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.