ipf benefiting BAC members for

$2 BillionAnd Counting

2011 Annual Reportbricklayers & trowel trades international pension fund

bricklayers & allied craftworkers international health fund

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InternatIonal PensIon Fund Projected solvent For 30 Yearsdespite flagging construction activity and a resulting drop in contributions, the actuary to the International Pension Fund (IPF) has confirmed that IPF is able to pay expected benefits and meet expected expenditures over a thirty year period commencing january 1, 2011 and running through december 31, 2040. the actuary made the 30-year projections using plan provisions, participant data, IPF financial information and expectations of industry performance to project plan solvency.

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IPF/IHF: $2 Billion and Counting, IPF Celebrates 40 Years of Service, $2 Billion in Benefits Paid ....2

IPF/IHF: $2 Mil millones y Contar, IPF Celebra 40 Años del Servicio (en Español) ......................3

International Pension Fund Update ............................................................................4

International Pension Fund Summary Annual Report ....................................................6

IPF Accrual Tables ...................................................................................................7

La Acumulación de IPF Pospone (en Español) ...............................................................8

S&P 500 Index Fund Update ......................................................................................9

IPF Question and Answer ........................................................................................ 10

Retirement Savings Plan Update ............................................................................... 12

Retirement Savings Plan Summary Annual Report ....................................................... 13

Signatory Fund Listings/International Reciprocal Agreements ..................................... 14

Member Assistance Plan Update ............................................................................... 16

International Health Fund Update ............................................................................ 17

International Health Fund Summary Annual Report .................................................... 18

$2 Billion and Counting: The Value Behind the Numbers .............................................. 19

IPF Canada Summary Annual Report ........................................................................ 20

IPF Canada Update ................................................................................................ 21

In an effort to reduce printing and postage costs, comprehensive International Pension Fund financial data is being made available upon request. Please contact the International Pension Fund electronically at dstupar@ipfweb.org or write to the address listed below:

Bricklayers and Trowel Trades International Pension Fund620 F Street, N.W., Suite 700

Washington, DC 20004

ipf benefiting BAC members for

$2 Billion And Counting2011 IPF/IHF Annual Report

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Established in 1972, the International Pension Fund (IPF) has seen dramatic growth in its 40 years of service to the Masonry Industry. The IPF Board of Trustees takes great pride in the Fund’s expansion and its ability to provide

participants with consistent benefits, even during periods of economic volatility. Building upon its core mission of ensuring a secure, dignified retirement for skilled masonry craftworkers IPF deploys the latest technology to administer its plans, adheres to solid investment practices to protect Fund assets, and has also established a highly successful Retirement Savings Plan. More than 92 percent of BAC’s membership participates in IPF.

IPF reached an important milestone in May 2012 by paying out a cumulative $2 billion dollars in benefits since the plan’s inception. This achievement represents more than a three-fold acceleration in the Fund’s level of benefit disbursement, which included $1 billion disbursed between 1972 and 2003. This dramatic growth is the product of increases in both the number of pensioners, which rose by 21%, and in the amount of individual benefits paid, which saw a 47% increase in the average benefit paid during a period of just 9 years.

IHF Trustees demonstrated their commitment to improving members’ access to decent, affordable health care by establishing the International Health Fund (IHF) in 1988. Since then, IHF has administered customized programs for BAC craftworkers and their families, developed through close teamwork with Local BAC Health and Welfare funds that has resulted in the creation of dynamic coalitions with service providers and advocacy groups. Despite a significant downturn in recent years in construction activity, IHF has made recent gains by improving its dental benefits and continuing a reduction in work hour requirements allowing more members to maintain health coverage without resorting to COBRA provisions. And through the distribution of its BAC/SAV-Rx Advantage Plan prescription drug discount cards, IHF has reduced the cost of prescription medications for all BAC members, regardless of their insured status.

Both IPF and IHF continue to seek innovative cost saving measures to better serve participants. Through

strategic coalition-building, both Funds have increased their negotiating power to reduce fees and obtain services at discounted rates. By achieving higher levels of direct deposit delivery IPF pensioners and beneficiaries receive their benefits more rapidly and safely than ever. Securing and administering the reciprocal transfer of pension and health contributions for travelling members is another significant innovation in which the Funds take pride.

Through the Electronic Reciprocal Transfer System (ERTS) and the Reciprocity Clearinghouse,

travelling members can count on prompt service to ensure benefit plan coverage and accurate accruals. IPF’s continued investment in job-

creating 100% union construction projects benefits participants during their working

lives and in retirement, assists in building stronger local economies, and provides affordable housing for working families.

In an era characterized by the erosion of the social safety net, including workers’ defined benefit pension plans, plans such as IPF function to pool risk and smooth economic disruptions for plan participants. Supplemental retirement savings established under the BAC SAVE Retirement Savings Plan extend this security by offering an additional tax-advantaged savings vehicle with hardship protections. By providing both retirement income and access to quality health care, IPF and IHF continue to serve as proud partners in paving the way forward for Union members and the Masonry Industry. n

Forty Years, Two Billion Dollars Paid and Customized, Affordable Healthcare eugene george

Co-ChAiR, Boards of Trustees Bricklayers and Trowel Trades International Pension Fund and International Health FundpRinCipAl, GA Masonry

james bolandCo-ChAiR, Boards of Trustees Bricklayers and Trowel Trades International Pension Fund and International Health Fund pResident, International Union of Bricklayers and Allied Craftworkers

International Pension Fund Continues to Provide Benefits to More Retirees and Beneficiaries, International Health Fund Continues to Improve Access to Quality Health Care

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Establecido en 1972, el Fondo de Pensión Internacional (IPF) ha visto el desarrollo dramático en sus 40 años de servicio a la Industria Masonería. El Junta Directiva de IPF está orgulloso de este desarrollo y la capacidad del Fondo para proveer los

participantes con beneficios consistentes incluso en los tiempos de volatilidad económica. Levantando en la misión nuclea de asegurando que todos de los trabajadores masonerías tienen una jubilación dignificada, el Fondo también ha establecido un Plan de Retiro Ahorros, implementa la tecnología última para administrar sus planes, y se adhiere a las prácticas sólidas de inversión para proteger los activos del Fondo. Más de 92 por ciento la afiliación de BAC participa en IPF.

IPF llegó al hito importante en Mayo del 2012 por proporcionando $2 mil millones acumulativo en los beneficios desde el inicio del Plan. Este logro representa más de una aceleración triple en el nivel del Fondo de desembolso de los beneficios, como el Fondo desembolsó $1 mil millón acumulativo entre 1972 y 2003. Este desarrollo dramático es el producto de ambos los aumentos en el número de jubilados y los aumentos en la cantidad de beneficios individuales pagado. De hecho, este desarrollo acelerando representa un aumento de 21% en el número de los beneficiarios de IPF y un aumento de 47% en el beneficio normal pagado durante un tiempo de solo 9 años.

También, la Junta Directiva han demostrado vigilancia en la protección de la salud de los miembros por estableciendo el Fondo Internacional de Salud (IHF). Desde su inicio en 1988, IHF ha administrado los programas adaptado a la industria que provee acceso a cuidado de la salud de calidad. Combinando con los fondos locales de BAC Salud y Bienestar y creando las coaliciones con una variedad de proveedores de servicio y grupos de apoyo, IPF sigue su historia de mejorar la salud de los miembros de BAC. A pesar de un decrecimiento significado en la actividad de construcción, IHF ha hecho las ganancias recientes por mejorando sus provisiones de COBRA y los beneficios dentales. A través de la distribución de las tarjetas de descuentos de recetas del BAC/Plan de Ventaja de SAV-Rx, IPF ha reducido la cuesta de medicinas recetas para todos de los miembros de BAC, a pesar del estado asegurado.

Ambos IPF e IHF siguen buscar las medidas innovadores para ahorrar cuestas para realizar sus misiones. A través

de levantando la coalición, los Fondos han aumentado su poder para negociar para reducir las cuestas y obtener los servicios a las tarifas descontadas. Por logrando las niveles superiores de la entrega de la domiciliación, jubilados de IPF y los beneficiarios reciben sus beneficios más rápido y seguro como nunca antes. El Fondo está orgulloso de la innovación de obtener la transferencia recíproca de los beneficios para los miembros ambulantes. Por el Sistema

de Transferir Recíproco Electrónico (ERTS) y El Centro de Intercambio de Información Recíproco,

los miembros ambulantes pueden contar con el servicio rápido para asegurar la cobertura de los beneficios del plan y las acumulaciones exactas. La

inversión seguida de IPF en creando los proyectos de construcción beneficia a los participantes durante

sus vidas trabajadoras y en la jubilación, ayuda crear las economías locales más fuertes, y proveer las viviendas asequibles para las familias trabajadoras.

En un tiempo caracterizado por el desmantelamiento sistemático de la garantía social, incluyendo los planes definidos del beneficio de pensión de trabajadores, los planes como IPF hace de allanar los trastornos económicos para los participantes del plan. Los ahorros complementarios de jubilación establecidos a bajo del Plan BAC SAVE de retiro extiende esta seguridad por ofrecer un vehículo adicional de ahorros con una ventaja de impuestos con protecciones de penuria. Por proveer ambos el ingreso de jubilación y acceso a cuidados de la salud calidad, IPF e IHF siguen servir como socios orgullosos en allanando el camino en adelante para los miembros del Sindicato y la Industria Masonería. n

Cuarenta Años de Servicio y $2 Mil Millones Pagado

eugene georgeCopResidente, Junta Directiva Bricklayers and Trowel Comercio del Fondo International de Pensión y Fondo Internacional de SaludpRinCipAl, GA Masonry

james bolandCopResidente, Junta DirectivaBricklayers and Trowel Comercio del Fondo International de Pensión yFondo Internacional de Salud. pResidente, Sindicato International de Albañiles y Oficios Afines (BAC)

El Fondo de Pensión Internacional Sigue Proveer Benefi-cios a Más Jubilados y Beneficiarios, el Fondo Interna-cional de Salud Sigue Aumentar Acceso a Cuidados de la Salud de Calidad

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When the International Pension Fund was established in 1972 its purpose was clear. Provide defined benefit (DB) pension coverage

to those members who did not have a pension plan, provide supplemen-tal pension benefits to BAC members who did, and allow travelling BAC members to pay into a single pension plan even when their work took them away from home. Since that time the Fund’s Board of Trustees have stayed true to course by fulfilling these objectives despite the pressures exerted by a cyclical construction economy. After 40 years of service and paying out more than $2 billion in pension benefits the Fund remains dedicated to serving its participants by employing innovation and sound investment practices to surmount challenges. The experienced gained over these years helps ensure a successful future for IPF and assists in maintaining a solid foundation for the Masonry Industry.

financial well-being of seniors. Recent studies conducted by the National Institute on Retirement Security (NIRS) show that in 2010 the poverty rate among older households without defined benefit pension income was more than nine times greater than the rate among older households that were recipients of pension income. Defined benefit pension income provides societal benefits by boost-ing payrolls and local economies throughout the nation. According to recent figures released by NIRS, more than 6.5 million American jobs are linked to retiree spending, infusing the national economy with $1 trillion dollars annually.

