Bricklayers & Allied Craftworkers Local #3 NY Individual Account Retirement Fund
The BAC Local #3 NY Individual
Account Retirement Fund (IARF) was formed by the merger of the Annuity Funds
operated by the three Chapters of Local #3 NY.
The goal of the merged Fund is to provide ALL members with one of the
best, state of the art retirement funds available. By merging the Chapters'
smaller funds, we are able to take advantage of "economies of scale".
One larger, combined Fund reduces the expense ratio for all participants, resulting
in more dollars remaining in your individual accounts to grow for your
retirement!
The IARF record keeping is managed
by MassMutual,
a financially healthy company with a long history of both managing ERISA multiemployer
funds and supporting union membership in their construction projects.
Participants have the capability to view their individual account performance
by logging into the MassMutual RetireSmart
web portal. In addition the web portal provides many other services and
information to participants. We encourage you to visit the site and explore the
tools and information available to you.
The new IARF is a member directed
fund, giving participants the option of directing where their contributions are
invested. The site also provides a great deal of market information to help
participants in the choice of directing their contributions. Remember, choosing
to move your contributions is an "option". If you are comfortable
with the default investment and pleased with the performance, there is no need
or requirement that you elect to redirect your contributions, ever. But, for
those who would like to and feel they are knowledgeable about the markets, you
have this option.
The IARF provides a mix of mutual funds
that are either asset-based (large cap, medium and small cap stock funds,
growth or value stocks, bond funds and stable value options) or our lifecycle
funds managed by Manning & Napier. Lifecycle funds provide a
diversification of assets, a mix of stock and bond types. Lifecycle funds allow
you to choose an investment objective based on your risk tolerance and your
projected retirement date. For BAC Local #3 NY members normal retirement age is
projected to be 62 years of age. For example, the 2030 fund is designed
with the objective of providing maximum returns in an up market yet provide
downside protection for an individual who's projected to retire around 2030,
plus or minus a few years.
To view a list of all the options
provided, and their current and past performance, visit the RetireSmart web portal.
You should review your options carefully before deciding how to invest your
retirement account. Remember, your retirement should be your golden years. A
time where you reap and enjoy the benefits of a lifetime of hard work! The Trustees
of the IARF had this in mind when designing this fund and continue to work hard
to enable you to achieve this goal.
Please refer to the Summary Plan
Description (SPD) for details on how the Fund works.
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