Welfare Fund SMM#1 and New ASB Account C
Tuesday, January 12, 2021
In the Summer of 2020 we posted a new Summary Plan Description (“SPD”) for the Welfare Fund to our website (https://www.ualocal1.org/fund-office.aspx). We are now posting a Summary of Material Modifications (“SMM #1”) to the SPD. We urge you to read SMM #1 carefully. The SMM addresses, among other things, the merger of the Additional Security Benefit Fund (the “ASB Fund”) into the Welfare Fund, the rules governing the new ASB Account C, and new eligibility and payment requirements for surviving spouse continuation of coverage. Later in 2021 we will consolidate the SPD and SMM #1 and mail you a new booklet. In the interim, please refer to the website for these documents or please feel free to call or e-mail us to request a copy of the SPD and SMM #1.
Please note that effective January 1, 2021 the Bargaining Parties for the Building Trades Division commenced contributions to the New Welfare Fund ASB Account C. Contributions are based on 5% of Gross Wages deducted from net pay. See page 21 of SMM#1 for how Benefits can be paid. Click here for additional information.