Pension

Apr 3, 2020 | Benefits Office, Benefits Office COVID-19

The world has reminded us how quickly things can change.  In only a few short months since the onset of COVID-19, our lives and daily routines have shifted and we’ve had to adjust to a new way of living, working, and socializing.  With change undoubtedly comes questions. We hope this update will ease any concerns you may have regarding the benefit programs and provide you with some perspective on our operations going forward.  In a time when face-to-face operations are not advised, we will require a little more online interaction or active involvement from you.

Administration

There are 3 main businesses responsible for the administration and operation of the benefit programs:  UA Local 740 Benefits Office, Manion Wilkins & Associates, and Manulife Financial. All of these businesses are currently in jurisdictions that are under a State of Public Health Emergency or State of Emergency due to the COVID-19 pandemic.  The offices are closed. However, they each have business continuity plans in place to ensure that operations continue with limited service disruption. Staff are working remotely from their homes through secure access sites. Services will continue, though they ask for your patience if you experience slight delays as they work through the challenges faced under these unusual circumstances.

Contributing Employers

Employers are required, under the terms of the collective agreement or PLA, to remit hours and contributions to the Benefit Plans and the Union on a monthly basis for the members they employ.  UA Local 740 has reached out to the employers requesting that they send the monthly remittance report and payment electronically to ensure that benefits remain available to the eligible members under their employ.

Many of the employers are demobilizing their construction sites and operating on a skeleton crew or suspending construction altogether.  In this situation, insured members will continue to be covered until their dollar bank balance is exhausted. Once the dollar bank is exhausted, the member will be given the option to self pay for a period of 12 months in accordance with the plan regulations.  The Trustees are closely monitoring this situation and we will provide updates as it evolves.

Pension Plan Operations

Pension plan operations have had minimal disruption due to the current circumstances. The main issues are related to pension benefit payments in cheque form and document sharing, both of which will need to be done electronically as outlined below. We are encouraging members to go digital in order to stay informed about your Pension Plan. If you have not provided us with an email address, we encourage you to do so. Please email our Administrator, Leslie Wells, at lwells@ualocal740.ca to have your profile updated with your email address.
Pension Benefit Payments

Retired members that are receiving their monthly pension payments by direct deposit will have no disruption in service. Your payments will continue to be deposited in your account each month as normal.

Retired members that are receiving their monthly pension payments by cheque will see a disruption in service due to issues at the Canada Post distribution centre. We strongly encourage you to sign up for direct deposit immediately. If you are insured under the Health Plan and we have banking details on file for your health plan claim payments, we will automatically apply the same details for your pension payments. Please immediately contact our Administrator, Leslie Wells, at 709-685-7769 or lwells@ualocal740.ca if she has not spoken with you on this matter.

Enrolment Forms/Pension Applications/Death Benefit Applications/Pension Option Forms/Form 4- Notice of Intention for Marriage Breakdowns/Other Administrative Documents

In an effort to avoid service disruptions, enrolment/change forms, pension applications, death benefit applications, pension option forms, Form 4 – Notice of Intention forms, and all other administrative documents that are needed for the ongoing administration of the Pension Plan may be submitted electronically as follows:

Enrolment/Change forms along with other Pension administration forms can be found here: https://www.ualocal740.ca/member-resources/.

Members in the vicinity of the UA Local 740 Office Building may also use the drop box accessible from outside the building. Documents sent by mail will result in service disruptions due to the current postal service disruption. In addition, we are not able to guarantee access to the post office box or the UA Local 740 Office Building if there is a mandated lockdown. For this reason, we do not recommend using the mail service or drop box if the document request is urgent.

We will continue to monitor the impacts of COVID-19 and will update you as the situation evolves or when changes are necessary to align with Federal and Provincial Government directives.

We wish you and your loved ones health and wellness during this challenging time. Please do your part to reduce the spread and stay well.

 

The Board of Trustees
Bob Fiander, Chairman; Leslie Wells, Administrator
UA Local 740 Benefit Trust Funds