For IPF:
dstupar@ipfweb.org
Phone: 1-888-880-8222
Fax: 202-347-7339

For IHF:
acodd@bacweb.org
Phone: 1-888-880-8222
Fax: 202-383-3905

620 F Street, NW
Washington, DC 20004
202.783.3788
About Us

 

Benefit Types

Q: What types of pension benefits are available?

A: Four types of pensions are provided under the Plan.

  1. Normal Pension
  2. Early Retirement Pension
  3. Disability Pension
  4. Deferred Vested Pension

In addition, the Plan provides for a lump sum Severance Benefit and Death benefits. Non-covered Masonry Employment may impact eligibility for these benefits.

Normal Pension

If you are covered by a Collective Bargaining Agreement, you are eligible to retire on a Normal Pension at the later of age 64 or the fifth anniversary of your participation and if:

  1. You attain Normal Retirement Age, work at least one hour after January 1, 1999 and (1) have at least 5 years of pension credit including at least 1500 hours of future service; or (2) have at least 5 years of vesting service, or
  2. 2. You attain Normal Retirement Age as defined in the Plan Rules while still employed.

The Normal Pension is a monthly pension based on your local union's employer contribution rate. The Rate/Benefit table illustrates the normal pension benefit amounts payable to you with 25 years of pension credits and the amount to be added to the benefit for each year of future service credit, which is granted in excess of 25 years.

Benefits based on more than 25 years of service

Any Participant who has accumulated more than one year of Future Service as of July 1, 1998 will receive additional credit towards his monthly benefit provided he has already accumulated more than 25 years of total Pension Credit.

Example: Bill has 20 years of past service credit and 18 years of future service credit. He has worked at the $1.00 contribution rate of his Home local through his retirement. As shown in the Rate/Benefit table based on the $1.00 rate and earning 38 years of future service, Bill would receive a normal pension of $879.00 per month determined as follows:

25 years @ $1.00 =
$578.00
$23.10 for 13 years of future service =
$300.30
 
$879.00


Example: Bill delayed his retirement one more year. Instead of $879.00 he will receive $902.00 as follows:
25 years @ $1.00 =
$578.00
$23.10 for 13 years of future service =
$300.30
$23.10 for 1 more year earned =
$23.10
 
$902.00

Each year of subsequent Future Service Credit over 25 years, is added to the pension as earned.

 
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