Take Time to Review Your LAST Paper IPF Annual Statement
The International Pension Fund (IPF) is mailing Annual Statements to all active U.S. and Canadian participants. The statements provide critical information regarding hours reported and updates on service credit and beneficiary information. As of July 2022, over 11,000 BAC members have opted for electronic document communications including Annual Statements through the Member Portal. The Fund Office has compiled the following guide while reviewing your statement.
Social Security/Insurance Number – For your security, the first five digits of your SSN/SIN have been suppressed.
Future Service Credit Hours – The Annual Statement shows members’ detailed 2021 hours in addition to all hours reported on their behalf by year. This can include hours worked outside a member’s home local including before the home local first participated in IPF. The Fund Office processes hundreds of thousands of transactions each year with over 600,000 report transactions from more than 7,000 contributing employers in 2021. This mailing is comprised of over 31,000 Annual Statements with more than 9,000 statements being sent through the Member Portal.
If you find an hour’s discrepancy, please notify us by contacting IPFAnnualStatements@ipfweb.org and provide the office with local union or employer records or check stub copies that document the missing hours along with a copy of your statement. Hours reported or adjusted in 2021 will be reported in detail, showing the work month, local and employer. Any detailed hours shown for a year prior to 2021 were either reported late or originally an incorrect SSN/SIN.
Past Service Credit – Past Service credit estimates shown on the annual statement consider many factors including the member’s initiation date, IPF participation date, the local’s IPF participation date, the participants home local (the local in which the majority of your IPF employment occurred), and any apparent breaks in service that can cancel service credit. A participant may request a detailed report of all IPF Future Service Credit hours and have their past service credit verified as part of a pension status report. This request must be made in writing. A final determination of a participant’s past service eligibility can only be made at retirement.
Beneficiary Information – Your statement only shows IPF beneficiary designations received by the Fund Office. Designations made for the International, local union plan or BAC Save will not appear. Participants whose statements do not show a beneficiary will receive a mailing from IPF or BAC Save requesting that designation. IPF and BAC Save forms are also available via the Member Portal. If a member’s ex-spouse appears as beneficiary on an annual statement, a new designation must be made as a divorce decree does not automatically revoke the ex-spouse beneficiary designation.