The Metro-ILA Pension Fund (Pension Plan) was established on January 1, 1961 to provide Metro-ILA workers with a source of retirement income in addition to Social Security and other retirement benefits.
The Metro-ILA Pension Plan is one of several benefits negotiated between ILA Locals 1804-1 and 1814 and the Metropolitan Marine Maintenance Contractors’ Association, Inc. The Plan is funded by the member employers of MMMCA, Inc. who are party to the collective bargaining agreements with the ILA locals which require that contributions be made to the Plan.
The Plan is a Defined Benefit Pension Plan. This means that upon retirement, a vested participant will receive a specific monthly benefit based upon total years of credited service in the plan.
All the Plan assets are held in trust by the Board of Trustees on behalf of the Plan participants and beneficiaries. The Trustees hire professional investment managers to provide expert assistance in managing pension plan assets. Additionally, actuarial consultants are retained to ensure that benefit calculations are certified and that the Plan document is properly followed.
The Fund’s staff, on behalf of the Trustees, is responsible for the day to day operation of the Plan. Metro-ILA Pension Plan participants are encouraged to read the Summary Plan Description (“SPD”) and call or visit the Fund Office to better understand the plan requirements and retirement options.