Metal Workers' International Association
Local Union No.73
Pension Welfare and Annuity Funds
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
over 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, 2010 through June 30, 2011 the Welfare Fund paid approximately
$38 million in benefits.