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Annual
Reimbursement Check for Retirees
The Trustees
are pleased to announce that Pension Retirees will now receive a
tax-free payment of up to $50.00 times the number of Pension
Years you have accumulated for reimbursement of certain medical
expenses from the Welfare Fund.
There will be
two different programs – one for Retired Employees eligible for
Retired Employee Coverage and one for Retirees who are not
eligible for coverage from the Welfare Plan. Below you will
find details of the program for Retirees eligible for Retired
Employee Coverage. Retirees that are not eligible will receive
more information later this year.
For Retirees
eligible for Retired Employee Coverage from the Welfare Plan,
the Fund Office will first determine how much will be added to
your Health Reimbursement Arrangement account (HRA). The amount
added to your HRA is calculated by multiplying $50.00 x your
Pension Years (subject to a maximum of no more than 200% of your
monthly pension benefit). That amount is then credited to your
HRA.
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If
Bob has 15 Pension Years and his monthly pension
benefit is $1,000.00 then on October 31 of each
year, his account would be credited with $750.00
($50 x 15). Alternatively, if Bob had 15 Pension
Years and his monthly pension benefit is $300.00,
then on October 31 of each year, his account would
be credited with $600.00 (instead of the $750.00 in
the first example) because his allocation is capped
at 200% of his monthly pension benefit. |
If you are
eligible for Retired Employee Coverage from the Welfare Plan,
the Fund Office will calculate the total amount you spent for
certain medical expenses throughout the Reimbursement Period
(generally the Reimbursement Period runs from November 1 –
October 31). These expenses include: 1) retiree self-pay
premiums under the Plan; 2) Medicare Part B premiums; 3) the
portion of the Medicare Part A deductible not paid by the Plan;
4) Prescription Drug Co-payments and Deductibles under this
Plan; and 5) Major Medical Co-payments and Deductibles under the
Plan.
If your total
Reimbursement Expenses are equal to or more than the amount in
your HRA, the Welfare Fund Office will send you a check for the
entire HRA balance. If the expenses total less than the HRA
balance, the Fund Office will issue you a check in the total
amount of the expenses. The remaining HRA balance will roll
over to the next Reimbursement Period.
If there is a
balance in your account when you die, the Fund Office will have
procedures for allowing you surviving spouse or dependents a
death benefit payment equal to the account balance. This is in
addition to the Welfare Plan’s $5,000 retiree death benefit.
A similar
reimbursement program for Retired Employees who are not eligible
for Retired Employee Coverage under the Welfare Plan will be
provided. However, for the retirees not covered under the Local
597 Welfare Fund, there will be a requirement of an annual
application to the Fund for reimbursement.
Pipe Fitters Local Union 597 Member
Dashboard
The new Member Dashboard,
which is available for all participants effective immediately,
provides you and your family with a wealth of information
related to the Pipe Fitters Local 597 Welfare, Retirement and
Individual Account and 401(k) Funds. It will also provide
useful information that’s maintained on your behalf by the
Association. The following are features of this secure
website:
Welfare Fund
A.
You can view/download the explanations
of benefits (EOB’s) for all medical, dental and drug claims that
have been processed for you and/or your dependents in the
current year-to-date and the previous calendar year. If you
have adult dependents, when you register, you must attest that
you are eligible to view this information on their behalf.
B.
You can view where you and your family
stand together and as individuals with respect to your annual
deductible and out-of-pocket limits.
C.
You will be able to see, up to the
minute, the period of time for which you will be eligible for
Local 597 Welfare Fund benefits.
D.
You will be able to choose not to
receive paper EOB’s that are mailed but instead view and
download EOB’s at the time your claim is processed.
Retirement Fund
A.
Active members will be able to
view/download their current, year-to-date Pension Credit
Statement as well as the prior year’s Statement.
B.
Pensioner’s will be able to
view/download their 1099’s and their monthly payment histories.
Individual Account and
401(k) Plan
You will be able to view an
annual and/or monthly history of employer contributions and
voluntary contributions into the 401(k) Plan since its
inception. In evaluating the performance of your account, it’s
helpful to know how much you and your employer have actually
contributed compared to what the account balance is.
Association
You can view your hours
worked by employer since 1981. You can also view/download a
history of your wage work assessment since 2004 and access
Association notices to members. Finally, if you are registered
with the Referral Hall, you’ll be able to see your current
position on the out-of-work list.
Access the Dashboard
To register, simply
visit the Pipe Fitters Local 597 official website:
www.pf597.org. Click on the Member
Dashboard icon and follow the instructions. If you are
already registered to pay your dues online, you will not have to
re-register as your username and password will already work on
the Pipe Fitters Local 597 Member Dashboard
If you have any problems with
the registration process, please contact the Fund Office for
immediate assistance.
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