USW Benefit Funds

The Advantages of Joining PIUMPF

Before negotiations begin, see how joining PIUMPF could be the right move for your company and your employees. Call the PIUMPF Fund Office at (615) 333-5762 today to start a discussion about this important issue.

As you know, in 2006 a new pension law was passed, call the Pension Protection Act of 2006 (PPA).  This law requires the most drastic pension funding changes since the passage of ERISA in 1974.  Under PPA, single employer defined pension plans must fund their plans to 100% within seven years.  All plans  must use the same mandated assumptions and methodology.  These new assumptions are based on current  economic conditions and can lead to increased current costs, as well as more volatile results in the future.   Funding rules under PPA for multiemployer plans, like the PACE Industry Union-Management Pension Fund (PIUMPF), have retained a relatively long-term perspective.  Merging your company’s defined benefit pension plan into PIUMPF could greatly reduce your company’s pension plan costs.

Stability.  We have a long history of success.  There's strength in these numbers:

• Established in 1963
• Over 76,000 members
• Almost $2 billion in assets

Flexibility.  We provide flexibility for employees and employers alike by offering:

• 7 programs to choose from
• A variety of benefits, including regular pension, early retirement pension, service pension, disability pension, survivor benefits, and a variety of payment forms

Portability.  Members who change jobs and move to any one of nearly 300 contributing employers can take their service and accrued benefit with them.

Service.  PIUMPF staff are available for presentations to negotiating committees, at union meetings, or at meetings with the union and employers.  PIUMPF staff can also conduct educational training at individual employer plants and locations.

Lower Costs.  Through PIUMPF, in addition to offering more services to your employees, you can lower administrative costs, lower pension funding costs, streamline Plan administration, and lower PBFC premiums.

Enhanced Investing.  Large funds like PIUMPF can provide an enhanced approach to investing assets, such as sophisticated investment planning with dedicated investment managers, more investment options, and long-term investing perspective.

More Favorable Funding Rules.  The PPA of 2006 legistration is more favorable toward multiemployer plans, such as PIUMPF, meaning less volitility for employer contributions and more predictable funding costs, no impact on your balanace sheet, and less-burdensome funding requirements.

There are other advantages too.

The PIUMPF Fund Office will handle all disclosure and filing requirements, such as PFEA notices and the expanded Form 5500. Your company will not pay PBGC premiums; they will be paid by PIUMPF.