BAC to Basics: Preparing for Retirement
It is never too early to gain a better understanding of
your retirement benefits. Here are responses to some commonly
asked questions about the International Pension Fund.
When
should I apply for benefits?
You should apply at least one month in advance of the
date you want your pension benefits to begin, because
pension
benefits and disability retirement benefits are payable
the first day of the second month after IPF receives
a written pension application. IPF application forms
are
available from your Local Union, by writing to IPF, or
online at www.ipfihf.org.
Does IPF provide survivor benefits?
Yes. Prior to retirement, IPF provides a 100% surviving
spouse pension to vested participants. Participants
that were not vested but had one year of future service
are
eligible for a lump sum death benefit payable to his/her
surviving spouse or beneficiary.
An orphan’s pension
is payable in the event a vested participant and surviving
spouse die at a time benefits
are payable. This is a monthly payment, which will
continue to be sent to their children until they reach
age 21 (age
19 for IPF-Canada participants).
At retirement, a participant
must elect either a regular or husband-and-wife form
of payment (IPF Canada Plan
participants have additional forms of payment available).
Can I lose
IPF benefits if I work non-union?
Yes. Under the U.S. Plan, if you work non-union (non-covered
masonry employment) you will lose all of your past
service credits to IPF for certain benefits, and
the effective
date for your early retirement will be delayed. In
addition, you will lose your Death Benefit Before
Retirement, Severance
Benefit, and Disability Benefit. Why? Because the
Plan needs to look out for the financial health of
the fund
and protect the interest of Plan participants. Working
solely for Union employers protects the financial
soundness of the Fund by ensuring a steady stream
of contributions
to pay for participants’ benefits, and ensures that
all of your benefits are protected. If you have other questions or would like more detailed
responses to these questions, just visit IPF’s website
at www.ipfihf.org, or contact the Fund office by phone
or in writing:
Bricklayers and Trowel Trades
International Pension Fund
1776 Eye Street, N.W.
Suite 750
Washington, D.C. 20006
1-888-880-8222 |