Take Time to Review Your IPF Annual Statements

JOURNAL: ISSUE 3 - 2014

The International Pension Fund has mailed the 2013 IPF Annual Statements to all active US and Canadian participants. The BAC SAVE Retirement Savings Plan 2013 Annual Statements have also been mailed to members in Local Unions which participate in BAC SAVE. These documents provide critical information regarding the hours reported and updates on Service Credit and beneficiary information. For BAC SAVE, participants will see a return of 8.4% to their account balances as of year-end. The Fund office has compiled the following information to keep in mind and procedures to follow while reviewing your statements.

Social Security/Insurance Number

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

Future Service Credit Hours (IPF Statements)

The Annual Statement shows a member’s detailed 2013 hours in addition to all hours reported to IPF on one’s 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 2013 alone, the Fund office processed more than 572,000 report transactions from more than 12,500 contributing employers. This mailing is comprised of nearly 44,000 Annual Statements. 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 2013 will appear on the statement in detail, showing the work month and name of employer. If detailed hours for a year earlier than 2013 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 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.

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 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.

Reciprocity

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).

For questions or concerns, e-mail IPFAnnualStatements@ipfweb.org. To notify the Fund in writing of any discrepancies, please write to:

David F. Stupar
Executive Director
International Pension Fund
620 F Street, N.W.
Washington, DC 20004
dstupar@ipfweb.org
Fax: 202-347-7339

 New IPF Summary Plan Description Booklets

The International Pension Fund (IPF) mailed new Summary Plan Description (SPD) booklets in June for Canada Plan participants. IPF will also be mailing the U.S. Summary Plan Description booklet to plan participants in September. The updated SPDs note recent Plan changes and summarize the rules and regulations that govern the Plans. The booklets also provide information on vesting requirements, benefit calculations, and more. Presented in a question-and-answer format, the SPDs guides participants through commonly asked questions about the Plans.