Welfare Fund Plan Changes Effective January 1, 2011 and February 1, 2011
The following changes in the contribution rates and Plan rules were adopted by the Board of Trustees at a Special Trustees Meeting held on October 28, 2010:
Reallocation of contribution rates. The hourly contribution rate to the Welfare Fund will be increased $5 by a reduction of the contribution rate to the Annuity Fund of $3 and a reduction of the contribution rate to the Vacation Benefit Fund of $2 for all hours worked from December 1, 2010 through June 30, 2011. The reallocation of Fund contributions was by action of the District Council Ironworkers of Northern New Jersey. The estimated projected increase in contributions is approximately $3.5 million dollars.
As of January 1, 2011, the following changes will be made and will affect all retirees covered in the Welfare Fund: All optical and dental benefits will be eliminated and the death benefit will be reduced from $10,000 to $7,500. Estimated projected savings of approximately $800,000.
As of February 1, 2011, all Medicare eligible retirees covered in the Welfare Fund will be moved to a Medicare Part D Plan with an independent Pharmacy Benefit Manager. Plan design to provide estimated projected savings of at least $1 million dollars.
Please click to see the October 28, 2010 notice