Current and former trustees, directors, and advisers gathered in Chicago in October to celebrate the 50th anniversary of the founding of the Inter-Local Pension Fund.

The GCIU fund's current and former trustees – all leaders of participating local unions – also visited the ILPF's new office building in Carol Stream, Ill.

Philadelphia 14M Pres. Andrew Douglas, who serves as ILPF chairman, said in the trustees' 50th anniversary report that the fund has more than fulfilled the intentions of the founding trustees.

"Today, the Inter-Local Pension Fund is the strong national pension fund run exclusively by union members and for union members which its founders hoped to create 50 years ago," Douglas said.

Douglas said the success of the fund "is the result of years of hard work by many dedicated people. The fund would not be where it is today without the 50 years of commitment by its trustees, its executive directors and staff, and its investment managers and other professionals."

Douglas also credited the legal counsel and dedication of Eugene Cotton and the firm of Cotton, Watt, Jones & King and Thomas D. Allison and the firm of Allison, Slutsky & Kennedy, a successor firm to Cotton, for contributing to the fund's success. He also praised the "superior performance" of Chicago Capital Management, which has been the fund's largest active investment manager for a half century and hosted the anniversary party.

Current and former executive directors celebrate the ILPF's 50th anniversary. From left are Harry Kowalski, Stanley Budzinski, current director James Mitchell, and Milton Jerard.

The ILPF was founded in 1950 by the presidents of five local unions in Chicago, Cleveland, Cincinnati, Detroit, and Kansas City. Members then contributed $2.50 a week toward a pension at age 65 of $1.36 per month for each $130 in contributions.

Today, the ILPF has 37,002 active and retired members in 68 GCIU local unions. The fund has nearly $1.8 billion in assets and paid out some $96 million in benefits in 1999. The normal pension today is $5.00 a month for each $130 in contributions, payable at age 60.

The ILPF also provides death, disability, early retirement, and "rule of 75" benefits, joint and survivor spouse options, and spouse's pension in lieu of a death benefit.

All GCIU locals are eligible to participate in the ILPF. Questions from local officers about joining the fund should be directed to Fund Chairman Andrew Douglas and Executive Director James L. Mitchell at 455 Kehoe Blvd, Suite 100, Carol Stream, Ill. 60188. Telephone: (630)752-8400 or fax (630)752-8590.