The Money Purchase Pension Plan
BART established the Money Purchase Pension Plan and Trust effective January 1, 1981, and restated the Plan in its entirety effective January 1, 1986, and January 1, 1989, and further amended the Plan effective July 1, 1994 and January 1, 1997. The exact provisions of the Plan are set out in San Francisco Bay Area Rapid Transit District Money Purchase Pension Plan Document. The Plan is administered by the Investment Plans Committee (the “Committee”).
How the Money Purchase Pension Plan Works
Under the terms of the Money Purchase Pension Plan, BART makes contributions on behalf of eligible employees. The amount of the contribution made on behalf of an employee depends on whether the employee is a member of a union and, if so, which union. For non-represented employees only, BART also contributes 1.627% of “payroll” (all pay and deferred compensation, other than overtime and other special payments). Contributions and the earnings on the investments of these contributions are not taxable until your account is paid to you.
The Committee has approved certain investment alternatives for the Money Purchase Pension Plan. You may designate from among these alternatives how funds contributed on your behalf are to be invested. An account is established for you, and all contributions and the earnings on such funds are credited to your account.
Administration of the Plan
BART and the Committee have entered into a contract with a financial institution to provide Trustee services for the Plan. The Committee has also entered into a contract with a plan record keeper to provide record keeping services for the Plan. In addition, the Committee has entered into contracts with various investment managers to provide investment services to the Plan. Representatives from the Plan Record Keeper are available to discuss with you the investment alternatives available to you and details of the Plan. Please refer to the plan contact page to locate the group contacts to answer your questions about the Plan. The Plan Record Keeper is not an investment advisor and cannot give you investment advice. If there is a change in the plan record keeper, the Committee will notify you and provide all pertinent contact information.
Should you have questions regarding which investment alternatives would be most appropriate for you, the Committee recommends that you seek advice from your personal accountant, tax advisor, investment or financial planner.
Establishment
The Money Purchase Pension Plan is currently maintained for the benefit of BART employees according to the following schedule:
| UNION | EFFECTIVE DATE |
|---|---|
| BART employees not represented by any Union | January 1, 1981 |
| Amalgamated Transit Union, Local 1555 (ATU) | January 1, 1981 |
| American Federation of State, County and Municipal Employees Local 3993 (AFSCME) | January 1, 1981 |
| Service Employees International Union, Local 790 (SEIU) | |
| ․ Maintenance | January 1, 1981 |
| ․ Staff Assistants | |
| BART Police Officers Association (BPOA) | |
| ․ Non-Sworn | January 1, 1981 |
| ․ Sworn | July 1, 1994 |
| BART Police Managers Association (BPMA) | |
| ․ Non-Sworn | January 1, 1981 |
| ․ Sworn | November 1, 1995 |
| Police Chief (not represented by any union) | January 1, 1995 |
Terms Governing Both Plans
This Summary Plan Description is intended to provide you with basic information regarding the Deferred Compensation Plan and the Money Purchase Pension Plan. In the event of any inconsistency between the Summary Plan Description and the legal documents creating the Plans, the legal documents will govern. You may obtain a copy of the legal documents by contacting the Committee.