Welfare Fund Changes for Retiree Plan Effective January 1, 2011 and March 1, 2011
The Trustees remain committed to improving and preserving the long-term financial stability of the Welfare Fund so we can continue to offer valuable medical and prescription drug benefits to active members. Therefore, based on a thorough review of the factors mentioned above and the continuing poor economic/industry conditions we are facing, and in working with the Fund’s administrative staff and professional advisors, the Board of Trustees adopted the following changes:
Welfare Fund Changes for Retirees
For All Pre-65, Medicare-Eligible and Post-65 Retirees – Effective January 1, 2011
- All Optical (Vision) and Dental benefits will be eliminated under the Plan.
- The current Death Benefit of $10,000 will be reduced to $7,500.
For All Medicare-Eligible Retirees (Pre- and Post-65) and/or Medicare-Eligible Dependents – Effective March 1, 2011
- For Medicare-eligible Retirees (Pre- and Post-65) and/or their Medicare-eligible Dependents, all Medical and Prescription Drug coverage under the Plan will end as of February 28, 2011.
Important: You will have an opportunity to obtain an individual Medical and Prescription Drug Plan through one of the many Medicare Advantage/Medicare Part D options that are available. To help you, the Fund has retained Hafetz & Associates, an insurance broker, to provide advice on which plans are best suited to your individual needs. They will be holding informational meetings and offering you a wide variety of reference material. In addition, they will help you enroll in a Medicare-approved plan. A letter from Hafetz & Associates showing meeting dates, times, and locations is attached so you can decide which date and location works best for you.
Please know that the decision to reduce and/or eliminate retiree benefits was not reached easily. We believe, however, that these changes will enable us to provide Welfare Fund benefits to members for the foreseeable future – despite the continuing loss of employer contributions and high unemployment in our industry.
If you have any questions or concerns, please don’t hesitate to contact the Fund Office (973) 376-7230.
Sincerely,
The Board of Trustees
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