Vol 2 Iss 4 4th qtr 10.pub - Operating Engineers Local 520

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Page 8 THE 520 HOISTER HEALTH & WELFARE, PENSION, ANNUITY, AND VACATION FUNDS BENEFIT REPORT Administrative Manager – David Glastetter HEALTH & WELFARE FUND: The Health & Welfare Fund processed 31,026 claims (29,682 Medical and 1,344 Optical) during the first eight months of 2010 and paid benefits totaling $7,218,367.70 ($6,149,754.18 Medical, $842,056.12 Dental, and $226,557.40 Optical), compared to $6,407,219.40 paid out during the first eight months of 2009, an increase of $811,143.83 or 13%. The Managed Pharmacy Program administered by CVS/Caremark processed 34,267 prescriptions during the first eight months of 2010 at a cost of $1,596,856.54 compared to 33,602 prescriptions filled during the first eight months of 2009 at a cost of $1,480,580.73, an increase of $116,275.81 or 8%. As of August 31, 2010, the Health and Welfare Fund had Total Assets of $30,522,985.44 compared to $23,702,314.27 as of August 31, 2009, an increase of $6,820,671.17 or 29%. As of December 31, 2009, the Health & Welfare Fund had a Reserve Bank liability of $7,920,292.36. At the present time, the Health & Welfare Fund is providing coverage to 1,646 families (1,063 Actives, 397 Retirees, and 181 Widows) representing 3,527 individuals, an increase of 68 families and 190 individuals in the past year. Due to the excellent financial condition of the Health & Welfare Fund, the Board of Trustees has expanded the Reserve Bank benefit, which previously could only be used to pay for extended coverage as an Active or Retired Participant, whereby effective for medical services provided on or after June 1, 2010 through May 31, 2011, the Reserve Bank may also be used to reimburse amounts paid toward Deductibles and Co-Insurance for Active and Retired Participants and their eligible dependents under the Plan’s Comprehensive Major Medical Benefit, up to a maximum of $500 per family during that time period. If you have a Reserve Bank balance and would like to use it for this purpose, please complete and return a Reserve Bank Reimbursement Claim Form that can be obtained from the Fund Office. ANNUAL HEALTH FAIR: The Annual Health Fair announcement letter and reservation form was mailed to everyone during mid-September. This 11 th annual Health Fair will be held on Saturday, October 23, 2010, from 8:00 a.m.-11:00 a.m. at St. Joseph’s Hospital in Highland, Illinois. This event is free of charge to all covered Participants (Active and Retired) and their eligible dependents and we encourage your participation and feedback. Nurses and other health care professionals will be on hand to conduct screenings for cholesterol, blood glucose, thyroid, iron, and PSA (prostate). Please note, morning fasting is required to participate in the blood work-up. Hearing and Vision Testing will also be provided, and a Dietician will be on hand to provide information and literature related to nutrition, height/weight measurements and body fat analysis. Representatives of the Fund Office, CMR-GHP, and Delta Dental of Illinois will be in attendance to answer any questions you might have about your various health & welfare benefits. Flu shots will be administered by staff from H&H Health Services, but will not be available to children under nine years of age or children considered high risk. The H1N1 vaccine will be included in the flu shot. Please complete and return (mail or fax) the Health Fair Reservation form by October 18, 2010. If you are not able to attend the Health Fair, we encourage you to schedule a Physical Exam on an annual basis and to utilize the Physical Exam Benefit that is available under the Health & Welfare Plan. When you or your spouse schedules a physical exam, please call the Fund Office and request a Physical Exam Claim Form prior to your exam and return it to us with the requested information after your exam and tests have been performed. The Physical Exam Claim Form has been revised and simplified, whereby it is no longer necessary to have it completed and signed by your physician. The Health & Welfare Fund provides for an outpatient physical exam once every coverage period (June1-May 31) up to a maximum of $570.00, or $750.00 if a drug test is also performed. You can maximize your physical exam benefit if you use CMR-GHP Network-affiliated doctors and laboratory facilities, since services performed by these providers will be significantly discounted. WORKER’S COMPENSATION MATTERS: No benefits are payable under the Plan for any expense covered by a Worker’s Compensation Act or similar legislation or any injury arising out of or in the course of any employment for wage or profit. Once you file a Claim Form with the Fund Office indicating your condition is the result of a work-related accident or injury, the Health & Welfare Fund will not be in a position to consider any related medical expenses. Should your Worker’s Compensation Claim be denied, you must file an Appeal with the Industrial Commission for a final determination. If your claim is found not to be work-related, then the Health & Welfare Fund will be in a position to re-evaluate the submitted medical expenses. Don’t forget to Set your clocks back November 7th!
