The Pension Plan is a defined benefit plan designed to provide Retirement benefits to eligible participants. It is funded by a legal trust established for this purpose, known as the Pension Fund (the Fund).
The Agreement and Declaration of Trust originally dated September 1, 1953, and since amended, established the Pension Fund. A Board of Trustees, which serves without any compensation, acts on your behalf to manage all aspects of the Pension Fund’s operations. This Board is made up of an equal number
of Union and Employer representatives whose powers and duties are set forth in the Trust Agreement.
Participating Employers, who contribute to the Pension Fund according to their collective bargaining agreements or other written agreements with Local Union No. 73, pay the entire cost of the Plan. Employees who perform work for these Participating Employers are covered by the Plan if contributions for their work are required to be paid to the Fund.
The amount of the contribution is determined through collective bargaining agreements. No contributions are required from you and none are permitted.