Thursday, July 17, 2014

Breaking News

On behalf of the Board of Trustees, the NYCDCC Welfare Fund is pleased to announce that a plan has been approved for the restoration of dental coverage, as well as a fifty percent reduction in retiree premiums. The reduction of retiree premiums will take effect September 1, 2014, while the restoration of dental coverage will be effective October 1, 2014.

While the Benefit Funds Office is currently working on the implementation of these changes, what we can now report is that the new dental coverage will be through Aetna Dental Maintenance Organization (DMO), effective October 1, 2014. The plan will have no deductible and no annual limits, and will provide one hundred percent coverage for “preventive” and “basic” dental procedures. “Major” dental procedures will be covered at eighty percent. As we work through the implementation process and get closer to the effective date, we will be sure to provide you a full update and explanation of the plan changes, as well as contact information for Aetna.

Additionally, effective September 1, 2014, retiree premiums will be reduced by fifty percent. The reduced payments for retirees will be reflected in retiree statements once the reduction is officially implemented.

Lastly, it is important to note that the Board of Trustees also approved the implementation of a “Reserve Trigger Point.” To avoid financial issues in the future, it was decided that if the assets of the Fund drop below a certain level, the benefits reinstated under this agreement will be rescinded and only restored when the assets rise back to another predetermined level. The agreement states that, if reserves drop below seven (7) months, the dental benefits and the fifty percent reduction in retiree premiums will be rescinded on the first day of the next month. However, if the reserve then rises back to nine (9) months, the benefits will be restored on the first day of the following month. The current reserve level of the NYCDCC Welfare Fund is approximately twelve (12) months. The Benefit Funds Office will report the Welfare Fund Reserve number on an annual basis, or more frequently if required, on the NYCDCCBF website and in the Benefits Toolbox newsletter.

If you have any questions about these benefit changes, please feel free to contact the Benefit Funds’ Member Services Department at (800) 529-FUND (3863) or (212) 366-7373.

3 comments:

  1. How can I read my new dental plan summary of benefits, W/OUT VISION COVERAGE!

    ReplyDelete
  2. Benefits or Window Dressing?


    A little something to keep the members on the hook........
    We deserve "full" benefits back now! Don't be fooled by the Trustee's "throwing you a bone" to allow them more time to politically maneuver and figure out how to hold your money. This issue has been going on for years and this is the best they can come up with?


    Wall Street, Real Estate and Developers are racking in profits with unprecedented gains and we are still giving into PLA's?


    This is just window dressing for the upcoming EST election and to send more money to the Internationals agenda. Demand the actuaries report and tell your Delegates to inquire how they came up with this weak proposal. They are spending more members funds on lawyers, time keeping devices, compliance, cars, double pensions, security,salaries, etc. These are the largest record spending numbers our Council has ever seen!


    Let's get back to basics, serve the members and return the respect our retirees deserve for building our union.


    Give back full benefits, and make our membership whole. Request the minutes from these Trustees meetings and demand the promised transperancy. Publish the actuaries report and involve our membership in our own future, not 12 people behind closed door's, who are out of touch with the rank and file.


    We are a smart, responsible, hard working membership that deserves our dignity for our families...now!! Let's not be taken for granted.


    It's your union......what are you going to do about it?


    Bill Walsh
    Local 157

    ReplyDelete
    Replies
    1. need better medical,dental and we need back our vision.with all the money they collect in assessments,where is all this money going.where is transparancy

      Delete

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