Added Protection for Members in the U.S. Armed Forces
Trustees Amend IPF & Retirement Savings Plan

The Board of Trustees of the International Pension Fund (IPF) and the Retirement Savings Plan amended these Plans at their last meeting to protect the retirement security of members called away for active duty in the U.S. military. “We wanted to make sure that our members don’t have to worry about their pensions and retirement security when they’re called up for active duty,” said Secretary-Treasurer James Boland who serves as a labor trustee on both funds.

IPF and the Retirement Savings Plan call for service credits and contributions to be provided in accordance with the Uniformed Services Employment and Reemployment Rights Act of 1994, as follows:

“The credit to be provided for each week of such absence shall be provided if the Participant returns to employment requiring contributions to the Fund….An eligible Participant shall be credited with hours based upon the average hours he worked under the collective bargaining agreement between his Local Union and the Employers participating in the Plan in the 36 months preceding his period of Qualified Military Service. If he had been a Participant for fewer than 36 months prior to his period of Qualified Military Service, the monthly average will be calculated using such fewer number of months.”

Additionally, the Retirement Savings Plan calls for:

“Contributions on behalf of any reemployed Participant required by the Uniformed Services Employment and Reemployment Rights act of 1994 shall be calculated at the contributions rate(s) in effect during the period of Qualified Military Service and shall be treated as an administrative expense and allocated to each Participant’s account in the same manner as any other administrative expense.”

Members who have recently engaged in military service should provide documentation of their orders and discharge dates to the Fund Office.