The IUPAT Pension Plan Board of Trustees has continued to practice a diligent and proactive approach to making certain the Pension Plan continues to provide the retirement security each and every participant and pensioner have earned while on the job. A direct result of that proactive approach was the Funding Improvement Plan (FIP) launched in 2009. As progress continues to be made in returning the Pension Plan to its pre-recession financial status, the Trustees are introducing modifications to the FIP and Plan design changes, effective January 1, 2018.
First and foremost: The IUPAT Pension Plan is not reducing your benefit.
As of January 1, 2018, the rules for special early retirement have changed. However, the most important thing to know about these changes is that if you were on track to meet a special early retirement threshold under the old rules, your benefit for that piece of your retirement is grandfathered in, meaning you will not take a reduction on that piece of your pension. Your retirement benefit will consist of two separately calculated time-periods at the time you retire. Your benefits accrued through 12/31/2017 will be calculated under the current Plan rules. Benefits earned after 1/1/2018 will be calculated under the new Plan rules.
Learn how this change affects participants in your age range in the homepage videos.