These numbers translate into fewer impoverished households and signifi-cantly lowered public expenditure on assistance programs for the elderly. In 2010 pension benefits reduced public assistance rolls by $7.9 billion. This reduction, which represented 6.4 percent of aggregate public assistance dollars received by American house-holds, is even more important amidst decreases in government revenues resulting from the ongoing U.S. eco-nomic downturn.

International Pension Fund Provides Sustainable Benefits Totaling More than $2 Billion over 40 Year History

IPF Update:

(mill

ions

)(m

illio

ns)

DB Income Helps Large Numbers Avoid Public AssistanceNumber of Older Americans Receiving Public Assistance Actual and Projected (without DB)

6

5

4

3

2

1

0

Actual Without DB Income

4.04 million

1.22 million5.3 million

30% increase

Amount of Public Assistance Received by Older Americans Actual and Projected (without DB)

$40

$30

$20

$10

$0

Actual Without DB Income

Source: NIRS, The Pension Factor, Table 11

26.3 billion

7.9 billion

$34.2 billion

30% increase

Elderly Poverty Rate Nine Times Greater without DB Income in 2010Rates of Poverty in 2006 and 2010 by DB Pension Status

2010 2006

1.7% 2.4%

15.5% 15.1%

w/DB No DB

Source: NIRS, The Pension Factor, Figure 3IPF’s history of rolling out new pro-

grams to better service its participants also provides testimony to the Fund’s re-solve. Programs such as the BAC SAVE Retirement Savings Plan, the BAC SAVE 401(k) Plan (see update on page 12), the Electronic Reciprocal Transfer System, the Trowel Trades S&P 500 Index Fund and its proxy voting activities, direct deposit benefit disbursement, and job-producing real estate investments stand witness to IPF’s history of innovation. The IPF Trustees continually look for ways to keep its benefit programs finan-cially stable and dynamically relevant. Established in 1989, the BAC SAVE Retirement Savings Plan, a savings vehicle designed specifically for trowel trades workers, boosts participants’ abil-ities to provide for their families through their working years and into retirement. Participation in BAC SAVE’s supple-mental annuity and 401(k) programs are available to all collective bargaining groups who pay a combined minimum of $1.00 per hour into IPF and Local defined benefit pension plans.

pension Benefits play Vital Role in economyDefined benefit pensions play an in-creasingly vital role in protecting the

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ipF Funding improvement plan update The Pension Protection Act of 2006 requires pen-sion plans that are in endangered status to adopt a ten year Funding Improvement Plan (FIP) aimed at restoring the financial health of the plan. To this end, the IPF adopted an FIP as of December 2010. The FIP outlines a path to improve funding levels over time by formulating adjusted accrual structures and increases in current contribution levels and includes the following key measures:

•No changes in Plan benefits paid or already earned

•Contribution and accrual rates unchanged through 2012

•Annual 3% or 4% IPF PPA rate increases start-ing in 2013

•Current accrual rates remain in place for Locals which negotiate initial 4% IPF PPA contribu-tion rates in 2013, and specified increases in later years

•Ten year IPF Funding Improvement Plan will be reviewed annually and improved as conditions warrant

•If neither 3% nor 4% PPA rate increases achieved, all future accruals will cease

While no adjustment in benefit accruals or contributions are required in 2012, the FIP will be reviewed on an annual basis and adjusted as needed.

The Trustees continued their commitment to those in Qualified Military Service by granting those participants all rights under the Uniformed Services Employment and Reemployment Rights Act of 1994 (USERRA) as follows:

“ The credit to be provided for each week of such absence shall be provided if the Participant returns to employment requiring contributions to the Fund…An eligible Participant shall be credited with hours based upon the average hours he worked under the collective bargaining agree-ment between his Local Union and the Employers participating in the Plan in the 36 months preced-ing his period of Qualified Military Service. If he had been a Participant for fewer than 36 months prior to his period of Qualified Military Service, the monthly average will be calculated using such fewer number of months.”

Members who have recently engaged in military service should provide documentation of their orders and discharge dates to the Fund office.

Retiree Payroll (CAnAdiAn plAn, in Millions—Cdn CuRRenCy)

2006 2007 2008 2009 2010 2011

$5.8 $5.9

$3.8*

$2.3* $2.5*

$5.7

Number of Retirees (CAnAdiAn plAn)

2006 2007 2008 2009 2010 2011

2035 2058

726* 759* 772*

2095

Plan Assets (CAnAdiAn plAn, in Millions—Cdn CuRRenCy)

2006 2007 2008 2009 2010 2011

$94.6 $93.4

$45.5* $48.4* $50.8*

$71.9

Number of Retirees (us plAn)

2006 2007 2008 2009 2010 2011

24,324

22,306 22,58023,407

23,92523,005

Plan Assets (us plAn, in Billions)

2006 2007 2008 2009 2010 2011

$1.258$1.319$1.534 $1.589

$1.242$1.127

* The reductions in retiree payroll numbers, and IPF Canada Plan assets reflect the transfer of assets and liabilities in portions of Ontario (see IPF Canada Update on page 21 for details).

(continued on page 20)

Retiree Payroll (us plAn, in Millions)

2006 2007 2008 2009 2010 2011

$116.2 $120.3$128.9 $133.4

$125.2$139.2

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This is a summary of the Annual Report for the Bricklayers

and Trowel Trades International Pension Fund, EIN 52-6127746, Plan 001, for the year ended December 31, 2011. The Annual Report has been filed with the Employee Benefits Security Administration, as required under the Employee Retirement Income Security Act of 1974 (ERISA). This report contains information for the U.S. Plan only.

Basic Financial informationBenefits under the Plan are provided through a Trust. Plan expenses for the year were $148,609,227. These expenses included $139,220,739 in benefits paid to retirees and beneficia-ries. A total of 78,291 persons were participants in or beneficiaries of the Plan at the end of the year, although not all of these persons had yet earned the right to receive benefits.

The value of Plan assets, after subtracting liabilities of the Plan, was $1,258,187,286 as of December 31, 2011, compared to $1,318,887,575 as of January 1, 2011. During the Plan year, the Plan experienced a decrease in its net assets of $60,700,289. This decrease includes unrealized appre-ciation or depreciation in the value of Plan assets; that is, the difference between the value of the Plan’s assets at the end of the year and the value of the assets at the beginning of the year or the costs of assets acquired during the year. In 2011, the Plan had total income of $87,908,938, including em-ployer contributions of $81,254,831, investment income of $5,881,755 and merger proceeds and miscellaneous income of $772,352.

Minimum Funding standardsAn actuary’s statement shows that

enough money was contributed to the Plan to keep it funded in accordance with the minimum funding standards of ERISA.

your Rights to Additional informationYou have the right to receive a copy of the full Annual Report, or any part thereof, upon request. The items list-ed below are included in that report.

1. An accountant’s report;

2. Financial information & payments to service providers;

3. Assets held for investment;

4. Fiduciary information & transac-tions in excess of 5% of plan assets;

5. Insurance information & informa-tion regarding any common or collective trusts or pooled separate accounts;

6. Actuarial information regarding the funding of the plan.

To obtain a copy of the full Annual Report or any part thereof, write or call the office of David F. Stupar,

Executive Director, at 620 F Street, N.W., Suite 700, Washington, D.C. 20004, telephone number 1-888-880-8222 or e-mail to dstupar@ipfweb.org. Copies of these reports will be furnished at no cost to participants of the Fund.

You also have the right to receive from the Plan administrator, on request and at no charge, a statement of the assets and liabilities of the plan and accompanying notes, or a state-ment of income and expenses of the plan and accompanying notes, or both. If you request a copy of the full Annual Report, these two statements and ac-companying notes will be included as part of that report.

You also have the legally protected right to examine the Annual Report at the Fund office at 620 F Street, N.W., Suite 700, Washington, D.C. 20004, and at the U.S. Department of Labor in Washington, D.C., or to obtain a copy from the U.S. Department of Labor upon payment of copying costs. Requests to the Department of Labor should be addressed to: Public Disclosure Room, Room N-1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210. n

In an effort to reduce printing and postage costs, comprehensive International Pension Fund financial data is being made available upon request. Please contact the International Pension Fund electronically at dstupar@ipfweb.org or write to the address listed below:

Bricklayers and Trowel Trades International Pension Fund620 F Street, N.W., Suite 700Washington, DC 20004

Bricklayers and Trowel Trades International Pension Fund

2011 Summary Annual Report

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The IPF U.S. Board of Trustees implemented a reduction in

benefit accrual rates for work performed after April 1, 2009. It is important to note that this reduc-tion in accrual rates does not effect work performed prior to April 1, 2009. This action was taken to help preserve the strength of the Fund and to protect the pension benefits of its present and future retirees.

note 1: For each $0.10 per hour contributed in excess of $1.50, an additional $4.62 will accrue for each year of Future Service for which the contribution is made prior to April 1, 2009. After April 1, 2009 for each $.10 contribution rate above or below $1.50, there will be an accrual of $1.40 per month for each year (1,500 hours) of Future Service Credit.

note 2:* Those Participants who worked after April 1, 2009 will accrue benefits “Per Year” as listed in the table’s bold text. The reduced accrual is also shown for single year periods to show the impact of multiple years under the reduced formula which should be added on to years of service earned prior to April 1, 2009. This accrual rate has been established for participants working for employers contributing an additional Pension Protection Act rate equal to 15% of their IPF rate. Participants working for employers who are not contribut-ing this additional 15% should reduce the listed accrual rates (in bold text) by 50%. n

