Good News for our Pension

Posted December 23, 2021

Brothers and Sisters,

 We have been getting a lot of phone calls from members about the Town Hall Meeting on Monday December 20, 2021. Everyone received the text message but the meeting was actually about the International Pension, not the Bay Area Painters and Tapers Pension. If you joined that meeting please disregard. It was sent to all members of the International Union of Painters and Allied Trades.

You should have received a letter by now about the changes that will be happening in the Bay Area Painters and Tapers Pension. This is good news for our pension. The Trustees for the Pension voted and passed a Retroactive Benefit Increase. Effective for benefit payments made on or after January 1, 2022, Participants with at least 400 Hours of Service in Covered Employment during the 2020 Calendar Year shall have an increased crediting factor of the monthly amount from 1.0% to 1.50% of the Contributions required to be made on or after July 1, 2003 to December 31, 2020. All ‘off benefit’ contributions that were excluded (or excludible) from the benefit formula under the current plan terms are excluded from this increase.”

Please look out for this letter and read it. It has some very important news that will definitely benefit you. You can also find this information on the Bay Area Painters and Tapers website. If you have not registered to log in to your personal account you can do this on the website as well. https://bayareapainterstrust.org/

Happy Holidays everyone.

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