Bricklayers and Allied Craftworkers

“The form is drafted through a collaborative effort of the plan's financial, legal, and operations professionals. The draft is presented to and reviewed by the plan's administrative committee of the board of trustees at a regularly scheduled monthly meeting. The form is then finalized and submitted.”

“Section 5.1 of the agreement and declaration of trust states in pertinent part that the trustees shall conduct the business of the trust in accordance with applicable law. The trust is governed in large part by the employee retirement income security act 29 u.s.c 1106 and the regulations of the internal revenue service and the department of labor which are promulgated according to that law. Erisa and its regulations promulgated the issues of potential conflict of interest. These issues are specifically addressed in section 406 of erisa which prohibits two types of transactions by the trust: (a) transactions between the trust and a party in interest; and (b) transactions between the trust and a fiduciary. Section 408 of erisa provides for the exemptions to section 406. The transactions between the trust and a party in interest which are prohibited,include: (1) the sale, exchange or leasing of property between a welfare plan and a party in interest; (2) the lending of money or other extension of credit between a welfare plan and a party in interest; (3) the furnishing of goods, services or facilities between a welfare plan and a party in interest; (4) the transfer to, or use by or for the benefit of, a party in interest, of any assets of a welfare plan; and (5) the acquisition on behalf of a welfare plan of any employer security or employer real property unless the requirements of section 407(a) of erisa are met. The transactions between the trust and a fiduciary which are prohibited include: (1) the handling of the assets of the plan in the fiduciary's own interest or for the fiduciary's own account; (2) in the fiduciary's or in any other capacity, acting in any transaction involving the plan on behalf of a party (or represent a party) whose interests are adverse to the interests of the plan or the interests of its participants or beneficiaries; or (3) the receiving of any consideration for the fiduciary's personal account from any party dealing with such plan in connection with a transaction involving the assets of the plan. The trust is required to file an audited financial statement yearly. As part of the audit, the auditors are required to examine for potential prohibited transactions.”

“Pursuant to section 101 of the employee retirement income security act of 1974, 29 u.s.c. 1021, and section 502 of the pension protection act of 2006 the trust is required to provide its governing documents and financial statements to its participants and participating employers. Such documents are available upon request to those individuals. Those documents are not available to the general public.”

“The process has not changed from the prior year.”