Accruals Adjusted, Benefits ProtectedRATE PER YEAR

YEARs of PEnsion CREdiT AT RETiREmEnT40 35 30 25 20 15 10 5

$0.25 $6.93 $278 243 208 $174 139 104 70 35*$3.50

$0.30 $8.32 $333 292 250 $208 167 125 84 42*$4.20

$0.35 $9.47 $379 332 285 $237 190 143 95 48*$4.90

$0.40 $10.63 $426 373 319 $266 213 160 107 54*$5.60

$0.45 $11.78 $472 413 354 $295 236 177 118 59*$6.30

$0.50 $12.94 $518 453 389 $324 259 195 130 65*$7.00

$0.55 $14.09 $564 494 423 $353 282 212 141 71*$7.70

$0.60 $15.25 $610 534 458 $382 305 229 153 77*$8.40

$0.65 $16.31 $653 571 490 $408 327 245 164 82*$9.10

$0.70 $17.33 $694 607 520 $434 347 260 174 87*$9.80

$0.75 $18.39 $736 644 552 $460 368 276 184 92*$10.50

$0.80 $19.40 $776 679 582 $485 388 291 194 97*$11.20

$0.85 $20.33 $814 712 610 $509 407 305 204 102*$11.90

$0.90 $21.25 $850 744 638 $532 425 319 213 107*$12.60

$0.95 $22.18 $888 777 666 $555 444 333 222 111*$13.30

$1.00 $23.10 $924 809 693 $578 462 347 231 116*$14.00

$1.05 $24.02 $961 841 721 $601 481 361 241 121*$14.70

$1.10 $24.95 $998 874 749 $624 499 375 250 125*$15.40

$1.15 $25.87 $1,035 906 777 $647 518 389 259 130*$16.10

$1.20 $26.80 $1,072 938 804 $670 536 402 268 134*$16.80

$1.25 $27.72 $1,109 971 832 $693 555 416 278 139*$17.50

$1.30 $28.64 $1,146 1003 860 $716 573 430 287 144*$18.20

$1.35 $29.57 $1,183 1035 888 $740 592 444 296 148*$18.90

$1.40 $30.49 $1,220 1068 915 $763 610 458 305 153*$19.60

$1.45 $31.42 $1,257 1100 943 $786 629 472 315 158*$20.30

$1.50 $32.34 $1,294 1132 971 $809 647 486 324 162*$21.00

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La Junta Directiva del Fondo de Pensión Internacional, IPF

por sus siglas en Ingles, a re-alizar una reducción en la taza de acumulación jubilatoria, para los trabajos realizados después del 1 de Abril del 2009. Es importante destacar que la reducción en la taza de acumulación jubilatoria, no afecta a los trabajos realizados antes del 1 de Abril del 2009. Esta acción tuvo que ser tomada para proteger y mantener la fortaleza del fondo de jubilación, así como también resguardar los beneficios jubilatorios para todos los miem-bros incluyendo aquellos que en el futuro se estén jubilando.

CoMentARio 1: Por cada $0.10 centavos contribuidos por hora que exceda $1.50, un adicional de $4.62 se acumulara por cada año de Servicio Futuro en que dicha contribución ha sido realizada antes del 1 de Abril del 2009. Después del 1 de Abril del 2009 por cada $0.10 centavos que se contribuya por encima o por debajo de $1.50, habrá una acumulación de $1.40 por mes por cada año de (1.500 horas) de crédito de servicio futuro.

CoMentARio 2:* Aquellos Participantes quienes trabajaron después del 1 Abril del 2009 ten-drán una acumulación de beneficios “Por Ano” como es indicado en la tabla con texto en negrita. Además se muestra una reducción acumulada en un periodo de un año, para demon-strar un ejemplo de como impacta en muchos anos usando la formula matemática que será agregada a los años de servicio obtenidos antes del 1 de Abril del 2009. Esta taza de acumulación fue establecida sola-mente para aquellos Participantes trabajando para empleadores que contribuyen al plan de jubilación y a la Ley de Protección de Pensión, (PPA) por sus sigla en Ingles, que es igual 15% de la taza de IPF. Para aquellos Participantes trabajando para empleados que no contribuyen el 15% adicional, la reducción de la taza de acumulación es del 50% como se muestra en el texto en negrita. n

Ajuste de Taza de Acumulación para la Protección de los Beneficios

TAZA dE ConTRiBUCiÓn PoR AÑo

AÑo dE CRÉdiTo dE PEnsiÓn Al RETiRo

40 35 30 25 20 15 10 5$0.25 $6.93 $278 243 208 $174 139 104 70 35

*$3.50$0.30 $8.32 $333 292 250 $208 167 125 84 42

*$4.20$0.35 $9.47 $379 332 285 $237 190 143 95 48

*$4.90$0.40 $10.63 $426 373 319 $266 213 160 107 54

*$5.60$0.45 $11.78 $472 413 354 $295 236 177 118 59

*$6.30$0.50 $12.94 $518 453 389 $324 259 195 130 65

*$7.00$0.55 $14.09 $564 494 423 $353 282 212 141 71

*$7.70$0.60 $15.25 $610 534 458 $382 305 229 153 77

*$8.40$0.65 $16.31 $653 571 490 $408 327 245 164 82

*$9.10$0.70 $17.33 $694 607 520 $434 347 260 174 87

*$9.80$0.75 $18.39 $736 644 552 $460 368 276 184 92

*$10.50$0.80 $19.40 $776 679 582 $485 388 291 194 97

*$11.20$0.85 $20.33 $814 712 610 $509 407 305 204 102

*$11.90$0.90 $21.25 $850 744 638 $532 425 319 213 107

*$12.60$0.95 $22.18 $888 777 666 $555 444 333 222 111

*$13.30$1.00 $23.10 $924 809 693 $578 462 347 231 116

*$14.00$1.05 $24.02 $961 841 721 $601 481 361 241 121

*$14.70$1.10 $24.95 $998 874 749 $624 499 375 250 125

*$15.40$1.15 $25.87 $1,035 906 777 $647 518 389 259 130

*$16.10$1.20 $26.80 $1,072 938 804 $670 536 402 268 134

*$16.80$1.25 $27.72 $1,109 971 832 $693 555 416 278 139

*$17.50$1.30 $28.64 $1,146 1003 860 $716 573 430 287 144

*$18.20$1.35 $29.57 $1,183 1035 888 $740 592 444 296 148

*$18.90$1.40 $30.49 $1,220 1068 915 $763 610 458 305 153

*$19.60$1.45 $31.42 $1,257 1100 943 $786 629 472 315 158

*$20.30$1.50 $32.34 $1,294 1132 971 $809 647 486 324 162

*$21.00

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to shareholder proposals, oftentimes with complete compliance. This can be attributed to the popularity with share-holders of the types of proposals filed (no gross ups of salaries to fund excise or other executive tax liabilities, no accelerated vesting of equity awards in a change of control of a corporation, gold-en parachutes) and the fact that many of the proposals were filed in coordination with other institutional investors to cor-porations specifically targeted for their poor executive compensation practices and thus were more likely to be respon-sive to shareholder concerns.

The Index Fund leverages the strength of participating BAC pension and annuity plans to work for consis-tent, dependable returns and protects working and retired members and their beneficiaries by monitoring the actions of the businesses it invests in. n

The Trowel Trades S&P 500 Index Fund was again active in pro-

moting good corporate governance practices at companies that BAC Pension and Annuity Funds are in-vested in. The Index Fund submitted 15 shareholder proposals address-ing executive pay, the use of golden parachutes, executive ownership, and election of corporate board members. Nine proposals were with-drawn as a result of the company addressing shareholder concerns as communicated in the proposal prior to the scheduled shareholder meet-ing. The remaining 6 shareholder proposals were presented at the various shareholder meetings and voted on.

There were an extraordinary num-ber of withdrawals this proxy season as companies responded positively

Trowel Trades Index Fund Leverages Corporate Responsibility through Proxy Voting Activity

Company shareholder Proposal

Bank of New York Mellon Independent Chair

Northern Trust No Accelerated Vesting of Equity in Change of Control

Wells Fargo Cumulative Voting

Kohl’s Succession Planning

Safeway No Accelerated Vesting of Equity in Change of Control

Staples Substantial Retention of Equity Awards

Total Systems No gross ups of excise taxes (withdrawn due to company response)

EOG Resources No gross ups of excise taxes (withdrawn due to company response)

Allstate No Accelerated Vesting of Equity awards in Change of Control (withdrawn due to company response)

Masco No gross ups of excise taxes (withdrawn due to company response)

Avalon Bay Communities Shareholder approval of golden parachutes (withdrawn due to company response)

Limited Brands No gross ups of excise taxes (withdrawn due to company response)

Dean Foods No gross ups of excise taxes (withdrawn due to company response)

Boeing No accelerated vesting of equity awards in a change of control (withdrawn due to company response)

Lowe’s Shareholder approval of golden parachutes (withdrawn due to company response)

Recent Specific Proxy Voting Service Activity

trowel trades s&p 500 index Fund participating Funds

Bricklayers & Trowel Trades International Pension Fund

Bricklayers of Indiana Retirement Plan Bricklayers Local 74 Illinois Pension Fund Bricklayers Local 8 Illinois Pension Fund Wisconsin Masons’ Pension Fund Bricklayers Local 6 Indiana Pension Fund Bricklayers Local 20 Illinois Pension Fund Bricklayers Local 5 New Jersey Bricklayers Local 13 Nevada Bricklayers Local 1 New York

Pension & Annuity Bricklayers Pension Metropolitan

Area Michigan California Tile Industry Retirement

Savings Fund

The market value of the Trowel Trades S&P 500 Index Fund as of 06/30/2012 was $280,321,124.39. n

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Q: When am I eligible for a normal IPF pension?

A: You are eligible to retire on a Normal IPF pension at age 64, pro-vided you meet the respective Plan requirements for benefits. You meet these requirements if you:

•Have worked after January 1, 1999, are covered by a Collective Bargaining Agreement, and have at least five years of pension credits, including at least 1500 hours of future service or at least five years of vesting service.

•Did not work after January 1, 1999, but are covered by a Collective Bargaining Agreement and have at least 10 years of pension credits, in-cluding at least 1500 hours of future service, or have at least 10 years of vesting service under the Plan.

One year of vesting service is credited for each calendar year during future ser-vice in which you earned at least 1,000 hours. You should read your Summary Plan Description (SPD) for an explana-tion of the plan’s provisions. Please remember, however, that the rules and regulations of the plan itself represent the final authority in all cases.

Q: When should I apply for benefits?

A: You must complete and submit a pension application for normal, early, disability, or deferred vested benefits to the Fund office in order to apply for any IPF plan benefit. You should apply at least two months in advance of the date you want your pension benefits to begin. The earliest benefits can be paid is the first day of the month after IPF has received a written pension application.

The same rules apply for filing

disability retirement applications. Participants experiencing delays with the Social Security Administration or Canada Pension may apply for IPF early retirement while waiting for gov-ernment disability approval. You can get application forms for IPF benefits from your Local Union, or from IPF by writing to us at the address listed on the back cover of this report or visiting our website at www.ipfweb.org.

