IMPORTANT UPDATES
PENSION PLAN CHANGES
Effective June 1, 2024
Pension Benefits earned after June 1, 2024, will be calculated in a new way. Click here to watch a short educational video explaining the change. We also created an Educational Guide that goes into more detail on how the benefits will be calculated under the new plan design. Benefits earned prior to June 1, 2024 will not change nor will any other plan provisions.
BTUPTF EDUCATIONAL GUIDE 2024BENEFIT OPTIONS
Monthly benefits from the Pension Fund can be paid in different ways, depending on your particular record of service. These options will be presented to you when you apply for benefits, and you have the opportunity to choose one which, in your judgement, best suits your circumstances.
LEARN MORE
ABOUT MY PLAN
One of the most valuable parts of your wage and benefits package is your pension benefit. Since 1959, the Building Trades United Pension Trust Fund (BTUPTF or Pension Fund) has provided valuable retirement protection for Participants and their families.
BTUPTF is comprised of more than 28,000 Participants from 11 construction-related industries in the Southeastern Wisconsin area.
The Trustees of BTUPTF work together with the goal of building a secure future for you and your family. Your BTUPTF pension is designed to provide income in three main situations: your retirement years, your disability, or your premature death.
The Trustees and Fund staff work diligently to provide the best retirement plan to participants and their beneficiaries. Do not hesitate to contact the Fund Office any time you have questions.
The BTUPTF is a multi-employer Taft-Hartley fund established under the Labor-Management Relations (Taft-Hartley) Act of 1947. This congressional act established that benefit funds such as this one must be administered by a board of trustees composed of equal numbers of union and management trustees. As Trustees of this Fund, management and labor representatives take on the role and heavy obligations of fiduciaries. In 1974, Congress enacted the Employee Retirement Income Security Act (ERISA), which, at a federal level, establishes fiduciary rules and standards applicable to employee benefit plans. Taft-Hartley plans are encompassed by ERISA and trustees are subject to ERISA.
The Pension Fund is financed entirely by employer contributions negotiated through the collective bargaining process. Employee contributions are not allowed.
The amount of your pension benefit is based on the number of years and the number of hours you work for an employer that contributes to the Plan on your behalf. Generally, the longer you work for contributing employers, the greater your pension.
The Trustees hire professional investment managers to assist the Trustees to manage the money invested in the Pension Fund. They aim for a good rate of return with a minimum amount of risk. The investments of the Pension Fund are constantly monitored, and adjustments are made as needed.
Your pension is protected from creditors, and from your own temptation to borrow from your retirement money before reaching retirement age. No loans or hardship withdrawals are permitted. This ensures you will have an income when you retire.
Current Plan Highlights:
- BTUPTF has assets in excess of $3 billion.
- BTUPTF pays monthly benefits of more than $21 million to approximately 11,000 retirees and survivors.
- BTUPTF has over 880 contributing employers.
- BTUPTF has over 27,400 participants (including active, inactive-vested, and retirees).
Participating Unions:
- Bricklayers & Allied Craftsmen Union Local No. 8
- Bridge, Structural & Ornamental, & Reinforcing Iron Workers Union Local No. 8
- North Central States Regional Council of Carpenters
- Heat & Frost Insulators Union Local No. 19
- Laborers’ International Union of North America Local No. 113
- Operative Plasterers and Cement Masons International Union Local No. 599
- Painters & Allied Trades, District Council No. 7
- Plumbers Union Local No. 75
- Roofers Union Local No. 65
- Steamfitters Union Local No. 601
- Tile and Terrazzo Layers Protective Union Local No. 5