- Where can my company find information required by the Financial Accounting Standards Board (“FASB”)?
- Who manages the National Pension Fund’s day-to-day operations?
- How is the National Pension Fund funded?
- What is a Contributing Employer?
- I am a new Contributing Employer, when are contributions due to the Fund?
- What are the National Benefit Funds?
- My company was assessed “Liquidated Damages” or “Late Fees” - why?
- I am a new Contributing Employer, how can I remit my contributions on-line?
- Do our employees have an individual account with the NPF?
- Our company has received information that the NPF is in Endangered Status – what does that mean?
- How can I obtain a copy of the Funding Improvement Plan and FIP Schedule?
- Where can I get more information about the Fund?
Where can my company find information required by the Financial Accounting Standards Board (“FASB”)?
Please click here for disclosure information for Contributing Employers that is required by the Financial Accounting Standards Board (“FASB”). This information can also be found under Announcements, and is updated annually.
Who manages the National Pension Fund’s day-to-day operations?
The Board of Trustees is responsible for overseeing the Fund’s operations and performance. The Fund Administrator oversees the day-to-day operations, which includes the Fund staff responsible for processing benefits and Employer Contributions. Learn more about the Trustees.
How is the National Pension Fund funded?
Funding for the NPF comes entirely from contributions remitted by our Contributing Employers and investment earnings.
What is a Contributing Employer?
A Contributing Employer (“Employer”) is an employer who is obligated to contribute to the Sheet Metal Workers’ National Pension Fund in accordance with the Collective Bargaining Agreement (“CBA”).
I am a new Contributing Employer, when are contributions due to the Fund?
The general due date for the National Benefit Funds is no later than the 20th of the month after the month in which the work is performed; however, you should check your collective bargaining agreement as your due date may be earlier.
What are the National Benefit Funds?
The National Benefit Funds is comprised of the Sheet Metal Workers’ National Pension Fund (“NPF” or “Fund”), International Training Institute (“ITI”), Sheet Metal Workers’ Occupational Health Institute Trust (“SMOHIT”), Sheet Metal Workers’ National Supplemental Savings Plan (“NSSP”), SASMI, SASMI II, the National Energy Management Institute Committee (“NEMIC’) and the SMWIA Scholarship Fund (“SMWISF”). The NPF is the collections agent for all National Benefit Funds.
My company was assessed “Liquidated Damages” or “Late Fees” - why?
If a Contributing Employer fails to send in a remittance report(s) and contribution(s) by the due date it will be assessed interest and late charges.
I am a new Contributing Employer, how can I remit my contributions on-line?
If the IPS is not used, a Contributing Employers can mail their monthly remittance on a monthly remittance report. This method for making monthly contributions is described in more detail below.
Do our employees have an individual account with the NPF?
No, as a defined benefit plan all the assets of the NPF are held in one trust for the benefit of all Participants and Beneficiaries. Benefits are only paid out upon retirement. Benefits are paid out monthly, not in a lump sum except in limited circumstances and in very small amounts.
Our company has received information that the NPF is in Endangered Status – what does that mean?
The Plan’s actuary certified that the NPF is in endangered status (also called the yellow zone) for the 2015 Plan Year. This determination was made because the actuary concluded that the NPF is not in critical status and its funded percentage is less than 80%. In addition, the Plan’s actuary certified that the NPF is not projected to be in critical status for any of the succeeding 5 Plan Years.
As you know, the NPF has faced significant funding challenges over the past several years. The Fund was in critical status from 2008 until 2013; in 2014, the Plan’s actuary certified that the NPF had emerged from critical status (also called the “red zone”) and has entered into endangered status. Therefore, this is the second year that the NPF has been in endangered status .
Federal law requires pension plans in endangered status to adopt a funding improvement plan. In February 2014, the NPF’s Trustees adopted a Funding Improvement Plan and Funding Improvement Plan Schedule (“FIP Schedule”), effective March 1, 2014.
The Trustees updated the Funding Improvement Plan in 2015 to reflect changes in federal pension law enacted into law in December 2014. This updated Funding Improvement Plan and FIP Schedule combine contribution increases and benefit adjustments intended to improve the Plan’s funded percentage to around 75% by 2026.
How can I obtain a copy of the Funding Improvement Plan and FIP Schedule?
You may download a copy of the 2015 Funding Improvement Plan Schedule and 2015 FIP Schedule as well as review more information such as schedules and previous notices. You can also contact us at Fund Office or write us to obtain a copy free of charge. Please make sure you include your name and current mailing address in all requests.