IPF U.S. Plan Benefit Improvements Announced

New benefit improvements made by the IPF Board of Trustees will make life better for current and future retirees.

At their October meeting, the Trustees approved a 5% across the board increase in the IPF benefit formula that accrues based on a Local Union’s hourly IPF contribution rate. This increase is higher than the rate of inflation, and applies to all past and future service credits earned prior to the November 1, 2001 effective date of the amendment. This improvement applies to all active participants who have earned at least one hour of service after January 1, 2001 and retire on or after November 1, 2001.

Retirement Security

This increase will put more money in the hands of future pensioners. For example, before the 5% increase, if your IPF contribution was $1 between July 1, 2000 and November 1, 2001 and you had 25 years of service you would have earned a monthly IPF benefit of $550. With new 5% increase, you will earn $578 a month. [Note: The 25-year example is for comparison purposes. The 25-year cap on service was removed in 1998.]

In addition, the pension application filing requirement has been reduced from two months to one month in advance of the first month benefits are payable.

Cost of Living Adjustment for Working Retirees

But that’s not all. In accordance with the Plan Rules and Regulations all retirees over age 64 who worked in the year 2000 received a cost of living increase based on their employment in that year. This increase appeared on their November benefit payment and was retroactive to February 2001.