SEIU National Industry Pension Fund
The SEIU National Industry Pension Fund (NIPF) is a collectively bargained multiemployer defined benefit pension plan that is designed to pay a monthly benefit to participants at retirement. The NIPF was established on May 20, 1968 and it provides an attractive benefit in relation to the rate of contribution. It allows for a negotiated contribution rate starting as low as 15 cents per hour and overall lower costs through central administration. The total number of participants in the Plan is over 46,000. The NIPF is jointly administered with equal union and employer representation.
- The National Industry Pension Fund (“NIPF”, “Pension Plan,” “Plan” or
“Fund”) is designed to work with your Social Security benefits, your personal
savings and investments to provide you with income when you retire. The Plan
is provided at no cost to you – it is funded by employer contributions.
- This Pension Plan is a “defined benefit” Retirement plan. This means that the
amount of your pension benefit is generally based on the number of years
you work for an employer who contributes to the Plan and the amount your employer contributes to the Plan on your behalf.
- The Plan must manage the investment of contributions prudently on behalf of all Participants and Beneficiaries. The Plan must maintain the level of your Retirement benefit that you have earned to date and that is payable at Normal Retirement Age. This means, for example, that the benefits you have earned in this Pension Plan generally have greater protections than Retirement savings have in a 401(k) plan. In a 401(k) plan, you bear the risk of investment decisions and, if investment markets perform poorly, the value of your benefit can drop close to, and even after, retirement.
- The Summary Plan Description (SPD) gives you a summary of your Pension Plan as of January 1, 2014. It describes the rules in effect for persons who have a pension Effective Date on or after January 1, 2014. The rules for persons who retired before January 1, 2013, may differ from those described in this summary.
- Bill Dempsey, Union Trustee – Chair
- Roderick S. Bashir, Union Trustee
- Kevin Doyle, Union Trustee
- David S. Stilwell, Union Trustee
- Kevin McGarr, Deputy Employer Trustee
- Edward J. Manko, Employer Trustee
- Frank A. Maxson, Employer Trustee
- John J. Sheridan, Employer Trustee
- Thomas LaMartina, Employer Trustee
- Christopher Bouvier, Employer Trustee
- Mooney, Green, Saindon, Murphy & Welch, P.C.
- Manning & Russo, LLC
- Saltzman & Johnson Law Corp.
- Salter & Company, LLC
Consultant and Actuary
- The Segal Company
- Marquette Associates