The International Union of Bricklayers and Allied Craftworkers and various Contractor Associations established the Bricklayers and Trowel Trades International Retirement Savings Plan on April 26, 1988. It is financed solely by employer contributions determined by collective bargaining agreements between Local Unions and employers participating in the Plan. The Bricklayers and Trowel Trades International Retirement Savings Plan is administered by a Board of Trustees consisting of an equal number of representatives of the Union and an equal number of representatives of the employers. They serve without compensation. The Plan is separate from, and not a part of, the International Union or any employers' association. The Plan is qualified as tax-exempt under the Internal Revenue Code. You are covered by the Retirement Savings Plan if you are an employee working under a collective bargaining agreement between an employer and a Local Union providing for contributions to this Retirement Savings Plan. Because this Savings Plan was established to provide benefits that are supplemental to pension benefits, a certain level of contributions must first be made to the Bricklayers & Trowel Trades International Pension Fund or a Local pension plan. The minimum contribution is $1.00 per hour to one or more pension plans with at least $ 0.50 of which going into the International Pension Fund.
The Retirement Savings Plan has experienced significant asset growth since its inception. Plan assets recently totaled more than $50 million. Plan Trustees continue to keep administrative fees low and remain optimistic about the Plan’s outlook and ability to provide BAC members with high service and above-average investment performance.
BAC Save consists of the Retirement Savings Plan Annuity and the new 401(k) plan:
- The International Retirement Savings Plan Annuity has been in place since 1988. Contributions to the annuity are collectively bargained and every member covered by a participating agreement has the same amount contributed. The Plan Trustees are in charge of making the investment decisions, and earnings are pooled and distributed among the participant accounts.