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

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INTRODUCTIONNovember 2011To All Participating Employers and Unions:The Board of Trustees for the International Painters and Allied Trades Industry Pension Plan – whichwe call the IUPAT Industry Pension Plan in shorthand - is pleased to provide you with this AnnualReport on the IUPAT Industry Pension Plan.The IUPAT Industry Pension Plan is a defined benefit plan established to provide retirement benefitsfor employees covered under collective bargaining agreements between Employers and theInternational Union of Painters and Allied Trades. It is a multiemployer defined benefit pension planfor purposes of the Employee Retirement Income Security Act (ERISA).The Plan is administered by a Board of Trustees, consisting of Union and Employer representatives,who are responsible for the overall operation of the Plan. They are “plan sponsor,” “namedfiduciary” and “plan administrator” of the Pension Plan under ERISA. The International Union ofPainters and Allied Trades (IUPAT) and the Finishing Contractors Association (FCA) establishedthe Plan and appoint the union and employer representatives on the Board of Trustees. Contributions,records and benefit payments are processed at the Fund Office, which is managed by a FundAdministrator appointed by the Board of Trustees.This Annual Report is delivered in accordance with ERISA Section 104(d) as a summary of relevantinformation. We would like to stress that the operation of the Plan is governed by a formal writtenTrust Agreement and Pension Plan (Rules & Regulations) and that you cannot and should not rely onother documents. Only the Trustees or someone specifically authorized by the Trustees can speak forthis Plan, or tell you about your rights or obligations under the Plan.There is a more detailed summary of Pension Plan benefits in the Pension Plan’s Summary PlanDescription (SPD), which is available on the Plan website along with other information on thePension Plan. If you have any questions or require any additional information regarding your PensionPlan and how it affects your pension rights and benefits, you should contact the Pension Fund Office.The Trustees are also the plan sponsor for the IUPAT Industry Annuity Plan. This is a separatemultiemployer defined contribution plan, which is not covered by this report.This Pension Plan represents important protection for your employees and members and theirfamilies. The Board of Trustees thanks you for your involvement in the continued operation of thisvaluable program.Sincerely,THE BOARD OF TRUSTEESJames A. Williams, Co-Chairman | Kenneth Rigmaiden | George Galis |William D. Candelori, Jr. | Robert Kucheran | Raymond J. Price, III | James ReidAristotle G. Aivaliotis, Co-Chairman | Joe Brescia | Michael Cassidy | Jerome Haber |Steve Sharpe | Don Steadman1
PARTICIPANTSParticipating EmployeesAn employee may be eligible to participate in the IUPAT Industry Pension Plan if he or sheworks for an employer who contributes to the Plan and satisfies at least one of the followingrequirements.• An employee can participate if he or she is doing work covered by an IUPAT contractwith a Contributing Employer.• An employee can participate if he or she is a paid officer and/or employee of an IUPATDistrict Council or Local Union which is accepted by the Trustees to participate in thePlan.• An employee can participate, even if he or she is not part of an IUPAT bargaining unit, aslong as the employee is a member of another class of employees of a ContributingEmployer (with an IUPAT collective bargaining agreement for other employees) whichhas been accepted for participation in the Plan by the Trustees.• An employee can participate if he or she is an employee of a union-industry relatedorganization, as defined in the Plan, which has been accepted for participation in the Planby the Trustees. This group includes pension, welfare, apprentice and other benefit plans,employer associations, union affiliates and similar organizations that assist the IUPATand its District Councils and Local Unions and the Contributing Employers in labor andindustry matters.• An employee can participate if he or she is an employee of an Employer that isincorporated and a member of the Finishing Contractors Association or a 100% unioncontractor.The Plan does not cover people who are not employees: namely, self-employed individuals, asole proprietor in an unincorporated business or a partner in an unincorporated business. This isdue to limitations under federal labor law.Participation in the Pension Plan by anyone whose work is not covered by a current IUPATcollective bargaining agreement is subject to the Employer’s execution of the Plan’s currentSupplemental Participation Agreement for Non-Unit Employees or a comparable agreement(including the IUPAT Constitution) acceptable to the Trustees. An employer who iscontributing for non-unit employees should make sure that it has signed the currentsupplemental agreement, which was adopted in 2004. The Plan will not pay benefits formanagerial employees or other employees who are not covered by a current IUPATcollective bargaining agreement (at the time contributions are paid) in the absence of asigned current Supplemental Participation Agreement for Non-Unit Employees, regardlessof the time that contributions have been paid.IUPAT INDUSTRY PENSION PLAN – ANNUAL EMPLOYER & UNION REPORT (2010) 2
Page 2 and 3: TABLE OF CONTENTSINTRODUCTION......
Page 6 and 7: PARTICIPANTSThe Plan and the Supple
Page 8 and 9: BENEFITSThe IUPAT Industry Pension
Page 10 and 11: BENEFITSRates between 71% and 100%
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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