Summary Plan Description Table of Contents
About Your Plan
For you and your fellow workers, your Employer and Union have created the Electrical Workers General Vacation Fund which provides vacation benefits.
The Electrical Workers General Vacation Fund is maintained as a result of a collective bargaining agreement, sometimes referred to as a labor contract, between your Employer and the Union.
Your Vacation Fund receives its money from Employer Contributions, on dates and in amounts called for by the labor contract negotiated with the Employer by your Union or by another written agreement calling for contributions to the Fund. The Employer Contributions made on your behalf are generally taxed to you during the year the Contributions are made.
Decisions on Plan operations and benefits are made by a Board of Trustees on which labor and management are equally represented.
Working together, the Board of Trustees establishes and determines the Plan of Benefits and sees that the Fund is in compliance with all applicable federal and state laws.
In carrying out these responsibilities, the Board of Trustees is assisted by a team of professional advisers including:
The Administrative Manager who handles the day-to-day business activities of the Fund such as collecting the employer contributions, keeping records of money received, crediting each participant's account with the correct number of hours worked and contributions received, calculating and paying benefits, paying Fund operational expenses, answering inquiries from participants about their eligibility and/or benefits, and assisting the Trustees and other Fund advisers in the performance of their duties.
The largest part of the money which the Fund receives is returned directly to Participants in the form of benefits.
As required by law, an independent auditor examines the financial records of the Fund each year and certifies that they are accurate, complete and fairly reported. In addition, the Board of Trustees are required to submit certain reports to the U.S. Department of Labor and the Internal Revenue Service. These reports are available for inspection in the Fund Administration Office during normal business hours.
This, then, is a brief description of how your Fund was established, what its purpose is, and how it operates. Every effort has been made to avoid any conflict between the text of the Summary Plan Description (this booklet) and the Plan Document and the other legal documents governing this Plan. However, where there is a conflict, the terms of the Plan Document and the other legal documents governing the Plan shall prevail.