Q: Does IPF provide Survivor Benefits?

A: Yes. At retirement, a participant must elect either a regular or husband-and-wife form of payment. (The IPF Canada Plan contains several other forms of benefit payment elections). The regular form of payment is paid for life with a sixty month payment guarantee. The husband-and-wife pen-sion is the regular pension for married pensioners reduced to provide a 50% or 75% lifetime benefit to the surviv-ing spouse. If a participant dies prior to retirement, the IPF provides a 100% surviving spouse pension to vested par-ticipants. If a participant was not vested but had one year of future service, a lump sum death benefit is payable.

An orphan’s pension is payable in the event a vested participant and surviv-ing spouse die at a time before benefits are payable. The monthly pension will continue to the children until they reach age 21 (age 19 for IPF Canada).

Q: Can I work after retiring?

A: Yes, but there are important restric-tions based on the type of employment, your age, and your income. First, you must separate from employment for the entire month your pension be-gins. You must also notify the Fund

office in writing within 15 days about any employment you undertake. Any IPF benefits paid while working in Disqualifying Employment will be deducted from future benefits. Exactly what type of work that will cause your benefit to be suspended depends on your age and earnings. Disqualifying Employment refers to employment with a contributing employer, or an em-ployer in the same or related business, self-employment in that business, or employment or self-employment in a business within the Union’s jurisdiction, or employment with any union, fund, or program to which the Union is a party by an agreement. For each calendar quarter a pensioner under age 64 engages in Non-covered or self-employment

in the masonry industry, their benefit will be suspended for six months regardless of their earnings. All pensioners must notify the Fund office when they return to covered employment.

•Ages 55-61: Pensioners under the age of 62 will have benefits withheld for any month worked in Disqualifying Employment.

•Ages 62-63: Those age 62 and 63 may work until they have earned $14,640 (the Social Security Earnings Maximum for 2012) and must contact the Fund office when they have earned that sum.

•Age 64: There are no earnings limits for those aged 64 or over, effective April 1, 2000. If you are unsure of the status of an employ-ment type, you should contact the Fund office.

disability pensionersIf a Disability Pensioner loses entitle-ment to his Social Security Disability Benefit prior to attainment of age 64, such fact shall be reported in writing to the Fund office within fifteen (15) days of the date he receives notice from the Social Security Administration of such loss. If such written notice is not furnished, he will, upon his subse-quent retirement, not be eligible for

Questions & Answers About the International Pension Fund

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must notify the Fund office as your IPF Benefits will be suspended.

Q: If I have other questions about IPF and its benefits, how do I get further information?

A: Just visit the IPF website, telephone the Fund office or write to the Fund. The IPF website — www.ipfweb.org — provides information on all IPF Plan provisions. n

Normal, Early Retirement, or Deferred Vested Pension, unaffected by the prior receipt of a Disability Benefit.

trial Work periodFollowing the guidelines of the Social Security Administration, IPF will allow Disability Pensioners a trial work period during which their benefits will not be affected by earnings. If the trial work period is successful and Social Security Disability benefits are suspended you

benefits for a period of six (6) months following the date of his retirement, in addition to the months which may have elapsed since he received notice of the termination of the Social Security Disability Benefit and during which he received an IPF Disability Pension. A Disability Benefit recipient who is no longer entitled to a Social Security benefit may again return to Covered Employment and resume the accrual of Pension Credit and be entitled to a

for pension payment at this time, only direct deposit to a checking or savings account.

Of the 25,000 current IPF pension-ers and beneficiaries, 22,700 or 91% receive their benefits electronically.

Beginning in March of 2013, the check will no longer “be in the

mail” for millions of people who receive Social Security and other government benefits. The federal gov-ernment is phasing out paper checks for all benefit programs, requiring benefit recipients to get payments electronically, either through direct deposit or a debit card. Social Security, veterans' benefits, railroad pensions and federal disability recipi-ents will all receive their payments electronically. Recipients who are 90 years of age and older may apply for an exemption to continue to receive paper checks.

Benefit recipients who choose direct deposit will have their bank accounts, either checking or savings, credited automatically while those opting for a debit card will have that card credited automatically. The debit card accounts are primarily intended for individuals who do not have a bank account. At present, an estimated 6 million Social Security recipients need to decide which form of payment is right for them. Please be advised that the International Pension Fund (IPF) DOES NOT offer a debit card

Clock is Ticking for 6 Million Federal Benefit Recipients Government Moves to Electronic Payments as of March 2013

If you are currently receiving benefits in the form of a paper check from the International Pension Fund (IPF) please consider the advantages of electronic deposit. It’s faster, safer, and reduces administrative expenses. Although IPF is not phasing out paper checks at this time, the Fund office urges pensioners and beneficiaries to take advantage of the convenience and security of direct deposit. Contact the Fund office at 1-888-880-8222 or download an IPF direct deposit form from www.ipfweb.org to sign up for IPF direct deposit today!

Important Notice:

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hour to the Plan. All contributions are made before taxes and participants are immediately vested. Aside from selecting contribution levels, 401(k) participants can choose from an array of investment options, combinations of those individual options, or an age-based investment option that becomes more conservative as a participant ages, maximizing returns and then protecting assets as retirement nears. At present 314 members from 25 dif-ferent Local Unions participate in the 401(k). The average contribution rate is $1.75 per hour.

Hardship provisions allow limited withdrawals out of both the RSP and 401(k) Plans. The rules require ap-plicants to provide documentation of their financial hardship as outlined in the RSP Summary Plan Description. Participants seeking hardship with-drawals are urged to discuss such tax implications with their tax preparers.

As with IPF, the RSP also pro-vides protections to those in the service of our country through the Uniformed Services Employment and Reemployment Rights Act of 1994 (USERRA), see page 5 for details.

participationParticipation in the RSP is collectively bargained by your Local Union. Once an agreement stipulating RSP par-ticipation is reached, every member receives the same hourly contribution to his or her RSP account from their employer. If your Local Union does not offer a supplemental defined contribu-tion plan contact your Local Union or the International Pension Fund for more information regarding the BAC SAVE RSP or the BAC SAVE 401(k) toll free at 1-888-880-8BAC or online at www.ipfweb.org. n

BAC SAVE: A Retirement Savings Plan that Delivers Value and Security

in 14 states. BAC members working under the ICE agreement are also covered by the RSP. The average participant RSP account balance is more than $5,400 with 339 partici-pants with account balances of greater than $50,000 and 68 participants with accounts valued at more than $100,000. Participants wishing to re-ceive distribution from their accounts are offered several options including monthly joint and survivor and single life annuities, lump sums, and rollover options.

Despite fluctuations in financial markets the RSP’s investment strategy consisting of 70% fixed income invest-ments and 30% equity investments provided a 2.8% rate of return in 2011. From the Plan’s inception in 1990, the RSP has provided an average annual rate of return of 5.11%.

BAC SAVE also offers a 401(k) Plan specifically designed for BAC members. The BAC SAVE 401(k)’s principle advantage is the flexibility it affords participants. Members of Local Unions who have negotiated the 401(k) into their collective bargain-ing agreements may contribute $.25 per hour to a maximum of $6.25 per

The BAC SAVE Retirement Savings Plan continued its

mission in 2011 by delivering both value and security to working and retired BAC members and their beneficiaries. With a proven track record of more than 22 years, the Retirement Savings Plan’s annu-ity and 401(k) programs provide tax-advantaged supplemental re-tirement savings, complimenting the defined benefit plan offered by the International Pension Fund (IPF) and Local pension plans. Designed specifically for IPF participants, the plans offer favor-able rates of return through solid investment practices and low fees.

Both the BAC SAVE Annuity and 401(k) programs focus on building tax-advantaged savings for retirement. While designed as long-term savings vehicles, the Board of Trustees built hardship provisions into both plans to assist members in time of extraordi-nary financial need. No penalties are incurred for such withdrawals but tax implications vary.

The assets of the BAC SAVE RSP Annuity plan total more than $93 million and cover 16,615 participants

is a BAC sAVe Joint and survivor or single life Annuity Right for you?

According to a report on retirement income security prepared by the Government Accounting Office for the U.S. Senate’s Special Committee on Aging, annuitizing a defined contribution account, that is paying oneself on a monthly basis upon retirement rather than taking a lump sum, offers important advantages. Annuities provide income at a sustainable rate by preventing retirees from overspending or under-spending their assets. They also free retirees from the burdens of managing investments at advanced age. On the downside, annuities are not necessarily a good option for retirees who foresee a limited life span or for those likely to incur large post-retirement expenses. They also come at a cost which also should be analyzed closely. BAC SAVE Participants may contact the Fund office and have an estimated annuity calculated upon request by MetLife.

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This is a summary of the Annual Report for the Bricklayers

and Trowel Trades International Retirement Savings Fund, EIN: 52-6127746, Plan 003, for the year ended December 31, 2011. The Annual Report has been filed with the Internal Revenue Service as required under the Employee Retirement Income Security Act of 1974 (ERISA).

The plan is comprised of two separate elements, the BACSAVE Retirement Savings Plan (the Annuity) and the BACSAVE 401(k) Plan component.

Basic Financial statementBenefits under the RSP Annuity Plan are provided by a trust. Plan expenses were $8,821,646 includ-ing $8,455,079 in benefits paid to participants and beneficiaries. A total of 16,665 persons were participants in or beneficiaries of the Plan at the end of the Plan year, although not all of these persons had yet earned the right to receive benefits.

The value of Plan assets, after subtracting liabilities of the Plan, was $93,133,318 as of December 31, 2011, compared to $89,901,842 as of January 1, 2011. During the year, the Plan experienced an increase in its net assets of about $3,231,476. This included unrealized appreciation or depreciation in the value of the Plan

assets; that is, the difference between the value of assets at the end of the year and the value of the assets at the beginning of the year or the cost of assets acquired during the year. The Plan had total income of $12,053,122, including employer contributions of $9,954,482, and net investment income of $2,098,640.

With respect to the 401(k) Plan com-ponent of the RSP, the International 401(k) Plan for contributing members’ summary financial information for 2011 is as follows:

Employee contributions under the International 401(k) Plan are self directed by the participants in 13 different investment Funds. Plan investment expenses were $893 and $96,497 was paid in benefits to partic-ipants and beneficiaries during 2011. A total of 314 persons were partici-pants in or beneficiaries of the Plan at the end of the Plan year. Participants are 100 percent vested in their account balance of deferred compensation.

