Annual Funding Notice & Green Zone Notice
The Pension Protection Act of 2006 (PPA), added requirements for measuring the financial health of multiemployer pension plans such as ours. PPA requires the Laborers' Pension Fund’s (Fund's) actuary to determine the Fund’s financial status under these rules and certify that status annually. If the Fund’s status is critical (“Red Zone”) or endangered (“Yellow Zone”), the Trustees must notify all plan participants, beneficiaries, participating unions and contributing employers in writing Read more...
1099-R Tax Forms
The Internal Revenue Service requires the Fund to report pension recipient's earnings to the IRS by Form 1099-R. Form 1099-R forms are mailed by January 31, 2016. If you do not receive Form 1099-R or if you need another copy, please contact the Fund Office. This request can be made via mail, telephone or email Pension@chilpwf.com.
Pension payments to "Non-Resident Aliens" (non-US citizens, collecting pension benefits while residing in another country) may be subject to federal tax withholding under IRS Section 1441. For these pensioners, you will not receive Form 1099-R, instead you will receive Form 1042-S showing your earnings and federal withholding tax withheld. As a Non-Resident Alien, different tax rules apply to you. Please consult with your tax advisor or the Internal Revenue Service for more information.
Annual Statement Required from Pension Recipients
With your February 2016 pension check, you received an Annual Statement that needs to be completed and sent back to the Fund Office by May 15, 2016. Pensioners with direct deposit received a separate mailing containing the Annual Statement form. This form is sent every year to verify you received all of your pension checks from the prior year, to verify your mailing address, to update your file with any new information, and to verify that you are not working in any employment prohibited by the Plan rules. A Summary About the Kinds of Work Not Allowed is also sent every year and is included with this mailing. Read more...
Restated Plan Rules and Regulations
All pension plans are required to reapply to the Internal Revenue Service for tax-exempt status and restate our Plan Rules and Regulations, which involves submitting an updated version of the rules, including all amendments made since it was last restated on June 30, 2010. The Laborers’ Pension Fund restated our Plan Rules and Regulations on January 12, 2015. A Notice to Interested Parties was mailed between January 19, 2015 and January 20, 2015, advising of the restated rules and explaining the employee's right to comment, under Section 17 of Rev. Proc. 2014-6. Read more...
Notice of Election of Funding Relief
Earlier this year, Congress passed a law that relaxes certain minimum funding requirements for eligible mulitemployer pension plans. The relief gives pension plans a longer period of time to overcome the investment losses that they suffered in late 2008 and early 2009. For a plan to qualify for the relief, its actuary has to certify that the plan is projected to have enough funds to cover all benefit payments and expenses for the extended funding period. Read more...
Summary Plan Descriptions
The Laborers’ Pension Fund restated our Summary Plan Description on June 1, 2009. This document was mailed in July 2009. If you did not receive the Summary Plan Description or if you need another copy, please contact the Fund Office. Please note that that you will not receive the Summary Plan Description if you moved and failed to notify the Fund of your new address. If you moved in the last year, you may need to submit a Change of Address form.
The Summary Plan Description can be viewed and printed from our website. If you would like to receive this document in its original booklet format, please submit a request to our office. This request can be made via mail, telephone or email Pension@chilpwf.com.