While the Sheet Metal Workers’ National Pension Fund (NPF) has not required contribution rate increase in the last few years, that will change for 2021 and 2022. Citing many factors, including successfully meeting the scheduled progress as required by the NPF’s Funding Improvement Plan, the tumultuous 2018 investment year, and the talk of potential legislation that could adversely affect multi-employer funds, the NPF recently determined that rate increases are appropriate for 2021 and 2022. Required rate increases for 2021 and 2022 will be:
- The First Alternative Schedule requires a 2% Contribution Rate increase;
- The Second Alternative Schedule requires 1% Contribution Rate increase; and
- The Default Schedule does not require any Contribution Rate increase.
Giving local parties some time to prepare for increases, the Trustees determined that, barring any catastrophic event affecting the Fund, there will be no mandatory contribution rate increase for 2019 or 2020. Click here to read the NPF Contribution Notice. Contact SMACNA’s Labor Relations Staff with questions.