The value of International 401(k) Plan assets, after subtracting liabilities of the Plan, was $2,790,426 as of December 31, 2011 compared to $2,654,987 as of January 1, 2011. During the year, the Plan experienced an increase in its net assets of about $135,439. This included unrealized appreciation or deprecia-tion in the value of the Plan assets; that is, the difference between the value of the assets at the end of the year and the

value of assets at the beginning of the year or the cost of assets acquired during the year. The Plan had total income of $236,053, including $185,107 in em-ployee contributions and net investment income of $50,946.

your Rights to Additional information

You have the right to receive a copy of the full Annual Report, or any part thereof, on request. The items listed below are included in that report, as well as this report:

1. An accountant’s report.

2. Assets held for investment.

3. Transactions in excess of five per cent of Plan assets.

To obtain a copy of the full Annual Report, or any part thereof, write or call the office of David F. Stupar, Executive Director of the Bricklayers and Trowel Trades International Retirement Savings Plan, 620 F Street, N.W., Suite 700, Washington, D.C. 20004, 1-888-880-8222 or e-mail to dstupar@ipfweb.org. Copies of these reports will be furnished at no cost to participants in the Fund.

You also have the right to receive from the Plan Administrator, on request and at no charge, a statement of the assets and liabilities of the Plan and accompanying notes, or a state-ment of income and expenses of the Plan and accompanying notes, or both. If you request a copy of the full Annual Report from the Plan Administrator, these two statements and accompany-ing notes will be included as part of that Report.

You also have the legally protected right to examine the Annual Report at the main office of the Fund at 620 F Street, N.W., Suite 700, Washington, D.C., or to obtain a copy from the U.S. Department of Labor should be addressed to: Public Disclosure Room N5638, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210. n

In an effort to reduce printing and postage costs, comprehensive Retirement Savings Plan financial data is being made available upon request. Please contact the Retirement Savings Plan electronically at dstupar@ipfweb.org or write to the address listed below:

BACSAVE Retirement Savings Plan620 F Street, N.W., Suite 700Washington, DC 20004

Bricklayers and Trowel TradesInternational Retirement Savings Plan

2011 Summary Annual Report

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pension and Annuity FundsinteRnAtionAl Bricklayers & Trowel Trades International Pension Fund **

Bricklayers and Trowel Trades Retirement Savings Plan **AlAskA Alaska Bricklayers Pension Trust **ARizonA Arizona Bricklayers-Ceramic Tilelayers Local Union No. 3 **CAliFoRniA San Francisco Bricklayers Local No. 7 Pension Plan

Bricklayers Local No. 7 Money Purchase Pension PlanBAC Local No. 3 Pension PlanBAC Local No. 3 Defined Contribution Pension PlanBAC Local No. 16 Pension PlanBAC Local No. 16 Defined Contribution PlanBAC Local 29 Defined Contribution Pension PlanBAC Local 29 Defined Benefit Pension PlanNorthern California Tile Industry Defined Benefit PlanNorthern California Tile Industry Defined Contribution Plan BAC Local Union No. 11 of California (San Diego & Imperial Counties)

Pension TrustBrick Masons Pension Fund **Santa Barbara Masonry Local #5 Trust FundTile Industry Retirement Savings **Southern California Bricklayers Pension Fund

ColoRAdo Northwest Bricklayers Pension Trust **delAWARe Bricklayers Local 1 of DE/PA Pension Fund **

Bricklayers Local 1 of DE/PA Annuity Fund **distRiCt oF Bricklayers Local 1 MD/VA/DC Pension Fund **ColuMBiA Stone and Marble Masons of Metropolitan Washington D.C. Pension

Trust Fund **FloRidA Florida Trowel Trades Pension Fund **

BAC Local 11-15 **hAWAii Hawaii Masons’ Pension FundidAho Northwest Bricklayers Pension Trust **ioWA Iowa Builders Retirement Planillinois Bricklayers Benefit Fund (Illinois)

Bricklayers & Stone Masons of Illinois District Council #1 **Chicago Plastering Institute Pension TrustChicago Plastering Institute Retirement Savings Trust Construction Industry Retirement Fund of RockfordSouthwest Illinois Bricklayers Local 8 Pension FundBAC Local 8 Illinois Pension Fund **Lake County Illinois Plasterers & Cement Masons Pension FundLake County Illinois Plasterers & Cement Masons Retirement Savings PlanBricklayers and Stone Masons Local #20 of Lake County (Illinois)

Pension Fund **Bricklayers Local 21 Pension Plan **Fox Valley & Vicinity Construction Workers Pension Fund **Tuckpointers Local 52 Fringe Benefit FundsMasons & Plasterers Pension FundChicago Tile Institute Pension Fund **Ceramic Tile & Terrazzo Local 67 BAC Annuity Plan **Mason & Plasterers Local 74 IL Pension FundDuPage County Cement Masons Pension Plan

indiAnA Bricklayers of Indiana Retirement Fund **Indianapolis Chapter Bricklayers Local 4IN/KY I.U. of BAC Pension Trust

FundkAnsAs Kansas Building Trades Open End Pension Fund **kentuCky Bricklayers Local 1 Pension Fund **

Bricklayers Local Union No. 7 Retirement Plan **louisiAnA Affiliated Louisiana Trowel Trades Pension Fund (merged with IPF

effective 07/01/07) **MAssAChusetts BAC Local 1 MA Pension Fund (merged with 3 MA Fund)

BAC Local 1 MA, Chapter 6 Pension Fund (merged with 3 MA Fund)BAC Local 1, Chapter 6 Annuity Fund (merged with 3 MA Fund)Massachusetts Bricklayers & Masons Annuity Plan **

MARylAnd Bricklayers Local 1 MD/VA/DC Pension Fund **BAC Local 1 MD, VA, DC Balt. Chapter Pension FundMarble, Tile, Terrazzo Workers Annuity Fund

MiChigAn Bricklayers Pension Trust Fund **Michigan BAC Pension Fund **Tile, Marble & Terrazzo Industry Pension Fund (merged with IPF

effective 01/01/06) ** Tile, Marble & Terrazzo Industry Annuity Fund (merged with IPF

effective 05/01/06) **MinnesotA Minnesota and North Dakota BAC (Twin City) Pension Fund **

Minnesota Ceramic Tile Retirement FundBAC Local #3-#16 **OPCMIA Local 633 Pension Fund

MissouRi/kAnsAs BAC Local 1 MO Pension Fund **BAC Local 1 MO Supplemental Pension Fund **BAC Local No. 15 Missouri/Kansas Pension Fund **BAC Local No. 15 Missouri/Kansas Supplemental Plan **Ceramic Tile and Masons No 18 Pension FundTile Local #18 Union Pension Plan

MontAnA Northwest Bricklayers Pension Trust **neBRAskA Omaha Construction Industry Pension Fund **neW JeRsey BAC Local 4 Pension Fund **

BAC Local 4 Annuity Fund **BAC Local 5 Pension Fund **BAC Local 5 Annuity Fund **

neVAdA Bricklayers & Allied Craftworkers Local 13 Trust Fund **neW yoRk Bricklayers Local 1 Pension Fund **

Pointers, Cleaners & Caulkers Pension Fund **Pointers, Cleaners & Caulkers Annuity Fund **Bricklayers Supplemental Annuity Fund **Bricklayers Local 17 NY Defined Benefit Pension Fund **Bricklayers Local 17 NY Defined Contribution Pension Fund **BAC Local 2 Albany NY Pension FundBAC Local 2 Albany NY Annuity FundBAC Local 3 (Rochester Chapter) Pension Fund **BAC Local 3 (Rochester Chapter) Annuity Fund **BAC Local 3 NY Niagara Falls/Buffalo Chapter Annuity Fund **BAC Local 3 NY Niagara Falls/Buffalo Chapter Pension FundSouthern Tier Building Trades Pension Plan (merged w/IPF

effective 01/01/04) **Southern Tier Building Trades Laborers and Bricklayers Money

Purchase Pension Plan (merged with Rochester)BAC Local 3 NY Corning Chapter Pension Fund (merged with Buffalo)BAC Local 5 NY Pension FundMosaic & Terrazzo Pension FundTile Layers Local 52 Pension FundLocal 7 Tile Industry Annuity FundMarble Industry Annuity Fund (New York, NY)Marble Industry Pension FundStone Setters Local 84 Annuity FundStone Setters Local 84 Pension FundCement Masons Local 519 Pension Fund (merged with IPF)

ohio Local 3 Ohio Pension Fund **Bricklayers Local 5 Pension Fund **Bricklayers Local 6 Pension FundLocal 7 Ohio Pension FundBAC Local 8 Pension PlanOhio Bricklayers Local 8 Security FundBAC Local 22 Pension Fund **Cleveland Tile Layers Industry Pension Fund **Bricklayers Local No. 43 Pension PlanOhio Bricklayers Fund **Bricklayers Local 55 Pension Plan **Cement Masons 886 & 404 Pension Fund

Funds Signatory to the International Reciprocal Agreements

* * A C C E s s i B l E V i A E R T s

Reciprocity depends on the diligence of users, both fund administrators and travelling members alike. It is critical in this period of limited work opportunities that members travelling for work not lose their contin-

ued healthcare coverage to untimely reciprocal transfers. We remind travelling members of the importance of forwarding their blanket authorization forms to the Reciprocal Clearinghouse and the Local fund offices of the jurisdictions they are working in. We also urge our officers to work with their Local fund offices to optimize the efficiency of reciprocity and ERTS by ensuring that all transfers are processed in a timely manner. Keep in mind that the International Reciprocal Agreements require that contributions be forwarded within 30 days after receipt by the travelling jurisdiction’s fund and on a monthly interval thereafter.

