Benefit Fund Trustees Establish Welfare Benefit-Restoration Committee

The NYCDCC Benefit Funds’ Labor and Management Trustees have agreed to establish a committee that will explore the possibility of restoring some of the 2012 reductions in Welfare Fund Benefits.

“With the Welfare Fund running a surplus and an increase in our reserves, we’re in a good position to begin talking about returning vital benefits,” said Stephen McInnis, President and Executive Secretary-Treasurer Pro Tem.

McInnis added that dental, vision and lowering retirement premiums are all on the table for discussion.

A number of reasons make it the right time to begin the discussion, according to the Council. They include the settlement of master contracts; the allocations from the new contracts to the Welfare Fund; an increase in work hours coupled with the reduction of hours being reciprocated out of the Fund to out-of-towners; and the settlement of MWA litigation.

“We’d like to restore everything, but we need to do this in a fiscally responsible way to ensure the Welfare Fund stays healthy and will be there for our members and their families for decades to come. With that being said, a partial restoration is possible,” McInnis said.

The committee of trustees will work in conjunction with the Funds’ actuary, Segal Co., to ensure this is done in a sustainable manner.

Source: NYCDC

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