Contained in these pages are the Summary Description Plans for your Health and Welfare and Pensions. These explain your benefits for each Pension and Health & Welfare Plan. There are two pension plans: Defined Benefit and Defined Contribution Pension.

Tilesetters and Finishers participate in the following plans:

* Northern California Tile Industry Defined Benefit Plan
* Northern California Tile Industry Defined Contribution Plan
* Northern California Tile Industry Health and Welfare Plan
– Summary Plan Description (click here)
– Summary Plan Description (Spanish Version) (click here)
* Tile Benefits:

NCTI: www.bac3tilebenefits.org

 All other Bricklayers, Marble Masons and Marble Finishers, Terrazzo and PCC are in the following plans:

* B.A.C. Local No. 3 Pension Plan
* B.A.C. Local No. 3 Defined Contribution Pension Plan
* B.A.C. Local No. 3 Health & Welfare Plan
-Summary Plan Description (click here)
* Brick Benefits:
* BAC 3: www.BAC3-brickbenefits.org
>Email: staff@BAC3-brickbenefits.org

Each Trust consists of an equal number of Union and Contractor Trustees as prescribed by Federal Labor Laws. Each side has one vote and all action must be taken by a majority decision. The Defined Benefit Pension Plans employ an Actuary who determines the funded status of each plan based upon financial and demographic considerations. All of the plans employ an attorney who insures that each plan is in legal compliance, an auditor who audits all of the records of the plan, and an Investment Consultant who advised on where we should put our money. The Health & Welfare Plans also have a Consultant who advises on the overall health of the trust. All monies are distributed by the Administrator. The trust is audited once a year and must file an IRS Form 5500, all of which are available to members. If you don’t find what you are looking for or for suggestions please contact us through e-mail or phone 1-800-281-8781.

Bricklayers, PCC, Marble Setters and Finishers

Trustees

Legal Counsel – Raphael Shannon Kraw, Kraw Law Group
Administrator – Desiree Eaton, BeneSys Administrators
Auditor – Vincent Rogers/Geoffrey Kramer, McMenomy & Associates CPAs LLP
Consultant – Wayne Menbdez, Rael & Letson
Investment Consultant – Brian Hicks, IPS LLC

Tilesetters and Finishers
Trustees

Legal Counsel – Raphael Shannon Kraw, Kraw Law Group
Administrator – Desiree Eaton, BeneSys Administrators
Actuary – Wendy Londa, Rael & Letson
Auditor – Vincent Rogers/Geoffrey Kramer, McMenomy & Associates CPAs LLP
Investment Consultant – Jennifer Mink, IPS LLC

Members are entitled to the two Local pension and one IU pension. The two Local pensions are the Defined Benefit Plan and the Defined Contribution Plan. The IU Pension is a Defined Benefit Plan.

The Defined Benefit Plans you are vested after 5 years of credited service. The normal Retirement Age is generally at the age of 60, although this varies a bit for each Plan. This type of Plan is a traditional pension plan where you are generally paid a monthly pension for the rest of your life. The Plans also have disability retirement.

The Defined Contribution Plan is similar to a 401 (k) Plan, although the Plan is funded by employer contributions only. You can receive a lump sum, rollover to your IRA (Individual Retirement Account) or monthly installments upon qualified retirement or disability. Some plans allow you to take loans from your pension for buying a home or a medical emergency. Check your plan for eligibility and rules.

Tips

You should begin to prepare for retirement 2 years prior to your expected retirement date. Defined Contributions Plan distributions should be rolled over to an IRA if at all possible because if taken in a lump sum the full amount is taxable in the year of receipt whereas in an IRA you are taxed only as you withdraw the money and the balance stays in a tax deferred environment.