The Inter-Local Pension Fund is a unique pension plan, available only to members of the Graphic Communications Conference. The Inter-Local Pension Fund began in 1950, when five local unions joined together to provide pension benefits for their members. Today, the Inter-Local Pension Fund has more than $1.7 billion in assets, pays benefits to more than 19,000 retired GCC members, and has more than 16,000 active participants in more than 60 GCC local unions.

The Inter-Local Pension Fund is NOT an employer fund. No employer contributes to it. No employer participates in its administration. The fund benefits are not negotiated with any employer.

Instead, the Inter-Local Pension Fund is a retirement plan funded directly by participating GCC members. The fund is administered by the Board of Trustees consisting of elected presidents of the larger participating GCC local unions. All contributions and investment earnings are dedicated exclusively to pay pensions to participants and related administrative expenses.

The fund's benefit levels have been set over the years by the trustees. The trustees retain the services of professional investment managers, actuaries, accountants and attorneys to make sure that the fund is operated in a financially, actuarially and legally sound manner, and so that the fund's assets will always be sufficient to pay the benefits which are specified in the fund's Trust Indenture.

Participants in the Inter-Local Pension Fund can deduct their contributions to the fund on their taxes. The Inter-Local Pension Fund is one of the few ways today in which an individual can make tax deductible contributions to a retirement plan.

GCC members must belong to a participating local in the Inter-Local Pension Fund in order to begin their participation in the fund. Any GCC local union can become a participating local union in the fund, by a vote of the local membership.

The level of required contributions to the Inter-Local Pension Fund is established by a vote of the participating local union membership. All members of the participating local must participate in the fund at the fixed level of contributions. This is actuarially required in order that the fund can safely pay out the highest possible pension benefits to all participants. The local union's contribution level can be as low as $2.50 per week or as high as 6 percent of gross pay. Many participating locals participate at the 6 percent level, so that their members can receive the highest possible pensions upon retirement.

The plan provides the following benefits:

• Normal Retirement at age 60
• Early Retirement at age 55
• "Rule of 75" Benefit
• Disability Benefit
• Vested Pension Benefit
• Withdrawal Benefit Option
• Death Benefits
• Surviving Spouse Benefit
• Joint and Survivor Option

In 1950, when the Inter-Local Pension Fund began, the Trust Indenture provided for a retirement benefit at age 65 of $1.36 per month for each $130 of contributions by the individual participant. As the fund has prospered over the years, the trustees, with approval of the fund's actuaries, have gradually improved the retirement benefits. Today, a participant can retire at age 60 and receive a monthly pension of $5.00 per month for the same $130 of contributions.

Example: Jim is a pressman. Jim's local union joined the Inter-Local Pension Fund when he was 40 years old. He earned $40,000 per year after that, and contributed 6 percent of his earnings to the fund until he reached age 60. His total contributions were $48,000 (6% of $40,000 times 20 years). Jim can retire at age 60 with a pension of $1,846 per month ($48,000 divided by $130 times $5.00). After only 26 months of retirement, Jim will get back all of his contributions. After 20 years of retirement Jim will have received over $443,040 in pension benefits (more than nine times his contributions), with the same pension check coming to him every month for as long as he lives, even if he lives to 100 or more. In addition, if he wishes, Jim can elect one of several Joint and Survivor Options.

For a copy of the Trust Indenture and Summary Plan Description or the Annual Report, write the Inter-Local Pension Fund at 455 Kehoe Blvd., Suite 100, Carol Stream, IL 60188.