International Painters and Allied Trades Industry Pension ... - IUPAT

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BENEFITSRates between 71% and 100% of the Base Contribution Rate (rounded down to the nearest fullpercentage) will earn a proportionally reduced benefit up to one percent (1%) on contributionsafter May 31, 2006. The Plan may determine that a contribution rate has been reduced due tolimitations on the hours or employees covered by a pension contribution agreement or otherfactors, even though the nominal dollar rate is the same as the Base Contribution Rate.If the rate is less than 71% of the Base Contribution Rate but more than 30% of the BaseContribution Rate after May 31, 2006, no benefits are earned for the contribution, but servicewill still count for vesting and retirement eligibility.If the rate goes below 30% of the Base Contribution Rate after May 31, 2006, the Trustees willrefuse the contribution. Except as required by law, no service credit will be earned for anypurpose under the Plan after contributions cease (either directly by the Employer or due torejection of contributions by the Trustees). The employer may also be obligated to paywithdrawal liability.The benefit earned during 2008 was a one-year move back to the target of two percent (2%) ofEmployer contributions. With the adverse events of the late 2008, the Trustees returned to onepercent (1%) of the contributions up to the Base Contribution Rate plus two percent (2%) of thecontributions above the Base Contribution Rate for 2009.Accrued Benefit for Work 2010 – 2011Pre-2012 Incentive. As an incentive under the Funding Improvement Plan, for parties whochoose to elevate their contribution rates earlier than January 1, 2012, the Plan provides a benefitaccrual of two percent (2%) of contributions for increases above the contribution rate as ofMarch 1, 2009 up to the 35% supplemental contribution that is required by January 1, 2012. (AtJanuary 1, 2012, the 35% supplemental contribution requirement goes into effect and the extracontribution will simply be converted into the supplemental contribution with no further benefitaccrual for the participant on the extra 35%).Benefit Accrual After 2009. Effective January 1, 2010, the general accrual rate is one half percent(0.5%) of contributions up to the Base Contribution Rate and one percent (1%) on the amountany contributions over the January 1, 2006 level. The other adjustments to benefits withcontributions above or below the Base Contribution rate remain in effect, with a special interimadjustment through 2011 that is described above.Modifications to Plan Benefits during 2010In the Plan’s present funding situation, ERISA, the federal pension law, prohibits any Planamendment that would increase the liabilities of the Plan by an increase in the benefit formula, achange in the accrual of benefits, or a change in the rate at which benefits become vested, absentfunding by contributions not required for a Funding Improvement Plan. The plan can stillincrease liabilities by an amendment that is required by the IRS to maintain the tax-exempt“qualified” status of the Plan, or to comply with other applicable law. An amendment to followIUPAT INDUSTRY PENSION PLAN – ANNUAL EMPLOYER & UNION REPORT (2010) 7
BENEFITSIRS requirements on rollovers, actuarial equivalence and qualified military service was includedin the draft restatement of the Plan submitted to the IRS in January 2010, and confirmed by aseparate amendment signed in March 2010.A number of benefit changes contemplated by the Funding Improvement Plan will beimplemented beginning on January 1, 2012. These will be described in detail in a separate noticeof benefit changes and be included in next year’s Annual Report.Summary Plan DescriptionThe Pension Plan provides normal, special early, early, deferred vested normal, deferred vestedearly and disability pensions as well as pre-retirement surviving spouse benefits and deathbenefits. It also has vesting requirements, break-in–service rules, suspension of benefits duringpost-retirement work and other forfeiture rules and conditions for payment that may cause a lossof service credit or benefits. Please refer to the Summary Plan Description (SPD) and summariesof material modifications (Special Bulletins) for a more complete summary of the features of thePlan.This explanatory material in this Annual Report and the SPD is not intended to change orinterpret the Plan as adopted by the Board of Trustees. The Plan’s Summary Plan Description isavailable at http://www.iupat.org/pages/members/pension-retiree-info and the full plan documentis available on request as explained in the section on PLAN INFORMATION.IUPAT INDUSTRY PENSION PLAN – ANNUAL EMPLOYER & UNION REPORT (2010) 8
Page 2 and 3: TABLE OF CONTENTSINTRODUCTION......
Page 4 and 5: INTRODUCTIONNovember 2011To All Par
Page 6 and 7: PARTICIPANTSThe Plan and the Supple
Page 8 and 9: BENEFITSThe IUPAT Industry Pension
Page 12 and 13: EMPLOYERSThe IUPAT Industry Pension
Page 14 and 15: CONTRIBUTIONSThus, contributions ow
Page 16 and 17: FUNDING STATUSFunded PercentageThe
Page 18 and 19: FUNDING STATUSallocated to the Plan
Page 20 and 21: INVESTMENTSBackgroundUp to 1999, th
Page 22 and 23: WITHDRAWAL LIABILITYBackgroundA mul
Page 24 and 25: WITHDRAWAL LIABILITYFor these tests
Page 26 and 27: WITHDRAWAL LIABILITYIndustry Pensio
Page 28 and 29: PLAN INFORMATIONWhere to Get More I
Page 30: INTERNATIONAL PAINTERS ANDALLIED TR

International Painters and Allied Trades Industry Pension ... - IUPAT

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