Itís hard to believe that 2012 is coming to an end. I will soon begin my 4th year as the Fund Administrator. I continue to enjoy the different responsibilities and challenges of my job. As always, there has been constant movement in the Fund Office.
This past summer, our office began administering benefits for the Wage Replacement Account (WRA) to Local 9 members. The current contribution rate to the WRA for Local 9 members is $1.00/hr. The following benefits are payable under the WRA:
|Supplemental Unemployment Waiting Week
||$700 net benefit
|Supplemental Unemployment Benefit
||$300 net benefit/wk
|Supplemental Workersí Compensation Benefit
||$300 net benefit/wk
|Supplemental Disability (Non-occupational) Benefit
||$400 net benefit/wk
|Vacation Benefit (limited to 2 weeks per calendar year)
||$1,000 net benefit/wk
Under the WRA, there is also a life insurance benefit ($25,000) and accidental death & dismemberment (AD&D) benefit ($25,000) for those who meet the eligibility requirements. To obtain more information on the WRA, on this website, go to Benefits, under Welfare Fund column click on Welfare Fund Amendment Wage Replacement Account.
Effective May 1, 2012, contributions ($.75/hr) began for members of Local 33. Members will become eligible to withdraw from their accounts sometime in 2013. Once a date has been established, benefit packets will be sent to Local 33 members. You will soon be able to view your WRA balance on the website.
Pension Benefit Improvements
New accrual rates went into effect July 1, 2012. Those eligible are also entitled to a one-time lump sum payment of unused hours in their Hours Bank at the date of initial retirementó$.50/hr per banked hour for Locals 9, 33, 60 & 440 and $.10/hr per banked hour for
Local 12. For more information and eligibility requirements, on this website, go to Newsletters, click on the Pension tab, then click on Summary of Material Modifications Ė September 2012.
Discrepancies in hours reported: When reviewing your hours and contributions made to the Fund Office by your employer(s), please contact our office if you notice any discrepancies. Our office can then take the necessary steps to obtain the hours you are due.
Welfare Fund Participants: To reduce your out-of-pocket medical expenses, use participating healthcare providers in the MultiPlan/PHCS Network. For a listing of participating providers, go to www.multiplan.com or call (888) 987-7427.
Annuity Fund Participants: To be eligible for the termination benefit payout, you must not have worked in covered employment (in any Iron Workers Local Unionís jurisdiction) for twelve (12) consecutive calendar months and also not be working in covered employment at the time the termination benefit is paid to you.
If you have any questions regarding your benefits, please do not hesitate to call our office. All of us at the Fund Office wish you happiness this Holiday Season & throughout the coming year. Happy Holidays!