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oRegon Northwest Bricklayers Pension Trust **pennsylVAniA Bricklayers Local 8 & Plasterers Local 233 Pension Fund **

Tile Layers Local 6 Pennsylvania Pension FundLocal 32 Pennsylvania Pension FundStone Masons Local 3 Pension FundStone Masons Local 3 Annuity FundLocal 12 Pennsylvania Annuity Fund **BAC Local 1 PA/DE Pension FundBAC Local 1 PA/DE Annuity FundLocal 15 PA Pension & Life Insurance FundBuilding Trades Pension Fund of Western Pennsylvania **Bricklayers Pension Fund of Western Pennsylvania **Three Rivers Annuity Fund (9 PA)Union Trowel Trades Pension Fund of Central PA (merged with IPF 5/1/05)

**Brick & Stone Masons Local 5 Annuity Fund Bricklayers Local 19 Pension Fund (merged with IPF effective 05/01/07) **BAC Local 21 Pennsylvania Pension Fund ** c/o BAC Local 5PA Benefit

FundPCC Local 35 Annuity FundBAC Local 47 Pension Fund **Bricklayers Local 54 PA Pension Plan **

Rhode islAnd Rhode Island BAC Pension FundRhode Island BAC Annuity Fund (merged with 3 MA Annuity Fund)Plasterers & Cement Masons Local 40 Annuity FundPlasterers & Cement Masons Local 40 Pension Fund

texAs Bricklayers Gulf Coast Pension Fund **utAh Northwest Bricklayers Pension Trust **ViRginiA Bricklayers Local 1 MD/VA/DC Pension Fund **

Retirement Plan of BAC 1 VirginiaBAC Local 2 of Virginia Pension Fund

WAshington BAC Local No. 1 Washington Pension Trust **WisConsin Wisconsin Masons Pension Plan **

Building Trades United Pension Trust **Operative Plasterers & Cement Masons #599 Pension FundRacine Construction Industry Pension Plan (merged with Building Trades)

West ViRginiA Bricklayers Local 5 WV Pension Fund **Bricklayers Pension Fund

Canadian pension and Annuity FundsinteRnAtionAl Bricklayers and Trowel Trades International Pension Fund CANADA **

Bricklayers and Trowel Trades International Pension Fund **Bricklayers and Trowel Trades International Retirement Savings Plan **

BRitish ColuMBiA Bricklayers & Masons Pension FundMAnitoBA Manitoba Multiple Trades Pension Trust FundontARio IU BAC Group Retirement Plan Local 7 ON

BAC Local 6 Group Retirement FundQueBeC Supplemental Pension Plan for Employees of the Quebec Construction

IndustrySupplemental Pension Plan for Employees of the Quebec Construction

Industry (DC Plan)

health FundsinteRnAtionAl BAC International Health Fund **

BACFLEXAlAskA Alaska Carpenters Health & Security PlanARizonA Local 3 Arizona H&W Trust Fund (merged with IHF) **CAliFoRniA BAC Local 03 H&W Trust

Brick Masons Health and Welfare Trust Fund **BAC Local Union No. 11 of California H&W Trust (San Diego & Imperial

Counties)Santa Barbara Masonry Local #5Tile Insurance Trust Fund **Northern California Tile Industry Trust Fund

ConneCtiCut BAC Local 1 CT H&W Fund **delAWARe Bricklayers Local 1 of DE/PA Welfare Fund **distRiCt oF Bricklayers Local 1 MD/VA/DC Health and Welfare Fund **ColuMBiA Stone and Marble Masons of Metropolitan Washington D.C. Trust FundFloRidA Florida Trowel Trades H&W Fund ** c/o Southern Benefits Admin., Inc.hAWAii Hawaii Masons Health and Welfare Trust Fundillinois Administrative District Council 1 (Illinois) Welfare Fund

Chicago Plastering Health and Welfare Trust Construction Industry H&W Fund of Rockford (Local 6 IL Rock Island

Chapter, Kankakee Chapter, Rockford Chapter, Bloomington Chapter, and Peoria Chapter).

Southwest Illinois Bricklayers Local 8 Belleville Chapter H&W FundConstruction Industry Welfare Fund of Central IllinoisCentral Illinois Bricklayers H&W FundBricklayers H&W Fund of Springfield (merged with Central IL Fund)BAC Local 20 Welfare Fund (merged with ADC 1 Fund) ** Lake County Illinois Plasterers & Cement Masons Welfare FundIllinois Masonry Institute Welfare Fund (merged with ADC 1 Fund) **Fox Valley & Vicinity Construction Workers Welfare Fund **

Tuckpointers Local 52 Fringe Benefit Funds Masons & Plasterers Fringe Benefit Funds (merged with ADC 1 Fund)Chicago Tile Institute Welfare Fund **BAC Local 74 of Dupage County Welfare Fund (merged with ADC 1 Fund)Marble Finishers & Polishers H&W Fund (merged with ADC 1 Fund)

indiAnA BAC H&W Fund of Indiana **Bricklayers of Indiana Welfare Fund **Indiana Bricklayers Local 6 Welfare Fund

kAnsAs Kansas Building Trades Open End H&W Fund **kentuCky Construction Industry H&W Fund c/o Fiserv Health (Local 7 & 17) **

(merged with Ohio Bricklayers)louisiAnA Bricklayers Local 4 Benefit Fund **MAssAChusetts BAC Local #1, Chapter 6 Worcester, MA (merged with 3 MA)

Massachusetts Bricklayers & Masons Health Fund **MARylAnd Bricklayers Local 1 MD/VA/DC Health and Welfare Fund **

BAC Local 1 MD, VA, DC Baltimore Chapter (merged with Bricklayers Local 1 MD/VA/DC H&W Fund)

MiChigAn Detroit Trowel Trades H&W Fund **Michigan BAC Health Care Fund **BAC Local 32 Insurance Fund **

MinnesotA Minnesota and North Dakota BAC Health Fund (Twin City) **Duluth Building Trades Welfare Fund (merged with Local 1 MN Fund)Rochester Bricklayers H&W Fund (merged with Local 1 MN Fund)

MissouRi Welfare Fund BAC Local 1 MO **BAC Local Union No.15 MO/KS Welfare Fund **

neBRAskA Omaha Construction Industry H&W Fund **neW JeRsey New Jersey BAC Health Fund **neVAdA Bricklayers & Allied Craftworkers Local 13 Trust Fund **neW yoRk Bricklayers Local 1 Insurance & Welfare Fund **

Bricklayers Local 17 NY Health and Welfare Fund **Pointers, Cleaners & Caulkers Welfare Fund **BAC Local 2 Albany NY Benefit FundsSouthern Tier Building Trades Benefit Plan (merged with 3 NY)BAC Local #3 NY Niagara Falls/Buffalo Chapter Health and Welfare Fund **BAC Local #3 (Rochester Chapter) Welfare Fund **BAC Local 3 NY Corning Chapter Health Fund (merged with Rochester)Marble Industry Trust FundHudson Valley District Council Welfare FundMosaic & Terrazzo Welfare FundLocal 7 Tile Industry Welfare FundBricklayers Local 42 Welfare Fund (merged with 17 NY) **BAC Local 45 H&W Fund (merged with Local 3 NY Fund)

ohio Union Construction Workers Health Plan **Bricklayers & Masons’ Local Union 5 H&W Fund ** Bricklayers Local 6 H&W FundMahony & Trumbull County Building Trades Insurance FundGreater Cincinnati Bricklayers Welfare Fund (merged with Ohio

Bricklayers Fund) **Brick Masons 22 Ohio Health Plan (merged with Ohio Bricklayers Fund) **Ohio Bricklayers H&W Fund **Bricklayers Local #55 VEBA Fund **

oRegon Masonry Welfare Trust FundpennsylVAniA BAC Local 1PA/DE H&W Fund **

Union Trowel Trades Benefit Funds of Central PA **Bricklayers, Plasterers & Associates Welfare Fund (merged with

Union Trowel Trades Benefit Funds of Central PA) Bricklayers Masons & Roofers Welfare Fund of Western PA **

Rhode islAnd Rhode Island Bricklayers H&W Fund (merged with 3 MA)Plasterers & Cement Masons H&W Fund

texAs/ neW MexiCo

New Mexico & West Texas Multi-Craft H&W Fund **

utAh BAC Local No. 1 Utah Health and Welfare FundViRginiA Bricklayers Local 1 MD/VA/DC Health and Welfare Fund **

BAC Local 2 of Virginia H&W Fund (merged with Bricklayers Local 1 MD/VA/DC H&W Fund)

WAshington Masonry Security Plan of Washington **WisConsin Wisconsin Masons Health Care Fund c/o Benefit Plan Administration **

Masons’ No. 8 Health Fund (merged with Wisconsin Masons) **West ViRginiA Ohio Bricklayers H&W Fund **

Canadian health FundsinteRnAtionAl Bricklayers and Allied Craftworkers International Health Fund-Canada

BAC International Health Fund-US **BACFLEX **

BRitish ColuMBiA Bricklayers & Masons Local 1 Welfare Trust FundConneCtiCut BAC Local 1 CT H&W Fund **MAnitoBA Manitoba Multiple Trade Health & Welfare Trust FundneW yoRk BAC Local 2 Albany NY Joint Benefit Fundsohio Ohio Bricklayers H&W Fund **ontARio Bricklayers Local No. 6 Trust Fund

Local 7 IUBAC Insurance Trust FundTrustees of BAC Local 25 Employee Benefit Trust

QueBeC Commission de la Construction du Quebec

* * A C C E s s i B l E V i A E R T s

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Today’s retirees enjoy much more active, healthy lifestyles when

compared to retirees of previous generations. Eating right, exercis-ing and keeping fit are the new norm. Enhanced wellness aware-ness means retirees take better care of themselves, and live much lon-ger, healthier and more satisfying lives. In keeping with longer lifes-pans, many retirees now recognize the need to begin planning early for their long-term care (LTC).

LTC is a catch-all term to describe a variety of options and resources avail-able for retirees no longer able to live completely independently in their own homes. The U.S. Department of Health and Human Services estimates that 20 percent of retirees age 65 will need LTC for a minimum of five years. Among retirees older than age 65, 70 percent will require some form of LTC services in their home or in a facility. For ex-ample, retirees who suffer from chronic debilitating health problems or sudden disability sometimes need temporary or long-term help to manage their personal care. This is especially true for retirees who experience cognitive decline that causes memory problems, mental confusion and disorientation associated with dementias, including Alzheimer’s disease.

LTC encompasses a wide range of services, ranging from help in their own home from a nurse, home health aide, housekeeper or therapist, to commu-nity service organization offerings, such as adult daycare and residential nursing care in long-term care facilities.

Many retirees are shocked to learn that Medicare typically does not cover the costs associated with LTC. And, delaying decisions about LTC often puts retirees in the vulnerable position of having to make last-minute deci-sions that may not be to their best

advantage. Given its importance, why do so many retirees avoid LTC planning? The simple answer: Lack of knowledge and fear often lead to procrastination and poor planning. Robert, a 78-year-old retiree explains:

“I have a good union pension and social security, and never gave LTC planning much thought. I watched my grandfather go into a nursing home, and I wanted to avoid the same fate. I assumed that Medicare would pay for my care. After my wife died two years ago, my kids talked to me about LTC planning. And, while I was reluctant to talk about it, I’m glad that I finally faced the issue. LTC planning has helped me to make decisions about my future. After checking things out, I re-alize that I don’t have to worry because now I have a plan in place.”

