The Sheet Metal Workers' Local 73 Welfare Fund is designed to provide a quality health plan to its participants and maintain an adequate level of reserves. The Welfare Fund is jointly administered by a six member Board of Trustees: 3 Labor Trustees and 3 Employer Trustees. Each Trustee is afforded one vote and serves without fees or other compensation as a Trustee. Over the years, millions of dollars in benefits have been paid on behalf of the participants in the Plan. Even though the cost of health care and prescription drugs continues to increase in double digits year after year, the Welfare Fund remains financially stable. Most of the funding for the Welfare Fund comes from collectively bargained employer contributions. Other sources of funding include monthly COBRA payments, retiree self payments and investment income.
The Welfare Fund provides a comprehensive assortment of benefits to almost 11,000 active and retired members, spouses and dependent children. Among the benefits provided are medical, dental, prescription drug, weekly accident and sickness, optical and hearing. For the period of July 1, 2013 through June 30, 2014 the Welfare Fund paid approximately $40 million in benefits.