Have You Checked Your 2005 IPF Annual Statement Yet?

By now, all International Pension Fund participants should have received a copy of their Annual Statement for 2005. Each participant’s statement contains important information about hours reported by employers on their behalf in the last year, updates of past service and future service credit, and beneficiary information. It is very important that every participant review their statement carefully and notify IPF of any discrepancies or concerns. Please note: Statements for participants who do not have a current address on file with IPF have been mailed to their Local. If you moved in the last year and did not receive a statement, please call your Local.

Here’s what you need to be aware of when reviewing your statement:

Social Security/Insurance Number

For your security, the first five numbers of the Social Security (Insurance) number have been suppressed.

Beneficiary Information

Your statement only shows beneficiary designations received by the Fund office. Designations made for the International Union or a Local plan will not appear. Any beneficiary changes related to IPF must be made on an IPF enrollment card or IPF change of beneficiary card. Participants whose statements do not show a beneficiary will receive a separate mailing from IPF requesting that designation.

Hours

IPF processes hundreds of thousands of transactions each year. In 2005 alone, the Fund office processed more than 888,785 report transactions from about 12,500 contributing employers. If you find a discrepancy in your hours or a possible delinquency please notify the Fund office, and provide the office with check stub copies, or Local or employer records that document the missing hours, along with a copy of your statement. Only hours reported or adjusted in 2005 will appear on the statement. If hours for a year earlier than 2005 appear on the statement, the hours were either reported late or originally under an incorrect social security (Insurance) number.

Past Service Credit

Past service credit estimates shown on the annual statement take into account many factors including the member’s initiation date, the date of participation, the Local’s date of participation, the participant’s home Local (the Local in which the majority of a participant’s employment in the International Pension Fund has occurred), and any apparent breaks in future service which can cancel service credit.

In an ongoing effort to improve the accuracy of the estimated past service credit, some participants may notice a slight change in their past service credit on this year’s statement. For example, a change in Local membership due to a participant transferring to a different Local, or the merger of Locals, could impact the past service estimate depending on when the Locals began participating in IPF. A participant’s request to have their past service estimate verified as part of a pension status report must be made in writing. A final determination of a participant’s eligibility for past service can only be made at retirement.

Future Service Credit

Future service calculations reflect the schedule upon which such credit is granted based on the number of hours worked per year. Participants may request the total hours reported to IPF on their behalf and may provide information on any missing hours or periods of disability which are not reflected in the Fund’s records. Periods of disability are not creditable as past or future service, but may qualify a participant for a disability exemption for an apparent break in service.

Reciprocity

Since 2002, IPF has been sending and receiving contributions for traveling members under the new International Reciprocal Agreement (related adjustments appear under the employer account number 297706). Any discrepancies in the hours or credits processed by IPF or a home fund for a traveling participant should be submitted in writing to the Fund Office.

IPF takes pride in providing personalized service to its participants. For questions or concerns, please contact David F. Stupar at dstupar@ipfihf.org. To notify the Fund in writing of a discrepancy please write to:

David F. Stupar
Executive Director
International Pension Fund
Suite 750
1776 Eye Street, N.W.
Washington, D.C. 20006
Fax: (202) 347-7339