Union:	Don M Burrows	Employer:	Glenn Johnson, Milk Dealers
	Dave Horst		Roy M Pride, General Trucking
	Frank Lo Furno		John A O’Leary, Chicago Bakery

The current Trustees for the Pension Fund and the Welfare Fund are:

 

Union:	Dennis Jawor	Employer:	Ronald Fetty, Trucking
	Robert Keppler		Michael Richardson, Auto Dealers
	Sam Cicinelli		Mack McCallum,
			Ready Mix and Building Materials

 

Welfare Fund:

The Welfare Fund began on August 26, 1955.

The Welfare Fund was founded as an insured plan.  Through the years benefits were paid through various insurance companies beginning with the Atna Life insurance Company in 1955 and ending with Bankers Life Insurance Company in 1998. 

In 1998 the Trustees determined that the Fund did not need the protection, or the expense, of an insurance company to guarantee the benefits to the participants and at that time the Welfare Fund became self funded and self administered.

Through the years the assets of the Welfare Fund have grown:

                  Date                   Amount Of Assets             

                Dec. 31^st             Available For Benefits

 

                   1955         $           1,095.60

                   2008         $ 125,299,819.00

The amount of claims paid each year has increased considerably:

                   Claims paid in 1955          $          7,603.39

                   Claims paid in 2008          $ 65,440,752.00         

 

Pension Fund

 

The Pension Fund began on February 1, 1958.

 

Over the years the benefit accrual rates changed dramatically.  The following is a representation of the accrual rates through the years:       

Date Dec. 31st	Accrual Rate Per Years Of Service	Monthly Benefit For 10 Years Of Service
1958	$   2.80	$   28.00
1968	$   6.40	$   64.00
1978	$ 17.62	$ 176.20
1988	$ 30.08	$ 300.80
1998	$ 45.45	$ 454.50
Current	$ 80.00	$ 800.00

Since 1958 the investments of the Pension Fund have also grown.  The 2008 amount includes the results of the poor economy and drop in the stock market during 2008.

 

                    Date                 Amount Of Assets

                   Dec. 31^st        Available For Benefits

 

                   1958                  $  22,200.00

                   1968                  $  12,569,800.00

                   1978                  $  44,983,752.00

                   1988                  $ 116,254,590.00

                   1998                  $ 645,949,513.00

                   2008                  $ 550,378,213.00

 

Pension payments have also grown over the years:

 

Pension benefits paid in 1958      
$ 6,043.00

Pension benefits paid in 2008 
$ 48,648,323.00

 

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