While it is natural to be nervous about LTC decisions, it is a criti-cal aspect to retirement planning. Increasingly, retirees are embracing LTC planning because they find the process empowering rather than

daunting. Proper planning put retirees in the driver’s seat rather than some-one else. Further, looking into LTC plans in advance helps retirees better estimate costs and evaluate options.

Medicare and ltCIt is important to know that Medicare generally pays for LTC only in select, short-term situations. For example, retirees who require skilled nursing services or rehabilitative care after an acute illness or surgery may be eligible for limited services. However, Medicare typically does not pay for assistance with “activities of daily living” that are not covered by private insurance or public programs. (For more information about what LTC services are covered by Medicare, call 1-800-MEDICARE.) Similarly, Medicaid, a joint state and federal pro-gram, was designed to assist with LTC needs, but only for indigent retirees who meet certain poverty guidelines.

ltC CostsAnother commonly held misconcep-tion is that private insurance routinely covers LTC costs. In fact, most private insurance plans cover LTC services sim-ilar to those of Medicare. These services often include short-term skilled nursing care when deemed medically necessary. Day-to-day care within the home and long-term skilled nursing case in a facil-ity are typically not covered, and can be quite expensive. For example, in 2010, the Department of Health and Human Services estimated the annual cost of a semi-private room in a nursing home was nearly $75,000, and hiring a home health aide to work 20 hours a week was projected as more than $20,000 per year.

LTC insurance is available to supplement gaps in existing Medicare and private health insurance

Retirement Planning and Long-Term CareMAP Update:

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The International Health Fund (IHF) continues to offer high quality, cost-effective benefits to our Union members through

a self-funded arrangement with our national network providers, United Healthcare® and Sav-Rx. In addition, the IHF provides den-tal, vision, life, accidental death and dismemberment insurance to all members covered under the Fund. The IHF continues to main-tain the modified eligibility hours rule reduction, ensuring more of our members are covered while the economy slowly recovers. Due to strong administration and plan management, the IHF ended 2011 with $19 Million in net assets, its 7th year of asset growth.

In implementing the provisions of the Patient Protection and Affordable Care Act (ACA), which was upheld by the Supreme Court of the United States as constitutional in June 2012, the IHF now covers all dependent children up to the age of 26 years old. In addition, the IHF has removed all pre-existing condition limitations for dependent children up to the age of 19. The IHF has also removed the Lifetime Maximum on Essential Health Benefits. The IHF has also removed all rescission provisions with the exception of rescissions due to fraud or intentional misrepresentations. This allows more members and their family mem-bers to have coverage under the Plan. At the same time that we have added these provisions and enhancements, we have kept medical costs well below marketplace trend.

Also in 2011, the IHF began providing our Medicare eligible retir-ees with a Part D prescription drug plan through AARP and United Healthcare®, and supplemented this plan with a wrap around plan by Sav-Rx, providing our retirees, as well as the Plan, significant savings. In addition to the Medicare Part D Plan, United Healthcare® created Pharmacy Saver as a further commitment to help our members save money. United Healthcare® has negotiated with some of the AARP network pharmacies to give members even lower costs on many common prescription drugs. Hundreds of generic drugs now cost as low as $2 for a 30-day supply. These include drugs to treat high cholesterol, high blood pressure, diabetes and much more.

The IHF Canada remains strong and growing, continuing to pro-vide Supplementary Health, Dental, Life, Accidental Death and Dismemberment and a Weekly Indemnity Benefit. In July 1, 2011, IHF Canada began participating in an innovative Preferred Pharmacy Provider Coalition Program offered by the Atlantic Canada Health Care Coalition Society and Managed Health Care Services Inc. By joining the Coalition IHF Canada has banded together with 41 other unions and associations to provide discounts on prescriptions, travel insurance, and other services to IHF Canada participants.

As we enter 2013 and beyond, the IHF is committed to providing the optimal health and welfare solutions for our members and we continue to evaluate new programs to provide the best possible healthcare benefits and discounts for our members. n

Quality Health Care and Prescription Drugs at Considerable Savings

International Health Fund:coverage; however, it often must be purchased in a separate package. In general, the earlier in age a person purchases LTC insurance, the lower the cost. However, each public and private program will have its own set of eligibility rules, deductible and co-pay costs, making comparison shopping well worthwhile.

ltC optionsHow knowledgeable are you about LTC retirement planning? Do you rec-ognize and fully understand the range of LTC services listed below? If not, information and assistance is readily available through your International Union’s BAC Member Assistance Program (MAP). MAP’s licensed clini-cal social worker and psychotherapist is available to provide you with infor-mation and referrals to help you make informed decisions with respect to you and your family’s LTC plans.

Home & Community-Based Services•Geriatric care managers•Friendly visitors and companion

services•Adult day service programs•Home health care•Homemaker and home modifica-

tion assistance•Meals on Wheels and transporta-

tion services•Respite care•Retirement villages and senior centers•Free or low cost retiree wellness work-

shops (in-person or online)

Facility-Based Services•Adult foster care•Assisted living•Continuing care retirement com-

munities (CCRCs)•Nursing homes•Board and care homes

Need help with LTC Planning? Call the BAC Member Assistance Program to speak with Dr. Karen Grear, toll-free at 1-888-880-822. Calls are generally accepted from 8 a.m. to 8 p.m. Monday through Friday. All calls are kept strictly confidential. n

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This is a summary of the annual report of the Bricklayers and

Allied Craftworkers International Health Fund, EIN: 52-639805, for the year ended December 31, 2011. The annual report has been filed with the Internal Revenue Service as required under the Employee Retirement Income Security Act of 1974 (ERISA).

The fund pays certain medical claims under the terms of the plan on a self-funded basis.

insurance information:The plan has contacts with Union Labor Life Insurance, Standard Insurance, Vision Services Plan and Industrial Alliance Insurance. To pay claims incurred under the terms of the plan. The total premiums paid for the year were $462,178. The premi-ums for the Canadian plan were Cdn $1,361,698

Because they are so-called “experi-enced-rated” contracts, the premium costs are affected by, among other things, the number and size of the claims. Of the total premiums paid for the plan year ending December 31, 2011, the premiums paid under such “experienced-rated” contracts were $332,384. The total of all benefits claims charged under these “experi-enced-rated” contacts during the year was $213,640.

Basic Financial statement:The value of the plan assets, after subtracting liabilities of the plan, was $19,009,295 as of December 31, 2011, compared to $17,776,422 as of December 31, 2010. During the plan year, the plan experienced an increase in its net assets of $1,232,873. The plan had total income of $11,981,550 including (but not limited to) em-ployer contributions of $9,945,286,

self-pay contributions of $1,526,194 and earnings from investments of $510,070. Plan expenses were $10,834,333. These expenses included $9,638,806 in payments to insurance carriers and others for the provision of benefits.

The value of the Canadian plan assets, after subtracting liabilities of the plan, was Cdn $2,946,051 as of December 31, 2011, compared to Cdn $2,603,569 as of December 31, 2010. During the plan year, the plan experienced an increase in its net as-sets of $342,482. The plan had a total income of Cdn $1,896,590, primarily from employer contributions of Cdn $1,619,704, self-pay contributions of Cdn $235,881 and earnings of Cdn $41,005 from investments. Expenses included Cdn $192,410 in administra-tive expenses and Cdn $1,361,698 in payments to insurance carriers for the provision of benefits.

your Rights to Additional informationYou have the right to receive a copy of the full Annual Report, or any part thereof, on request. The items listed below are included in that Report:

1. An accountant’s report

2. Financial information

3. Assets held for investments

4. Insurance information

To obtain a copy of the full Annual Report, or any part thereof, write or call the office of Robin Donovick, who is Fund Administrator, at 620 F Street, N.W., Suite 819, Washington, D.C. 20004, telephone 1 888 880 8222. The charge to cover copying costs is $.25 per page.

You also have the right to receive from the Plan Administrator, on request and at no charge, a statement of the assets and liabilities of the Plan and accompanying notes, or both. If you request a copy of the full Annual Report from the Plan Administrator, these two statements and accompa-nying notes will be included as part of that Report. The charge to cover the copying costs does not include a charge for the copying of these portions of the report, because these portions are furnished without charge.

You also have the legally protected right to examine the Annual Report at the main office of the Plan at 620 F Street, N.W., Suite 819, Washington, D.C. 20004, and at the U.S. Department of Labor in Washington, D.C., or to obtain a copy from the U.S. Department of Labor upon pay-ment of copying costs. Requests to the Department of Labor should be addressed to: Public Disclosure Room N5638, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210. n

In an effort to reduce printing and postage costs, comprehensive International Health Fund financial data is being made available upon request. Please contact the International Health Fund electronically at rdonovick@bacweb.org or write to the address listed below:

BAC International Health Fund620 F Street, N.W., Suite 819Washington, DC 20004

Bricklayers and Allied Craftworkers International Health Fund

2011 Summary Annual Report

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CLYDE WIGGLESWORTH, LOCAL 1 FLORIDA, JACkSONVILLEInterviewed for IPF’s 2003 Annual Report which celebrated the Fund’s $1 billion benefits paid, Local 1 Florida Bricklayer Clyde Wigglesworth reflected on a long career in masonry across the southeastern United States. Since then Wigglesworth has been enjoying retirement. “We’ve had some health challenges over the years, but things are going well considering,” says Wigglesworth. “We’ve seen the economic down-turn hit Jacksonville pretty hard. There’s not much building going on and home foreclosures are pretty common. We are collecting both IPF and Local Union benefits and they really help. My brothers were all Union tradesmen and we all stay connected to our Unions”

Walter Langford, Local 8 New York, Sugar Grove, PA

Dear International Pension Fund:

“It’s All About the Pension”

At 85, retired cement finisher Walter Langford remains concerned about the state of the national economy.

“Seniors continue to be challenged by rising costs of day-to-day necessities like insurance, transportation, and medical costs. This year we are also going to be challenged with increases in food costs which will put even more pressure on seniors. In addition to my Social Security and Veterans benefits, my Union pension will help me overcome some of these challenges and is greatly appreciated.” n

My husband, Roy J. Byrum, was Financial Secretary for Local 1, Wheeling, WV, for

many years. He and the younger members had a hard time convincing older members that join-ing the Bricklayers Pension Plan was necessary. Fortunately for me, and probably other widows, the members finally accepted the plan.

I have been receiving pension benefits since my husband’s death in 2001, from both the IPF and Local 1, amount-ing to approximately $350.00 per month, and combined with my Social Security benefits, allows me to live by myself at 88, since I am in good health. I very much appreciate being financially independent, thanks to the Bricklayers Union.

