Saving for Retirement with BACSAVE

Today’s consumers need to make every penny count. The BACSAVE 401(k) Plan can help by giving BAC members an opportunity to save a portion of their pre-tax income for retirement. With this type of account, no taxes are payable on contributions or investment earnings until the money is withdrawn. When you compare the potential savings under the BACSAVE Plan with that of a standard savings account, it’s no contest—BACSAVE wins hands down.

Where Do I Sign?

Once the BACSAVE 401(k) Plan is negotiated into your Local’s collective bargaining agreement, every member covered by that agreement is eligible to participate. Members decide for themselves whether or not to participate and how much they want to contribute. Employers signed to the agreement are responsible for automatically deducting the pre-tax hourly contributions from members’ paychecks, and members have the option of increasing or reducing their original contribution rates.

Members electing to participate in the BACSAVE 401(k) Plan now have ten different investment options to choose from. These options include:

These excellent investment options offer an easy and cost effective way to diversify savings. They enable you to obtain a balance between the level of risk you’re willing to take and your potential return on investment. BAC Save allows you to invest your contribution in one or more of the investment options. For example, you could invest all of your contribution in a Life Cycle Fund, or split your contribution between a Life Cycle Fund and a Government bond fund. The choice is yours.

Your BAC pension, along with Social Security and personal savings are key to a financially secure retirement. The BACSAVE 401(k) offers a convenient way to increase your personal savings for retirement. It’s a savings opportunity you simply cannot afford to pass up.

If you’d like more information on BACSAVE, contact your Local Union or call IPF toll-free at 1-888-880-8222. You can find IPF online at www.ipfihf.org