Page 9 Volume 2, Issue 4 THIRD-PARTY LIABILITY MATTERS: The Health & Welfare Fund will be the secondary payer in those situations where the injury or illness of a Covered Individual (member or dependent) is the result of a negligent or wrongful act by a third party (automobile accident, etc.) who is primarily responsible for the payment of medical expenses incurred by that Covered Individual. Once you notify the Fund Office your condition is the result of an injury or illness caused by a liable Third Party, the Health & Welfare Fund will not be in a position to consider any related medical expenses for payment until the responsible Third Party or the Insurer have paid up to the maximum limit of their liability in the matter. You should promptly notify the Fund Office of the name, address, and phone number of the responsible Third Party, Attorneys, and Insurance Companies involved in such matters as well as keeping us informed when legal action is instituted and the progress of that legal action. The Health & Welfare Fund, at your request, will notify medical providers that the Fund will be in a position to process all eligible claims in accordance with Plan Provisions after the maximum amount has been paid by the liable Third Party. PENSION FUND: As of August 31, 2010, the Pension Fund had Total Assets of $118,152,462.13 compared to $102,555,401.65 as of August 31, 2009, an increase of $15,597,060.48 or 15% during that 12-month period. The Fund is currently paying benefits to 757 Retirees or their Surviving Beneficiaries, such payments totaling $6,998,096.24 during the first nine months of 2010 or approximately $790,000.00 per month at the present time. Thus far during 2010, we have had 30 members retire, after having 30 members retire during calendar year 2009. If you plan to retire in the near future, you may want to contact me to request a draft of your Pension Quotation detailing the various benefit options that will be available to you at the time of your retirement. When you file your Application for Pension benefits, you will need to provide a copy of your Birth Certificate, your spouse’s Birth Certificate, and a copy of your Marriage license, if applicable, in order for us to process your retirement papers. Once you make your benefit selection and begin receiving payments, you are not permitted to change your pension option. Pension payments are made on the first day of each month, for that month, either by Direct Deposit or check. Currently 65% of the pension payments are being made by Direct Deposit, which reduces the amount of clerical work and eliminates concerns about timely mail delivery. If you need a Direct Deposit Authorization Form to initiate direct deposit or notify us of a change in your bank account information, please contact the Fund Office. RETIREE WORK RULES July 1, 2010 – November 30, 2010: As you know, the Pension Plan’s Suspension of Benefits Rules have permitted Retired Participants who are less than 62 years of age to work a total of 600 hours in “Disqualifying Employment” from July 1-November 30 of any Plan Year and continue to receive their monthly pension benefits. Please be advised, by recent action of the Board of Trustees of the Employers and Operating Engineers Local 520 Pension Fund, the age limit that Retired Participants are permitted to work a total of 600 hours in “Disqualifying Employment” for July 1-November 30 has been removed for the period June 1, 2010 through November 30, 2010. Please note this action by the Board of Trustees applies only to the period July 1, 2010 through November 30, 2010. Any extension of the age limit for work in “Disqualifying Employment” beyond that period would require further action by the Pension Fund Board of Trustees. All other aspects of the Pension Plan’s Suspension of Benefits Rules remain the same. VACATION FUND: The 2010 annual Vacation Benefit check will be mailed to all Participants during mid-November 2010. Your Vacation Benefit amount will be determined by the number of hours reported and paid by Contributing Employers for the work period October 2009 through September 2010. If you work for an employer that is delinquent in the payment of fringe benefits for any month(s) during that period, you will receive an adjustment vacation check when the Fund Office collects those deductions from that employer. MISCELLANEOUS INFORMATION: A copy of your Work History for the first two quarters of 2010, detailing those hours reported on your behalf by contributing employers, was mailed to all Participants during August 2010. Since your Health & Welfare eligibility and level of Annuity, Vacation, and Pension benefits directly relate to the number of hours worked, we ask that you carefully review the Quarterly Work History Reports and notify the Fund Office of any discrepancies as soon as possible. It is very important that you keep your check stubs as it may become necessary to use them to verify the number of hours that you worked for a particular employer. As always, we ask that you notify the Fund Office of any changes in your mailing address, phone number, marital status, beneficiary status, etc. If you have any questions about your fringe benefits, please let us know. The Fund Office is open from 7:00 a.m.-4:00 p.m. Monday through Friday to assist you and your dependents in whatever way possible.
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Page 3 and 4: Volume 2, Issue 4 Page 3 Ron Johnso
Page 5 and 6: Page 5 THE 520 HOISTER Mike Parkins
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Page 11 and 12: THE 520 HOISTER Page 11 TRAINING DE
Page 13 and 14: Page 13 Volume 2, Issue 4 Prairie S
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Vol 2 Iss 4 4th qtr 10.pub - Operating Engineers Local 520

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