Summary
Plan Description
(in Word)
Summary
Plan Description *
(in pdf)
* In order to view
this page, you must have Adobe® Acrobat® Reader . If you do
not have this software, you can download it for free from
Adobe's
Web Site.
|
Supplemental
Unemployment Benefit Fund
Updates
December 2004 Updates:
The
Board of Trustees of the IBEW Local 701 Supplemental Unemployment Benefits Fund
(SUB Fund) has adopted the following changes to the Plan effective January 1,
2005.
Change
to Eligibility Rules
Effective
January 1, 2005, you will not be eligible for SUB Fund benefits
for any day for which you refuse to accept
a job, regardless of whether your call number on the out-of-work list exceeds
the average call number for the week.
Benefit
Rate
For
periods of unemployment on or after January 1, 2005 the benefits payable will be
changed to provide:
These
changes are necessary to improve the Plan’s funding.
We are hopeful that these changes in the eligibility rules and benefit
rate will strengthen the Plan’s funding status.
June 2004 Updates:
On
April 27, 2004, your Union held a membership meeting to discuss the financial
position of our Supplemental Unemployment Benefit (SUB) Fund.
Since its inception in 1997, the SUB Fund has collected over $2 million
in employer contributions.
More than 700 participants have collected over $1.4million in benefits
and over $600,000 has been directed to individual Retirement Savings accounts.
Unfortunately, the recent period of unemployment has left the Fund with a
balance of less than $50,000.
In
order to keep the Fund solvent, the membership overwhelmingly agreed to provide
financial support for the SUB Fund by approving a one time transfer of up to
$100,000.00 from the Union’s General Fund and approving a $.10 per hour
increase in the contribution rate to $.20 per hour effective June 1, 2004.
In
addition, the SUB Fund’s Board of Trustees has agreed to the following
modifications in the Plan rules effective June 1, 2004.
Benefit
Rate
For
periods of unemployment on or after June 1, 2004, the benefits payable will be
changed to provide:
- $20.00
per day during periods when the Fund balance is less than $500,000.00; and,
- $25.00
per day during periods when the Fund balance is greater than or equal to
$500,000.00 but less than $750,000.00; and,
- $30.00
per day during periods when the Fund balance is greater than or equal to
$750,000.00.
Directing
contributions to the IBEW 701 Retirement Savings Fund
Effective
June 1, 2004, the amounts directed to the RSF will be determined by the Fund
balance according to the following schedule:
- When
the Fund balance is less than $500,000.00, employer contributions for an
individual in excess of $1000.00 will be directed to the individual’s RSF
account.
- When
the Fund balance is less than $750,000.00, employer contributions for an
individual in excess of $750.00 will be directed to the individual’s RSF
account.
- When
the Fund balance is greater than or equal to $750,000.00, employer
contributions for an individual in excess of $500.00 will be directed to the
individual’s RSF account.
We
are hopeful that the combination of additional funding and the changes in the
benefit structure will provide sufficient financial relief so that we can
continue to provide benefits to our unemployed members.
Very
truly yours,
BOARD
OF TRUSTEES
June 2002 Updates:
The Trustees if the IBEW Local 701 Supplemental Unemployment Benefit Fund are pleased to announce the
following improvement to the plan.
Prior to June 1, 2002, the Plan required that “…you
must have been entered on the out-of-work list during any 2-week period in the
current Plan Year (June 1 – May 31).” (Section 1.D., page 3 of the 2002
Summary Plan Description). Effective
June 1, 2002 you will only be required to be on the out-of-work list and have
met your state unemployment waiting period requirements.
Please keep this Summary of Material Modifications with
your SUB Fund Plan Booklet so that you will have an up-to-date description of
the benefits and rules of the Plan. If
you have any questions concerning this or any matter, please contact the Fringe
Benefit Office at (630) 393-1701.
|
