Annual Benefit Plan
Part 1: About The Annual Benefit Plan
The Plan is known as the ITPE Annual Benefit Plan.
The law firm of Freedman & Lorry, P.C., 1601 Market Street, Second Floor, Philadelphia, Pennsylvania 19103, counsel for the Plan, has been designated as agent for the service of legal process. Service of legal process may also be made on any member of the Board of Trustees, which administers the Plan.
All contributions to the Plan are made by the Employers in accordance with collective bargaining agreements with the Industrial Technical and Professional Employees Union, AFL-CIO. The collective bargaining agreements generally require contributions to the Plan at fixed rates per hour. The Contract Administrator, upon written request, will advise you, or your beneficiaries, whether a particular Employer contributes to the Plan at a specific location.
Benefits are paid from the Plan assets, which are accumulated under the provisions of the collective bargaining agreements and the Agreement and Declaration of Trust Establishing the ITPE Annual Benefit Fund. These assets are held in a trust fund for the sole purpose of providing benefits to eligible participants and covering reasonable administrative expenses.
The Plan's assets are managed and invested by the Board of Trustees of the ITPE Annual Benefit Fund. The Plan's assets consist of cash and other interest bearing financial instruments. The cash and financial instruments are held in financial institutions designated by the Trustees.
Participants and their beneficiaries with questions or problems about their entitlements have the right to an official response from the Plan. This basic right and others are written into the Employee Retirement Income Security Act, (ERISA) adopted by Congress in 1974, which applies to all benefit Plans.
Those rights are set forth here.