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

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PARTICIPANTSThe Plan and the Supplemental Participation Agreement for Non-Unit Employees requirecompliance with additional tax rules on non-discrimination and other matters for non-bargainedemployees. The Plan also includes required tax limitations on benefits for highly-compensatedemployees that may affect or restrict the payment of normal benefits under the Plan. Anagreement for non-unit employees may exclude employees who are represented by their ownunion and make retirement benefits the subject of good faith bargaining.Participant TotalsThe total number of participants in the Plan as of the Plan’s valuation date of January 1, 2010was 79,110. The Plan’s participant population on January 1 of the last three (3) calendar (plan)years has varied as follows.Category 2008 2009 2010Active VestedParticipantsActive Non-VestedParticipantsVested FormerEmployeesRetirees, includingsurviving spouses andother beneficiaries24,592 22,252 22,69921,662 22,718 14,94613,693 14,230 16,23024,582 24,688 25,235Totals 84,529 83,888 79,110Withdrawn EmployeesEmployer withdrawals have an impact on the Plan’s active employee population. To provide aconsistent basis for presentation of a range of outcomes, the Plan has treated a contributingbusiness (with a separate IRS Employer Identification Number or EIN) as a withdrawn employerif the business has been inactive and made no contributions for five (5) years. An employee whoworked for such an employer in the last year with contributions is treated as no longerparticipating in the Plan due to the employer’s withdrawal.Using these inactivity tests, the number of participants who worked (in the last plan year withcontributions) for employers who became inactive or withdrew in each year (after 5 years with nocontributions) are as follows.Plan Year (1/1 – 12/31)Inactive Participants2010 3,8102009 3,8432008 3,967IUPAT INDUSTRY PENSION PLAN – ANNUAL EMPLOYER & UNION REPORT (2010) 3
PARTICIPANTSThis chart differs from last year by reflecting participants for accounts that were inactive for thecurrent year (2010) and prior four (4) years, with the last contributions in 2005, for 2010. Thechart for the 2009 Schedule R used the five years before the current year, namely lastcontributions in 2003, for 2009. The revised period totals are shown on page 3.These employees may have found work with other employers since the employer’s lastcontributions. A prior form of testing looking only at employees with no recorded contributionsfor five (5) years showed only 1,234 participants who were inactive for the five years before2008.The inactivity test of withdrawal in this report is different from the legal test of withdrawal foremployers in the building and construction industry. The legal test is difficult to apply on aconsistent basis. It allows a withdrawal to occur up to five (5) years after an actual cessation ofcontributions and does not include a liquidation or shutdown as a withdrawal. The number ofwithdrawn employees likely would be materially smaller if the legal test of withdrawal in thebuilding and construction industry were applied.IUPAT INDUSTRY PENSION PLAN – ANNUAL EMPLOYER & UNION REPORT (2010) 4
Page 2 and 3: TABLE OF CONTENTSINTRODUCTION......
Page 4 and 5: INTRODUCTIONNovember 2011To All Par
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

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