Visit the link below for detailed information about fringe benefits and pensions packages including online forms and frequently asked questions for health and welfare and pension information for BAC.
As a BAC member, you and your family have access to a variety of great benefits that are not widely available to non-union trowel trades workers. Benefits are provided by the local and/or the International Union. Some benefits must be negotiated in your local’s collective bargaining agreement in order for you to receive them. To find out what benefits you are eligible for, contact your local officer. For more information about benefits offered through the International, visit the International Funds’ website at www.ipfweb.org or call 1-888-880-8222.
Pension Benefits
IPF was established in 1972 to help BAC members plan for a secure retirement. The fund has paid over a half billion dollars to members and beneficiaries since its inception. It provides pension benefits to members, some of whom may also participate in local pension funds, and offers four types of benefits, including normal, early and disability retirement, and survivor benefits. Generally, to receive any of these benefits, a member must accumulate the minimum years of credited service outlined in the plan.
In addition to providing a secure financial future, IPF also helps to create jobs and work hours for BAC members through the investment of IPF contributions in secure pooled mortgage funds that provide long-term financing for construction projects employing BAC members.
BACSave – Another Way to Build Retirement Security
Members can supplement their retirement income from local and International pension plans by saving through BACSave—the International’s Retirement Savings Plan Annuity and 401(k) plan.
Members covered by a collective bargaining agreement that includes the International’s Retirement Savings Plan Annuity receive hourly employer contributions to the plan. Investment decisions are made by the fund trustees, and retirement benefits are based on the contribution rate plus interest earned by the fund.
The 401(k) plan is available to members in locals that have negotiated it into their collective bargaining agreement. Members may accept or decline participation, and determine the amount of their pre-tax contribution and how it is invested. Loans and withdrawals are permitted for major purchases such as homes or college tuition.
Health Benefits
The International Health Fund offers participating locals access to quality medical, hospital and other health benefits that can be offered to members at competitive rates. Locals choose from three health and welfare plans and a menu of supplemental benefits. Plans are selected by members and locals according to contributions that have been negotiated in the local’s collective bargaining agreement.
A member in a participating local becomes eligible for benefits on the first day of the second month following the month in which the member completes 300 hours of work. Members remain eligible for health and welfare benefits as long as they meet one of the following “look back” rules:
400 hours in the last four consecutive months
600 hours in the last six consecutive months
800 hours in the last nine consecutive months
1,000 hours in the last 12 consecutive months
IHF also offers a vacation fund benefit that is available to both Canadian and US locals. Members who contribute to the fund may make quarterly requests for withdrawals as long as the total in the account is at least $100. Members receive the balance of money remaining in the account at the end of each year.
BACFlex
BACFlex gives members access to benefits they may not receive through their local’s health and welfare plan, and gives them the flexibility to choose the benefits they need when they need them.
The program is financed with collectively bargained contributions, and offers insured options including dental, vision and disability. It also offers tax-exempt spending account options including: medical, dependent/child care and dependent/elder care. BACFlex presents money-saving ways for members to pay for benefits, and benefit choices can be modified periodically as members’ needs change.
For more information about benefits visit the International Funds’ website at www.ipfweb.org, or call 1-888-880-8222.
