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In the year 2008, the Central Laborers' Pension Fund has
provided 43 years of commitment to active and retired laborers. The Pension Fund was established in 1965 to help provide
financial security to laborers (LIUNA) during retirement. During 1966, a total of six hundred
dollars was paid to five pensioners. In 1982 the
Fund had 1,675 pensioners and beneficiaries and paid $1.9
million in annual benefit payments, and the Fund currently has
more than 6,400 pensioners and beneficiaries receiving over $73
million each year in pension benefits.
The Pension Fund is a Taft-Hartley Trust Fund managed by eight
Labor and eight Management Trustees who have an equal vote and
serve without fees or compensation. The Trustees work
together to build a secure future for you and your family. The Trustees also maintain a conservative investment strategy,
diversifying investments so as not to expose assets to
unnecessary risks. The Pension Plan is financed entirely
by employer contributions negotiated through the collective
bargaining process and investment income.
In 1981 the Pension Trustees established the Central
Laborers' Annuity Fund, which is similar to a wage
savings plan. The Annuity Fund is designed to provide a
supplement to participants' pension benefits and to help
assure a comfortable retirement. Twenty seven years after
inception, the Fund has over 9,000 participants. Participant accounts currently total over $113 million.
The Annuity Plan is financed entirely by employer
contributions negotiated through the collective
bargaining process and investment income. Contributions
made to the Fund by your employers (and interest
earnings from your account) are not taxable to you as
income until you withdraw the monies.
The Trustees' investment goals for the Annuity Plan are
to ensure the growth of the participants' account
balances through conservative money management. This
philosophy allows for the purchase of securities
providing the highest level of safety.
Since its inception, the Central Laborers' Annuity Fund
has never experienced a negative rate of return. For a
yield and return history,
click
here.
The Central Laborers' Welfare Fund was established in March of
1966 and currently has 12 participating local unions. Since its initiation, it has been the Trustees' goal to provide
quality health insurance benefits with the contribution income
available, while maintaining adequate reserves. The
millions of dollars which have been paid in behalf of insured
participants and their dependents over the years, combined with
excellent benefits that the plan offers you and your family
toward the high cost of sickness and disability, is testimony
that the Trustees have succeeded in their goal.
All eligible participants in the Central Laborers' Welfare Fund
are given an opportunity, annually, to choose a medical plan
that provides the best coverage for them and their families. The annual offering includes a Comprehensive Major Medical Plan
or a point of service (POS)
plan.
Regardless of the medical plan chosen, active participants will
receive benefits which include:
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