Insulators Local No 53 Welfare Fund

“A third party administrator, sei private trust company, has been retained by the board of trustees to handle the investment/custodian administrative duties of the fund. Those duties include processing investment transactions and reports, and valuing investment assets. The fund also retains the services of another third party administrator to provide claims management, processing and payment. That company is benefit management services. The fund also retains the services of a third party administrator to provide prescription drug management, processing and payment. That company is express scripts.”

“The fund is made up of members who's eligibility is determined under the terms of a collectively bargained agreement entered into by their respective employers and asbestos workers local 53 union. The fund is governed by a joint board of trustees consisting of elected members of the local and appointed representatives of the employers.”

“The governing board of trustees operate this fund pursuant to the rules and regulations of both erisa and the taft-hartley act which cover multi-employer health & welfare funds. The governing document is a trust agreement which provides for the appointment of employer trustees as well as the election of union trustees. It is the duty of this joint board of trustees to oversee operations of the welafre plan, set policies and procedures for the payment of medical benefits to eligible participants who are covered by a collective bargaining agreement.”

“The board of trustees retains the services of an independent public accounting firm to prepare the annual irs form 990. This firm will provide a copy of the completed form 990 to the chairman of the board of trustees, the fund administrator, and the individual trustees of the board upon their request for review and approval.”

“The joint board of trustees meets quarterly to address policy issues, plan of benefit changes, investment policy review, policy decisions, appeal of benefits, review of employer contribution reports and delinquencies, legal counsel reports, and fund administrator reports. During these meetings any issues impacting conflict of interest or prohibitive transactions will be addressed by the joint baord of trustees and acted upon.”

“The full board of trustees meet to discuss the wages of the employees. The full board of trustees vote on the wages for those key employees.”

“A summary annual report is prepared annually by the independent cpa firm who prepares the form 990 as well as the dol form 5500. This summary annual report, as well as the annual audited financial statements and the irs form 990, are available to the general public upon request. The summary annual report is mailed annually to all participants of the fund and to all participating employers.”

“Unrealized loss on investment assets held at 12/31/2016 totaled $ 2,839.”

“Other administrative and consulting costs are program related. The fund retains the services of a third party consultant to provide consulting services to the fund. Pcoric health care fee affordable care act reciprocal employer contribution transfers payments are made to blue cross blue shield insurance company to provide death benefits for eligible participants.”