OE News Special Edition July 2013

issue for pension plans. Our investment strategy
has, by design, largely protected us from this
issue.
Benefits Plan
This has been a year of significant change for the
Operating Engineers’ Benefits Plan.
Extended Health and Dental benefits are now
being provided through Pacific Blue Cross. This
has resulted in a number of improvements in
service delivery for our members, most notably
point of purchase drug claim reimbursement
through the drug card.
At the same time, members
MEMBERship gRowth LEaDs to are experiencing a number of
inCREasED MaRkEt shaRE, whiCh new Pacific Blue Cross proce-
BuiLDs thE union’s stREngth dures and policies designed to
FoR thE FutuRE. help in the prudent financial
management of the Benefits
Plan. Your patience and cooperation in this
regard will assist in helping us keep the cost of
benefit coverage for our members in line.
With respect to disability benefits, the level of
our long term disability benefit has been raised
to $2,000 per month for all new claims. At the
same time, our existing long term disability
claimants received an ad hoc increase in their
benefit ranging from $50 to $400 per month.
Going forward Great-West Life will be administering
long term disability benefits while the
2 News Special Edition Summer 2013
Operating Engineers’ Benefits Plan office will
continue to administer weekly disability
benefits.
You will note in the financial statements contained
in this report that 2010/11 hours of contribution
improved by approximately $2,000,000
for the year. This is a sign of an improved work
picture and the organizing efforts of our Union.
In closing
In closing it is important to note that the prudent
investment strategies and fiscal management of
the benefits plan can only go so far in securing
the long-term stability of the OEBPP. The other
key factor is membership which drives increased
hours of covered employment.
Membership growth leads to increased market
share which in turn builds the Union’s
strength for the future. We also need to maintain
a constant influx of new and younger members
to provide a balance to an aging demographic.
The Local Union Executive Board is very committed
to these values which will keep our membership
and finances on very stable footing. With
your assistance, we will be successful in reaching
these goals which will in turn, over time, increase
our market share, increase our bargaining
strength, and provide strength to our benefits
and pension plans.
Our organizing efforts continue to focus on
building the Union. Your organizers cannot do
this in isolation, we all have a large stake in this
and we all need to play a role. The best contribution
you can make is to be informed and engaged
with the growth of the Union by helping to sign
up new members.
Anti-worker groups continually try to discredit
the rights of our members who benefit
from plans such as ours. We at the IUOE believe
workers have the right to “Rise Above” and that
the best way to reach that goal is a sound defined
benefit pension plan and a well-designed benefits
plan such as ours.
Fraternally,
Brian Cochrane, Chairman
Brothers of IUOE Local 115
commemorating the Ironworkers
Memorial on June 17th