This is in response to the article in the “Blueprint”.Gratefully,Betty K. ByrumWheeling, WV 26003 n

Bob Webb began his apprenticeship in 1965 and has seen many chang-

es in the masonry industry. “I served a two-year apprenticeship and attended classes on Saturdays and learned everything else from the journeymen on the job,” says Webb. Webb knew that one of the best things about being a Union bricklayer was receiving a

$2 Billion and Counting: The Value Behind the NumbersAlthough IPF’s cumulative gains are impressive, the real value of the

Fund’s achievements are best expressed in the level of security provid-ed to participants and their beneficiaries. In addition to providing useful updates on IPF and IHF programs, this year’s Annual Report also reports on the lives of a number of Fund participants and their beneficiaries.

well-deserved pension at retirement. “When anyone ever mentioned work-ing out of town on a non-union job I always reminded them not to put their pension in jeopardy.” Pictured above at Local 1 Michigan’s annual summer picnic with son John, also a Local 1 bricklayer, the Webb family continues their legacy of Union craftsmanship. n

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This is a summary of the Annual Report for the Bricklayers

and Trowel Trades International Pension Fund – Canadian Plan, Registration Number 0392175, for the year ended December 31, 2011. This report contains information for the Canadian Plan only.

Basic Financial informationBenefits under the Plan are provided through a Trust. Plan expenses for the year were $3,343,133. These expenses included $2,640,817 in ben-efits paid to retirees and beneficiaries and $429,008 in assets transferred under the Pension Plan Settlement Agreement. A total of 3,961 persons were participants in or beneficiaries of the Plan at the end of the year, al-though not all of these persons had yet earned the right to receive benefits.

The value of Plan assets, after subtracting liabilities of the Plan, was $50,795,934 as of December 31, 2011, compared to $48,449,862 as of January 1, 2011. During the Plan year, the Plan experienced an increase in its net assets of $2,346,072. This increase includes unrealized apprecia-tion or depreciation in the value of Plan assets; that is, the difference be-tween the value of the Plan’s assets at the end of the year and the value of the assets at the beginning of the year or the costs of assets acquired during the

year. In 2011, the Plan had an increase in assets of $5,689,185, including em-ployer contributions of $4,333,311, investment income of $1,343,231, and other income of $12,643.

Minimum Funding standardsAn actuary’s statement shows that enough money was contributed to the Plan to keep it funded in accordance with minimum funding standards.

your Rights to Additional information

You have the right to receive a copy of the full Annual Report, or any part thereof, upon request. The items list-ed below are included in that report.

1. An accountant’s report;

2. Financial information & payments to service providers;

3. Assets held for investment;

4. Fiduciary information & transac-tions in excess of 5% of plan assets;

5. Insurance information & information regarding any common or collective trusts or pooled separate accounts;

6. Actuarial information regarding the funding of the plan.

To obtain a copy of the full Annual Report or any part thereof, write or call the office of David F. Stupar, Executive Director, at 620 F Street, N.W., Suite 700, Washington, D.C. 20004, telephone number 1-888-880-8222 or e-mail to dstupar@ipfweb.org. Copies of these reports will be furnished at no cost to participants of the Fund.

You also have the right to receive from the Plan administrator, on request and at no charge, a statement of the assets and liabilities of the plan and accompany-ing notes, or a statement of income and expenses of the plan and accompanying notes, or both. If you request a copy of the full Annual Report, these two state-ments and accompanying notes will be included as part of that report. n

In an effort to reduce printing and postage costs, comprehensive International Pension Fund financial data is being made available upon request. Please contact the International Pension Fund electronically at dstupar@ipfweb.org or write to the address listed below:

Bricklayers and Trowel Trades International Pension Fund–Canada620 F Street, N.W., Suite 700Washington, DC 20004

Bricklayers and Trowel Trades International Pension Fund—Canada

2011 Summary Annual Report

and Building Investment Trusts, Amalgamated Bank’s Longview Ultra Construction Loan Fund, the Multi-Employer Property Trust, American Realty Advisors, ULLICO’s J for Jobs Program, Trade-Street, and Intercontinental Real Estate Investment Fund IV. Combined these programs have generated nearly 28.5 million hours of employment for BAC members since 1982. n

Real estate investment updateIPF continues to invest in job-producing real estate portfolios. These investments, which include new construction, rehabilitation and renovation projects, and prop-erty management, make economic sense for participants, communities, and the Fund itself. As an integral

component of its investment strat-egy IPF-funded real estate projects always mandate union labor. These job-creating ventures provide capital to keep the economy moving and keep union members employed. IPF assets invested in pooled construction funds now total $220.5 million. These invest-ments include the AFL-CIO Housing

IPF Update (continued from page 5)

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IPF Canada UpdateAs a result of several Ontario Locals with-

drawing from participation in the Plan as of May 1, 2000 and commencing participa-tion in the Canadian Brick and Allied Craft Union Members Pension Trust (“CMPT”), the Trustees resolved to partially wind-up the Plan as of May 1, 2000 as it applied to mem-bers and former members of the withdrawing Locals. The partial wind-up was approved by the Superintendent of Pensions of Ontario and withdrawing members commenced legal proceedings to appeal the partial wind-up and require assets and liabilities to be transferred from the Plan to the CMPT.

In 2008, all parties reached a settlement that avoided a partial wind-up and resulted in a transfer of assets and liabilities for the mem-bers affected by the partial wind-up as well as members of two additional Ontario Locals. On April 1, 2009, a proportionate share of assets determined as at May 1, 2000 brought forward with the rate of return on that part of the fund generally applicable to the members of the withdrawing Ontario locals were trans-ferred from the Plan to the CMPT. The transfer resulted in approximately the same reduction of Plan assets and actuarial liabilities as the partial wind-up, which is approximately 50% of Plan assets and Plan actuarial liabilities. Subsequently the CMPT questioned how annual administrative expenses were applied to their proportionate share of assets from May 2000 to April 2009. This led to arbitration under the Pension Plans Settlement Agreement (“PPS”) which was settled in May 2010. The arbitration settlement required the transfer of an additional $100,000 coupled with $753,585 which was held back from the initial PPS transfer. The amounts updated for investment returns for April 2009 through June 2010 totaled $909,107. This transfer was completed in August 2010. In a review related to this transfer, an additional 11 members who relocated to the United States and an additional 84 members not included in the April 2009 transfer were identified. A transfer for the 11 members totaling $55,735 was com-pleted in December 2010. The transfer for the remaining 84 members updated for investment returns through November 30, 2011 totaled $429,008 and was tranferred on December 29, 2011. Remaining Plan members and projected contributions appear to be sufficient to sustain the future viability of the Plan.

Trustees United States PlanInternational Union of Bricklayers and Allied CraftworkersJames BolandHenry KramerKen LambertGerard ScaranoJohn J. FlynnGerald O’MalleyTim Driscoll

International Council of Employers of Bricklayers and Allied CraftworkersEugene GeorgeMatthew AquilineGregory R. HessFred Kinateder William McConnellRobert HooverJohn Trendell (Tile Contractors

Association of America)Charles Costella

Trustees Canadian PlanInternational Union of Bricklayers and Allied CraftworkersHenry KramerAlfred VautourOliver Swan

International Council of Employers of Bricklayers and Allied CraftworkersEugene GeorgeMatthew Aquiline

Consultants and ActuariesCheiron, Inc.Marco Consulting GroupMourneau Shepell

Independent AuditorsCalibre CPA Group, PLCCSF Partnership LLP

Legal CounselO’Dwyer & Bernstien LLPDickstein Shapiro LLP

DepositoriesBank of America—

Washington, DCComerica Bank—Detroit, MI Royal Trust Co.—Toronto, ON

Investment ManagersAFL-CIO Building

Investment TrustAFL-CIO Housing

Investment TrustAmalgamated BankAmerican Realty AdvisorsBarrow Hanley

Mewhinney & StraussBenchmark Plus Institutional

Partner LLCThe Clifton GroupColumbia Partners Investment

ManagementComerica BankDimensional Fund AdvisorsEarnest PartnersEnTrust Capital, Inc.GlobeFlex Capital, LPHamilton LaneHarris Investment

ManagementIntercontinental Real Estate

CorporationInvestment Performance

Services, LLCJanusINTECH Institutional

Asset ManagementLoomis SaylesLSV Asset Management/GlobalMarco Consulting Group TrustMulti-Employer Property

Trust/Hotel Partners/Development Partners

Munder Capital ManagementPIMCORainier Investment

Management, Inc. Sceptre Investment

Council, LTDSEIX AdvisorsTrade Street ResidentialTrowel Trades S&P 500

Index FundULLICO J for JobsWestern Asset ManagementBentall Kennedy

Executive DirectorDavid F. Stupar

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bricklayers & trowel trades international pension fundbricklayers & allied craftworkers international health fund

620 F Street, NW n Washington, DC 200041.888.880.8222 n 202.783.3788 n www.ipfweb.org

IPF Retirement BlueprintA Quarterly Publication of the . . .

Bricklayers & Trowel TradesInternational Pension Fund620 F Street, NWSuite 700Washington, DC 20004

www.ipfweb.org

Return Service Requested

PRSRT STDU.S. POSTAGE

PAIDWASHINGTON, DC

PERMIT NO. 13

The Blueprint Wants to Hear From YouAre you involved in your commu-nity? Do you have hobbies or special interests you’d like to share with the readers of the Blueprint? Are you active in a Local Union retiree club? Perhaps you have some tips about making the transition to retired life a little easier? If so, please contact the Blueprint at:

Bricklayers & Trowel Trades International Pension Fund

ATTN: Blueprint620 F Street, N.W.Suite 700 Washington, DC 20004

You can also reach us electronically at:

cweir@ipfweb.org

11752_Newsletter_Spring12.indd 8 4/20/12 2:34 PM

IPF Retirement BlueprintA Quarterly Publication of the . . .

Bricklayers & Trowel TradesInternational Pension Fund620 F Street, NWSuite 700Washington, DC 20004

www.ipfweb.org

Return Service Requested

PRSRT STDU.S. POSTAGE

PAIDWASHINGTON, DC

PERMIT NO. 13

The Blueprint Wants to Hear From YouAre you involved in your commu-nity? Do you have hobbies or special interests you’d like to share with the readers of the Blueprint? Are you active in a Local Union retiree club? Perhaps you have some tips about making the transition to retired life a little easier? If so, please contact the Blueprint at:

Bricklayers & Trowel Trades International Pension Fund

ATTN: Blueprint620 F Street, N.W.Suite 700 Washington, DC 20004

You can also reach us electronically at:

cweir@ipfweb.org

11752_Newsletter_Spring12.indd 8 4/20/12 2:34 PM

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