➤ I’m concerned about our medical benefits. It seems like the benefit amounts proposed isn’t enough to keep up with the costs.

We’ve kept up with healthcare costs over the years and made changes to adjust with shifting costs and legislative changes. The trust is always examining ways to be fiscally responsible and provide good benefits to members and their families. Based on varies projections, the trustees… Read More

➤ Why is our pension plan’s funding status lower than other trades?

It is not lower. A Spring 2018 Multiemployer Pension Funding Study indicates that pension plans on average achieved an aggregated funding status of 82-83%, the highest since the market collapse in 2008 (when the average was 85%). The 2017 rate of our plan was funded… Read More

➤ I just got my benefit statement and it looks like my pension benefits are lower than ever!

While SIB accruals start out lower, your SIB is expected to grow during your career and likely outpace what you would have earned under the traditional income benefit. SIBs continue to grow through investment gains during your career and during your retirement years, an advantage… Read More

➤ I got our pension funding notice in the mail in April and it said our pension’s funding status dropped. I’m worried I will not have the benefits I was promised.

The plan funding status as of January 2017 was 81.2%. The fund is still absorbing the “smoothing” effects that were adopted to reduce the impact of the 2008 recession on investment returns. The plan funding status lags by one year. We will see the results… Read More

➤ I heard we will only receive 80% of our benefits when we retire. 

This is not correct. The retirement plan has always paid and will continue to pay 100% of the benefit promise to its retirees. The 80% may be a reference to the current (2017) funding status (81.2%) of the plan. What that number means is if… Read More

➤ Are you going to take the current wage increase to shore up the pension deficit, like before?

No. With the move to Sustainable Income Benefits in 2017, the proposed amount in the previous two TA’s is sufficient to keep the plan financially healthy. If projections are met, the plan should be fully funded in 2027. The trustees are bound by federal law… Read More

➤ Why didn’t the bargaining team allocate more money toward the pension plan?

The benefit contribution increase in the two tentative agreements would have increased the benefit accrual by 23% over the life of the contract. Because the pension plan is a green-zone plan projected to be fully funded in 2027, the bargaining committee wanted members to get… Read More