International Pension Fund & International Health Fund

The International Pension Fund is continuously growing with 176 participating locals in the U.S. and Canada, including 39 tile locals and 10 OP&CMIA Local Unions. The Cement Masons Local 519 New York Pension Fund merged November 2003. The Southern Tier Building Trades Pension Fund merged January 1, 2004. The Baltimore, Tile, Marble and Terrazzo Local 1 Maryland, Virginia, & D.C. Pension Plan merged January 1, 2005. The Union Trowel Trades Pension Fund of Central Pennsylvania merged May 1, 2005. Local 5 Ohio participated May 1, 2005. BAC Local 11 California participated November 1, 2005. BAC Local 8 Ohio participated June 1, 2008.

Currently, 92% of BAC members are in locals participating in the International Pension Fund. The assets of the U.S. Fund total $1,550,656,168.00 as of May 31, 2008 from contributions and investment income. The Canadian Plan assets total $93,453,226.00. At this time, $251,152,126.00 of assets is invested to finance union construction. The current assets of the International Retirement Savings Plan amount to $90,314,656.00. BAC Save 401(k) Plan Assets total $2,384,874.00.

The average contribution rate is $1.45 in the U.S. and $1.42 in Canada. The Fund currently is disbursing $10,346,296.00 monthly benefits to 24,760 pensioners and beneficiaries. Currently, 21,096 pensioners have elected to have their benefit paid via electronic fund wire transfer. The average monthly benefit is $436.00 in the U.S. and $274.00 in Canada. The highest monthly benefit being paid is $4,774.00 in the U.S. and $783.00 in Canada. The highest benefits reflect merged Local Pension Plans where the former Plan benefit is combined with the International Pension Fund benefit. By the end of 2007, more than $1,451,000,000.00 had been paid to retired craftworkers and their beneficiaries.

A feature of the Plan which is particularly attractive is the granting of up to 24 years of past service credit to new participating groups. The Board of Trustees amended the Plan to lower the age at which full pension is payable from 62 to 60. The 1.5 credit “cap” on yearly future service credits per year was removed. Joint and survivor factors for disability pensions were improved. An orphans pension is payable when a participant or pensioner dies and a surviving spouse pension is not payable. The contribution rate/benefit formula was increased by 10 percent effective July 1, 2000 and by 5 percent effective November 1, 2001. This raises the benefit accrued per year of service to $32.34 based on a $1.50 contribution rate. The highest benefit accrual resulting from a pension merger is $157.08 per year of service. Also effective July 1, 2000, U.S. pensioners in pay status as of December 31, 1999 received a 5% cost of living increase. A one-time 13th check was paid to Canadian pensioners in 1998.

A comprehensive Retirement Planning course concerning Federal Government programs, IU programs, budgeting for retirement and forming retiree clubs is available to all Local Unions.

Last updated : August 2008