NATIONAL BENEFIT FUNDS
Your 2020 Benefit Has Increased in the NRIPP
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he Trustees of the National Roofing Industry Pension Plan (NRIPP, Plan or Fund) have approved an increase in the Plan’s benefit for 2020. This increased benefit applies to both active Plan participants and those who have retired after working in 2020. Read below for more details. After December 31, 2013, if you have earned Future Credited Service in a Plan year, the percentage (called the Incremental Benefit Factor in your Summary Plan Description as revised January 1, 2021) applicable to the total benefit contributions credited on your behalf for the Plan year is 1.15%, with the exception of 2017, when it was increased to 1.65%. At their August 2021 meeting, the NRIPP Trustees voted to increase your Incremental Benefit Factor for 2020 from 1.15% to 1.70%. Please note: This increase applies automatically to your 2020 Future Credited Service only. There is no action for you to take.
Here’s an example of how this works: Alan’s monthly accrued benefit as of December 31, 2019, payable at age 65 was $1,700.00. Alan worked 1,800 hours in 2020 at a contribution rate of $2.50 per hour. Because Alan worked more than 450 hours during the 2020 plan year and did not engage in any Restrictive Employment
(see Part III of your Summary Plan Description), Alan is eligible for the benefit increase. • Without the increase, Alan would have accrued
a monthly benefit in 2020 of $51.75 (1.15% x 1,800 x $2.50)
• With the increase, Alan accrued a monthly benefit
in 2020 of $76.50 (1.70% x 1,800 x $2.50)
The net increase in Alan’s monthly benefit accrued for 2020 is $24.75 ($76.50 - $51.75). That means the monthly benefit Alan accrued through 2020 would be $1,776.50 (instead of $1,751.75). The Incremental Benefit Factor remains at 1.15% for Plan years after December 31, 2020.
Watch Your Pension Grow Use the NRIPP website to keep track of your NRIPP benefit; you’ll find it at www.nripf.com. If you’ve never used this website, click the “New User Registration” link to get started. If you have any questions, the Fund Office is open from 8:00 a.m. to 5:00 p.m. (Central Standard Time), Monday through Friday (except holidays). The Administrative Manager can also be reached by telephoning (800) 595-7209. Si usted necesita ayuda con este document en Espanol, por favor llame (800) 595-7209. ■
It’s Another Contribution Rate “Holiday” for National Roofers Union and Employers Joint Health and Welfare Fund
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n 2020, we addressed the many challenges Covid-19 presented to the National Roofers Union and Employers Joint Health and Welfare Fund. Covid-19 has had an impact on all of us. Last year we thanked you for helping to manage health care expenses by using Cigna PPO providers and generic drugs whenever possible, and the
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• The Journeyman Roofer & Waterproofer
same is true again this year. During 2021, we were able to provide a “holiday” in the scheduled hourly contribution rate increase. We will provide the same contribution rate “holiday” again in 2022. The contribution rate “holiday” has been provided in 2012, 2013, 2019, 2021 and now again in 2022. Letters have been sent to the employers
and local unions participating in our Fund.
New Health Savings Account Benefit This year we are able to add a significant benefit for all families participating in the National Roofers Union and Employers Joint Health and Welfare Fund. For all eligible
