 |
[ En Español ]
Annuity Status Report
As of May 31, 2008, assets of the International Retirement Savings Plan (RSP) totaled more than $90.3 million covering 15,316 participants in Alabama, Connecticut, Delaware, New Jersey, Montana, New Hampshire, West Virginia, Maine, Ohio, New York, Missouri, Michigan, North Dakota, Oklahoma, Pennsylvania, Texas and under the ICE agreement. The Local 32 Michigan Annuity Plan merged May 1, 2006. The average participant account balance is more than 5,400.00, with 222 members having accounts in excess of $50,000.00 and 20 members with amounts greater than $100,000.00. The average local contribution rate is $2.20. The Plan is summarized as follows:
Vesting
- One year of IPF future service credit or
- 400 hours of employer contributions to Retirement Savings Plan
Benefit Types
- Retirement - receiving benefit from IPF
- Inactive - 24 months since last employer contribution
- Totally and Permanently Disabled
- Survivor Benefit - accumulated share payable to beneficiary
- Financial Hardship:
• Funeral and related expense due to death of close relative
• Un-reimbursed medical expenses
• Educational expenses
• Other extraordinary financial hardship
Benefit Amount
- The value of your Individual Account as of last valuation date, plus
- Employer contributions since last valuation date, plus net
- Quarterly investment yield applicable to your Individual Account since last valuation date
- Less Administrative Expenses
- Equals account benefits payable
Annual investment yields are summarized as follows:
1990: 10.3%
|
1999: 1.35% |
| 1991: 10.0% |
2000: 3.03% |
| 1992: 6.4% |
2001: 1.92% |
| 1993: 5.2% |
2002: -0.02% |
| 1994: -2.1% |
2003: 8.20% |
| 1995: 13.5% |
2004: 4.85% |
| 1996: 5.2% |
2005: 2.6% |
| 1997: 13.3% |
2006: 7.7% |
| 1998: 10.0% |
2007: 6.8% |
| Average Yield: 6.0% |
|
Investment Portfolio
70% Fixed Income (Munder Capital Management and Amalgamated Bank Longview Construction Loan Fund); 30% Equities (Trowel Trades S&P 500 Index Fund).
Benefit Payment Options
- In lump-sum
- Equal monthly installments over 5 or 10 year period
- Lifetime annuity, as either a 50% or 100% Joint and Survivor or Single.
A total of 29 participants have converted their account balance at retirement to a monthly annuity 2 and 3. A 401(k) Plan is also available under the Retirement Savings Plan. Further information on the BACSAVE 401(k) Program can be provided by contacting the IPF office at 1-888-880-8222.
Last updated : August 2008
|
|
