IPF 2002 Annual Report: Another Good Year for Participants
Contributions, Beneficiaries, and Payments Keep Growing

Overall, the International Pension Fund posted another year of strong growth in the number of beneficiaries, employer contributors, and the amount of benefit payments made. Employer contributions to the Fund rose by 4 percent, reflecting increased contribution rates, and benefits paid to participants and beneficiaries expanded by more than 5 percent.

While the fund was not immune to financial market fluctuations, low interest rates on investments, and the slowdown in construction activity, it’s well balanced investment portfolio cushioned the impact of these outside forces. In 2002, IPF increased its investments in Plan assets that work for participants – assets that produce jobs for BAC members and contractors, as well as a competitive investment return.

At the end of 2002, IPF’s assets available for benefits totaled $1.058 billion, the number of beneficiaries had risen to 21,841, and those beneficiaries were paid $92.7 million in benefits.

Recent Trends

“This year is shaping up to be another good year,” says IPF’s Executive Director David F. Stupar. Through August, assets stood at $1.134 billion, benefits paid were running ahead of last year’s level, and the amount of benefits paid since the Fund’s inception exceeded $1 billion.