a separate mailing from IPF or BAC SAVE requesting that designation. If a member’s ex-spouse appears as a beneficiary on an annual statement, a new designation must be made as a divorce decree does not automatically revoke the ex-spouse beneficiary designation. 

BAC Membership information is ready when you need it, and now where you need it with BACMobile — Your New Member Portal App for Smartphones and Tablets. Visit member.bacweb.org now and begin receiving IPF and RSP statements and much more electronically on your computer, smartphone, or tablet. 

For questions on Member Portal, please e-mail: portalsupport@multiemployer.com. For questions or concerns on IPF annual statements, please e-mail us at IPFAnnualStatements@ipfweb.org. To notify the Fund in writing of any discrepancies, please write to:

David F. Stupar
Executive Director
International Pension Fund
dstupar@ipfweb.org
Fax: 202-347-7339