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In the year 2013, the Central Laborers' Pension Fund has
provided 48 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 6,700 pensioners and
beneficiaries receiving over $90 million each year in 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. Thirty-two years after
inception, the Fund has over 11,800 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.
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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