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More than half of the workers in the United States are not covered by any pension plan (including 401k plans) to provide necessary income for retirement. That means more than 70 million workers will have only Social Security to retire on. The vast majority of GCC/IBT Local 1M contracts offer at least one or more of three different pensions to our members.
Interlocal
Pension Fund: (ILPF)
The ILPF is the largest of our pension plans and the only one of
its kind in the country. It is a tax deductible, employee paid pension which
offers its active participants full retirement benefits at age 65. The plan offers two spousal options upon retirement. Members can take early retirement
as early as age 55.
Another great option offered is the "Rule of 75" which allows
participants to retire and receive benefits when their age plus their years
in the Fund total 75. Phone: 630-752-8400
National Pension Fund (formerly the SRDF)
The
National Pension is paid by participating employers as defined in their contracts.
This plan offers members full benefits at age 65. Members can retire as early as age 55.This Fund also offers spousal
options. Phone: 630-871-7733
Employer Retirement Fund: (ERF)
Like the National, the ERF is paid by participating employers as defined in their contracts. This plan allows members to retire with full benefits at age 62. Members can retire as early as age 55. This plan offers spousal options. Phone: 1-800-322-1489
Health
and Welfare:
GCC/IBT
Local 1M offers its own ERISA Health and Welfare Plan. Currently the plan is
through Healthpartners of
Minnesota and is administered by Wilson-McShane Corporation. The plan
covers participating members and their dependents. Most participating
employers currently pay the full monthly premium cost. This plan also
includes dental, short term disability, life insurance and retiree coverage
for eligible participants from age 60 to 65. Phone: 952-854-0795
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