UA National Pension Fund History
July 23rd, 2021 marks the 53rd anniversary of the United Association National Pension Fund and, more importantly, the 51st anniversary of the very first pension payment made to the Fund’s first retiree – Mr. Theodore Baker of UA Local Union 157 (Terre Haute, Ind.). That same year (1970), the Fund reached the first of many exciting milestones to come, surpassing $1 million in plan assets. Today, the National Pension Fund has over $6.3 billion in plan assets, and provides monthly retirement benefits to more than 52,000 retirees and beneficiaries.
As one of the largest multiemployer pension plans in the country, we are proud of the rich history and financial security we have offered our participants since 1968, and we look forward to growing into the future with you.
Below is the chronological history of the UANPF:
First Local to participate in Fund was Local 383 of Kankakee, Illinois with 203 participants at a contribution rate of $.15 an hour.
First pension plan merger was Indiana Pipe Trades Pension Fund with 8 Locals participating and 936 members at contribution rates of between $.15 and $.40 an hour.
Fund assets reach $1 million.
First participant to retire at age 62 with a pension of $159.50 a month was Theodore Baker of Local 157, Terre Haute, Ind.
Fund establishes a full-time administrative office in Cheverly, Md.
Benefit levels increased by over 8 percent for active participants.
Monthly benefits increased by 8 percent for pensioners and beneficiaries
Benefit level increased.
Eligibility requirements made easier.
Age requirement for a disability benefit eliminated.
Full unreduced benefits provided at age 62.
Monthly benefits increased by 10 percent for pensioners and beneficiaries.
Increased benefits for active participants with contribution rate over $1.10 an hour.
Work rules eased and Husband and Wife payment option offered to disabled participants.
Fund assets reach $1 billion.
Benefit level increased by 15 percent for contribution rates of $1.10 or less for active participants.
Monthly benefits increased by 10% for pensioners and beneficiaries.
Maximum service allowed for a normal pension increased from 25 to 28 years.
Past service credit rules liberalized.
Benefit level increased between 9 percent and 10 percent for active participants.
Monthly benefits increased by 5 percent for pensioners and beneficiaries.
Disability pension increased to include total years of credited service.
Benefit schedule expanded to include additional method of calculating benefits for contribution rates over $1.10 an hour.
Maximum service allowed for a normal pension increased from 28 to 30 years.
Benefit level increased 15 percent for active participants.
Monthly benefits increased by the greater of 5 percent or $25 for pensioners and beneficiaries.
Fund assets reach $2 billion.
Benefit level increased by about 4 percent for active participants.
The pop-up of a Joint and Survivor Pension to the amount of the Single Life Pension made effective as of the first of the month after receipt of the death certificate.
Monthly benefits increased by 7 percent for pensioners and beneficiaries.
Fund assets reach $3 billion.
Benefits provided based on the highest contribution rate member has 1500 hours of work.
One-tenth of a year of future service credit provided for 150 – 299 hours of work in covered employment in a calendar year.
Contribution income increased over 50 percent from 1990.
Maximum service allowed for a normal pension increased from 30 to 32 years.
Early Retirement age reduction decreased to 1.5 percent per year for ages between 60 and 62.
A disability severance benefit provided for disabled participants who do not meet the service requirements for a disability pension.
Vested benefits provided after 5 years of vesting service.
The pre-retirement surviving spouse pension provided on the basis of the 100 percent husband and wife pension.
A 50% joint and survivor pension option made available for participants and non-spouse beneficiaries.
The pop-up of a Joint and Survivor Pension to the amount of the Single Life Pension made effective as of the first of the month after a spouse’s death.
Eligibility requirements made easier.
1.1 years of Future Service Credit granted for 1800 or more hours in Calendar Years starting in 1999.
Participants can receive up to a maximum of 1.1 pension credits per year from a combination of Future Service Credit and Past Service Credit starting in 1999.
Most recent Permanent Break in Service waived after a return to covered employment and earning at least five years of Vesting Service or five years of Future Service with at least one hour after January 1, 1999.
Up to five years of Past Service Credit granted when at least five years of Vesting Service or five years of Future Service is earned after the employer recommences participation.
Past Service Credit granted for hours of contributions reciprocated to a local union pension plan when the local union subsequently begins participation in this Plan.
Eligibility requirements for a Disability Pension made easier.
Fund assets reach $4.5 billion.
Total annual benefit payments reach $220 million.
Maximum service allowed for a normal pension increased from 32 to 35 years.
1.2 years of Future Service Credit granted for 2100 or more hours in Calendar Years starting in 2000.
Participants can receive up to a maximum of 1.2 pension credits per year from a combination of Future Service Credit and Past Service Credit starting in 2000.
New participants may earn up to five years of Past Service Credit upon earning at least five years of Future Service Credit or five years of Vesting Service.
Monthly benefits increased by 3 percent for pensioners and beneficiaries.
Benefit level increased by about 3 percent for active participants.
A lump-sum death benefit equal to employer contributions provided on behalf of participants who have an hour of service in the year they died or in the five calendar years before they died.
Monthly benefits increased by 3 percent for pensioners and beneficiaries.
Then oldest living pensioner receiving a pension from the National Pension Fund, originally retired from the Colorado Pension Fund in 1972, Walter J. Houston (Local 208, Colo.), turned 100 on August 5, 2001.
Then oldest living pensioner still collecting a pension from the National Pension Fund since 1978, George J. Blackard (Local 367, Alaska), turned 100 on December 2, 2001.
The Schedule of Benefits has been expanded to cover benefits for contribution rates above $3.50 and not greater than $4.00 per hour. The benefits for the expanded contribution rates became effective for the monthly Normal Pension for Participants with Effective Dates of Benefits on or after January 1, 2002, who have at least 0.1 (1/10th) of a year of Future Service Credit after January 1, 2001.
Eligibility requirements for a Disability Pension made easier.
Provisions for Eligible Rollover Distributions expanded.
Plan maximum benefit limits expanded.
Provisions for granting Past Service Credit expanded.
Benefit Schedule D generally became effective for hours worked in 2006 depending on when the 25 percent contribution increase was made.
The Plan was amended to include Qualified Military Service to determine eligibility for the Pre-retirement Surviving Spouse Pension and the Lump Sum Death Benefit.
Fund assets exceed $5 billion.
As required by the Pension Protection Act (PPA), the Trustees developed, and adopted a “Funding Improvement Plan.” The FIP is an action plan designed to increase the Plan’s funding percentage, improve the ratio of assets to liabilities and avoid an accumulated funding deficiency.
In view of the Supreme Court‘s decision recognizing the validity of same-sex marriage, the Plan was amended to provide that Spouse means the person to whom a Participant is legally married whether that person is of the same or opposite sex. Also, the forms of pension benefit previously identified as “Husband and Wife” Pensions were changed to be called “Joint and Surviving Spouse” Pensions.
Fund assets exceed $6 billion for the first time.
Over 50,000 retirees now receiving a monthly pension benefit from the Fund.
The COVID-19 Pandemic hits the US and has a major impact on the economy and jobs across the country. The Fund office has the infrastructure in place to immediately begin working remotely, and the organization remains fully operational and able to meet the needs of our participants, local unions and employers.
The number of actives exceeds 75,000 participants
April 2021 Fund assets exceed $7 billion for the first time.
The Board of Trustees amended the plan’s Trust Agreement to officially change the name of the Fund to the “United Association National Pension Fund” effective July 1, 2021. This important change reflects the diverse range of workers participating in the Fund today.
April 2021 Fund assets exceed $7 billion for the first time.
