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Summary Plan Description
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Amendment No. 99-1
Amendment No. 99-2
Amendment No. 2000-1
Amendment No. 2001-1
Amendment No. 2001-2
Amendment No. 2001-3
Amendment No. 2005-1
Amendment No. 2007-1
Summary Annual Report
ITPE Pension Plan
The Plan is known as the ITPE Pension Plan. The Plan was formerly known as the ITPE- NMU/MEBA Pension Plan. The name of the Plan was changed on June 18, 1998.The ITPE Pension Plan is administered by a joint Board of Trustees, consisting of seven Union representatives and seven Employer representatives. Communications to the Board should be addressed to: Board of Trustees, ITPE Pension Fund, c/o ERISA Systems, 216 North Avenue East, Cranford, NJ 07016. The telephone number is (908) 276-0800.
The law firm of Freedman & Lorry, P.C., 400 Market Street, Suite 900, Philadelphia, PA 19106, counsel for the Plan, has been designated as agent for the service of legal process. Service of legal process may also be made on any member of the joint Board of Trustees, which administers the Plan.
All contributions to the Plan are made by the employers in accordance with their collective bargaining agreements with ITPEU, AFL-CIO. The collective bargaining agreements generally require contributions to the Plan at fixed rates per hour. The Contract Administrator, upon written request, will advise you, or your beneficiaries, whether a particular employer contributes to the Plan.
The ITPE Pension Plan is a defined contribution plan. A defined contribution plan means a pension plan which provides for an individual account for each participant and for benefits based solely upon the amount contributed to the participant's account, and any income, expenses and gains or losses which are allocated to each participant's account. Benefits under this plan are not insured by the Pension Benefit Guaranty Corporation (PBGC), if the Plan terminates, since the Plan is a defined contribution plan.
Upon retirement, if you are vested, the benefit will be paid in the form of a life annuity or in the case of a married participant, in the form of a qualified joint and survivor annuity unless an optional form of benefit is selected pursuant to a qualified election which must be consented to by a married participant's spouse. In the event there is a qualified election the payment shall be made in one lump sum. In any event, if your benefit is $5,000 or less, it will be paid in one lump sum.
Benefits are paid from the Plan's assets which are accumulated under the provisions of the collective bargaining agreements and the Agreement & Declaration of Trust Establishing the ITPE Pension Fund. These assets are held in a trust fund for the sole purpose of providing benefits to eligible participants and covering reasonable administrative expenses.
The Plan's assets are managed and invested by the Board of Trustees of the ITPE Pension Fund.
The majority of the Plan's assets are held in custody by the Bank of New York. Certain of the Plan's assets are held by the Board of Trustees. Participants and their beneficiaries with questions or problems about their entitlement have the right to an official response from the Plan. This basic right and others are now written into the Employee Retirement Income Security Act, adopted by Congress in 1974, which applies to all benefit plans. Those rights are set forth here.
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