Take Time to Review Your Last Paper IPF Annual Statement

International Pension Fund

JOURNAL: ISSUE 3 - 2015

The International Pension Fund (IPF) is mailing the 2014 IPF Annual Statements to all active U.S. and Canadian participants. The BAC SAVE Retirement Savings Plan 2014 Annual Statements will also be mailed to members in Local Unions that participate in BAC SAVE. These Plan documents provide critical information regarding hours reported and updates on Service Credit and beneficiary information. They can also represent the last paper version of these statements for those who opt to receive Plan documents electronically via the BAC Member Web Portal. The last issue of the BAC Journal (Issue 2, 2015 page 11) explained how members can receive a wealth of information through the Portal. Now members can sign up to receive annual statements and documents by taking advantage of the electronic communication or “eComm” service. To get started receiving further statements electronically, go to member.bacweb.org.

Whether on paper or electronically, keep the following information in mind while reviewing your annual statements.

Social Security/Insurance Number

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

Future Service Credit Hours (IPF Statements)

The Annual Statement shows a member’s detailed 2014 hours in addition to all hours reported to IPF by year. This can include hours worked outside a member's home Local, including hours 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 by month and may provide information on any missing hours or periods of disability that 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 2014, alone, 590,000 report transactions from more than 11,000 contributing employers were processed. This year IPF will mail 47,500 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 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 2014 will appear on the statement in detail, showing the work month and name of employer. If detailed hours for a year earlier than 2014 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 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.

RSP Annual Statements

The Retirement Savings Plan Annual Statement shows opening balance, contributions and interest earnings credited to your RSP Account along with any withdrawals. The 2014 return to participant account is 5%.

(NEED PIC) BACMobile BAC membership information is ready when you need it, and now, where you need it with BACMobile — the New Member Portal app for smartphones and tablets. Go online now to member.bacweb.org and begin receiving IPF and RSP statements electronically on your computer, smartphone, or tablet. 

For questions or concerns, please email 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. Suite 700
dstupar@ipfweb.org
Fax: 202-347-7339

Annual Notices of Potential Benefits and Required Minimum Distribution

Each year, the IPF files detailed information through IRS Form 8955-SSA (Annual Registration Statement Identifying Separated Participants with possible Deferred Vested Benefits) to report on participants who have separated from service for at least two years and may have deferred vested benefits with the Fund. The Social Security Administration also mails a Notice of Potential Private Pension Benefit to remind participants regarding their possible eligibility for deferred vested benefits payable from retirement plans, including the IPF and the RSP, in which they participated.

BACSAVE Retirement Savings Plan (RSP) participants and beneficiaries are also notified of Required Minimum Distributions (RMDs) each year in annual mailings. An RMD is the minimum amount you must withdraw from your account each year. RMDs apply to all Individual Retirement Accounts (IRAs) and Qualified Retirement Plans (QRPs) including BACSAVE RSP annuity and 401(k) accounts. Initial RMDs must be taken no later than April 1st of the year following the calendar year in which a participant reaches the age of 70 years and 6 months. Subsequent RMDs must be taken by the December 31st of each year. You may withdraw more than the minimum required amount. This reminder is also found on RSP annual statements and targeted mailings.

The RMD for any year is a portion of the account balance as of the end of the calendar year based on life expectancy tables. The following example illustrates when participants must take RMDs:

Example: You reach age 70½ on the date that is 6 calendar months after your 70th birthday. Your 70th birthday was June 30, 2015. You reached age 70½ on December 30, 2015. You must have taken your first RMD (for 2015) by April 1, 2016.

If a participant does not receive a RMD in a timely manner there are IRS tax consequences for the participant and the Plan. For further information regarding these notices, potential vested benefits, RMDs, or any other questions regarding the RSP, please contact the Fund office:

Bricklayers and Trowel Trades
International RSP
620 F Street, N.W., Suite 700
Washington, D.C. 20004
1-888-880-8222
www.ipfweb.org