History

The BART Investment Plans Committee’s first meeting was conducted on December 29, 1980. The following events led up to the establishment of the Plans and the IPC:

BART's unions and management began in 1977 to discuss the pros and cons of withdrawal from the Social Security System. On February 21, 1978 the Management and Union/Association officials mutually agreed that BART would opt out of Social Security effective December 31, 1980.

A joint Management/Union/Association committee was established in June 1978 and commenced studying replacement benefits and finally established effective January 1, 1981 the Money Purchase Pension Plan to replace the employer’s former contribution to Social Security and the Deferred Compensation plan for an optional employee contribution.

The San Francisco Bay Area Rapid Transit District Money Purchase Pension and Deferred Compensation Plans began January 1, 1981. The Investment Plans Committee (IPC) was established to operate the Plans and was appointed in the fall of 1980. The Committee consists of one regular and one alternate appointed by

  • BART Management
  • Amalgamated Transit Union (ATU 1555)
  • American Federation of State and Municipal Employees (AFSCME 3993)
  • BART Police Officers Association (BPOA)
  • Service Employees International Union (SEIU 1021)