NOTICES
Effective January 1, 2007, the Board of Trustees approved extending the dependent eligibility age for welfare coverage from 23 to age 25 for those dependents who are attending an accredited school, college or university and are dependent upon the member/participant for financial support.

 

The Office will close at 12:00 PM on Friday, May 28, 2010

and be closed on Monday, May 31, 2010, Memorial Day.

 

Welfare Update:
The new COBRA rates effective July 1, 2010 are:
       Family coverage             $1,632.29
       Individual coverage             668.84

 

The Board of Trustees has approved the following benefit improvements effective March 1, 2008:

       1.  The major medical maximum for retirees was increased from $25,000.00 to $50,000.00.
       2.  The out of network benefit for critical care was increased from $450.00 to $750.00 for the initial visit and from $30.00 to $500.00 for subsequent visits.
 

Pension Fund Update:

         The Board of Trustees approved a Pension Fund credit increase retroactively to January 1, 2008, for participants who retired as of January 1, 2008 and later.  The new Pension rate will be $97.00 per pension credit year earned provided you have 1/2 year credit in the calendar year prior or 1/4 in the current year.

 

   

   

   

   

   

   

   

   

   

   

    Welfare Fund Update:
Effective April 1, 2009, the Board of Trustees contracted with the Zurich Insurance Company to provide eligible members with a $250,000 death and dismemberment insurance policy for on-the-job accidents.  To be eligible for this benefit, a member must be eligible for health coverage through the Welfare Fund at the time of the accident.

 

    

 
  Annuity Fund Update
     

The Board of Trustees is pleased to announce that a hardship program has been established under the Local 14 Annuity Fund to provide eligible participants with the ability to obtain a distribution from their individual annuity accounts for specific purposes.  In many ways the hardship program is similar to the Fund’s current loan program.  Specifics concerning eligibility and requirements for a hardship distribution (and the basis to receive a hardship distribution) are detailed in the announcement letter and Summary of Plan Modification which you will be receiving from the Fund Office in the mail.