Take Time to Review Your Last (Paper) IPF Annual Statement
The International Pension Fund is mailing the 2018 IPF Annual Statements to all active U.S. and Canadian participants shortly. These documents provide critical information regarding hours reported and updates on Service Credit and beneficiary information. They are also the last paper version of these statements for those who have opted to receive electronic versions via the BAC Member Portal.
As of May 2019, over 6,100 BAC Members have opted for electronic communication through registration with “ecomm” service in order to receive Annual Statements and other publications through the Portal. Keep the following 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 2018 hours in addition to all hours reported to IPF on their behalf by year. This includes 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 2018 alone, the Fund office processed more than 710,000 report transactions from more than 10,000 contributing employers. This mailing is comprised of 40,000 Annual Statements with more than 4,700 Statements being sent electronically 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 2018 will appear on the statement in detail, showing the work month and name of employer. If detailed hours for a year earlier than 2018 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 consider many factors. This includes the member's initiation date, 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. Divorce decree does not automatically revoke the ex-spouse beneficiary designation.