Mobility = Opportunity

2012 IPF/IHF Annual Report:

JOURNAL: ISSUE 3 - 2013

The 2012 IPF/IHF Annual Report, which was mailed at the end of October, features the programs and benefits of the International Pension Fund (IPF) and the International Health Fund (IHF). In addition, this year's Report highlights BACRecip, the successor to the ERTS Electronic Reciprocity System. BACRecip enhances the mobility of travelling members by simplifying reciprocal transfers for members, trust funds, and Local Unions while simultaneously adding value to IPF, IHF, and local benefit programs by speeding transfers and reducing paperwork.  

The Report outlines how BACRecip and its employer reporting counterpart, BACRemit, bring the latest advancements in electronic benefit transfer technology to traveling BAC craftworkers and contractors. These improvements will be immediately apparent to all users, including trust fund and participant BACRecip users. Cost savings and the capacity to accommodate future enhancements are additional advantages of the system.

BACRecip is especially critical to maintaining IHF or local health and welfare benefits when working away from home by insuring the timely, fast transfer of benefit contributions.  IHF is also proud of its recently formed partnership with Delta Dental. Delta Dental offers the nation's largest network of dentists providing great service, convenience, and value to IHF participants.

Although designed as long-term retirement savings vehicles, the hardship provisions offered by both the BAC SAVE annuity and 401(k) components can provide relief during financial emergencies.

BAC SAVE and its Retirement Savings Plan (RSP) and 401(k) components also benefit from BACRecip's capabilities. BAC SAVE continued its previously solid track record in 2012.  Prudent investment practices have guided BAC SAVE from its inception, with the RSP yielding a 5.33% average annual return since 1990 and a 2012 annual yield of 10.33% to participant accounts. Although designed as long-term retirement savings vehicles, the hardship provisions offered by both the BAC SAVE annuity and 401(k) components can provide relief during financial emergencies.

Other Report features include the financial and funding statuses of IPF and IHF.  IPF Canada participants will be brought up to date on recent Plan amendments, including the new pop-up benefit payment option. Updates on all benefit programs, benefit accrual tables, the Trowel Trades S&P 500 Index Fund, IPF job-creating investments, and BAC Member Assistance Program round out the Report.

As the economy continues on its slow course of recovery, IPF and IHF Trustees are unified in their efforts to offer the best possible benefit programs and the latest technology, including BACRecip, to Plan participants and their employers. Participants are encouraged to take time to read the Report and familiarize themselves with the services and benefits Union membership makes possible.

For questions concerning IPF or the BAC SAVE program, contact:

David F. Stupar
Executive Director
International Pension Fund
dstupar@ipfweb.org 
1-888-880-8222

For questions concerning programs available through IHF, contact:

Robin Donovick
Executive Director
International Health Fund
rdonovick@bacweb.org
1-888-880-8222