For the past several years, the NPF has followed a program to improve funding. This program was significantly altered in 2006 when Congress enacted the Pension Protection Act of 2006 (PPA). PPA aims to strengthen defined benefit plans such as the National Pension Fund by requiring that the Fund adopt a series of plan changes, including changes to benefits and contributions to improve funding. These changes are found in a Rehabilitation Plan and Schedules which the Trustees developed with guidance from actuaries and others. The two current schedules are the Default Schedule and Alternative Schedule which make changes in benefits and adjust contributions. Every year, the Trustees review the Plan’s progress under the Rehabilitation Plan and current financial, actuarial and industry conditions and make adjustments to the Rehabilitation Plan and Schedules, as necessary.
The Alternative Schedule requires additional contributions but preserves more benefits, particularly early retirement benefits. The Default Schedule does not presently require contribution increases and reduces more benefits. Click on the links below for full text of the current Rehabilitation Plan and Schedules.
NPF sees that hours of work in the Sheet Metal Industry are down this year. The Fund Office has received several inquiries on the potential effect of unemployment on benefits. Learn more information at Unemployment and Your NPF Benefit.
The information found here is for illustrative purposes only and will be subject to the actual provisions or the Plan Document, the Rehabilitation Plan, its Schedules and the PPA, as amended.
Rehabilitation Plan and Funding Policy
- 2012 Notice of Adjustable Benefits in Benefits for Persons for whom Employers are not currently Required to be Made – formerly working under Alternative Schedule
- Notice of Adjustable Benefits in Benefits for Persons for whom Employers are not currently Required to be Made – formerly working under Default Schedule
- 2012 Summary of Rehabilitation Plan Changes
- 2012 Rehabilitation Plan
- 2012 First Alternative Schedule
- 2012 Second Alternative Schedule
- 2012 Default Schedule
Pension Protection Act Disclosures and Notices
Government Websites for the Pension Protection Act