Look for IPF Annual Report

It’s that time of year again when participants in the International Pension Fund need to check their mailboxes for the IPF Summary Annual Report.

The Annual Report provides an overview of all the International Union benefit programs available to Local Unions, including the IPF, the International Annuity, the International Health Fund (IHF), and the Flexible Benefit and 401(k) Plans. This year the report focuses on efforts underway to make benefit reciprocity – the transferring of benefit contributions from a Local fund that a member works under to a member’s home fund – faster and easier than ever before.

For more than a year, the BAC Reciprocal Clearinghouse has been investigating options for improving this process. One of the most promising options is a secure internet-based program already in use by other building trades international unions, which allows pension and welfare funds to transfer money and information fast and accurately, and provide better service to their members.

The IU reciprocal agreements were an important step towards providing members with full reciprocity when they travel. But giving BAC welfare and pension funds’ the ability to electronically transfer member authorizations and contributions would be a major enhancement.

The proposed internet-based program will be a topic taken up with participating funds at the November Trowel Trades Trust Fund Educational Conference.

To learn more about electronic reciprocity, contact David F. Stupar at (202) 383-3935.