Congratulations to Koeppel Nissan shop steward Franklyn Kerr who is retiring after 30 years as lead parts counterman in the Koeppel Parts Department, and as shop steward for Local 355 for the last fifteen years.
Franklyn has been a key player in everything Local 355 has been able to accomplish at Koeppel Nissan over the years.
The USWU and IUJAT wish Franklyn the best in his retirement and thank him for all his contributions to the Union.
The United Welfare Fund-Security Division is a unique benefit that is only available to members of the USWU and its affiliates. Many of you have been participating in the Security Division for many years but may not have a solid understanding of what the fund is and how it works. What is most important about the fund is the manner in which we handle our investments. The Security Division has in excess of $347 million in assets and pays benefits of more than $34 million annually. With such a large fund, wise investment is absolutely critical.
The Security Division’s investment philosophy is to maintain the highest quality of investments it can, by investing in fixed income securities. These investments include U.S. Treasury securities and Ginnie Mae mortgage-backed securities that are 100% guaranteed by the full faith and credit of the U.S Government, which makes them the safest vehicles in which to invest. By contrast, bank accounts and CDs are not backed by the US Government, and are only backed by the FDIC—and there are limits to the insurance the FDIC provides.
The Security Division adheres to a long-term investment approach that is meant to provide steady growth over the course of participants’ careers and give them peace of mind knowing that their account balances are stable and secure. It is the Trustees’ and my belief that our greatest responsibility to our participants is to protect their account balances and not put them at risk by subjecting them to the volatility and daily fluctuations of the markets or other investment vehicles.
We have intentionally avoided riskier investment options such as the stock market. When the stock market plummeted in 2008, the participants in the Security Division were all thanking the Trustees for investing in US Government Securities.
We did a fifteen (15) year study comparing the Dow Jones averages compared to the Security Division dividends: Dow Jones was 4.8% compared to the non-risk taking Security Division of 5.58%.
Many other union-sponsored ERISA Funds have not been as cautious and are now paying dearly for their poor choices. If you follow the news, you will hear regularly of union-sponsored benefit funds cutting benefits anywhere from 25% to 50% because of risky investments gone bad in recent years. We are proud to say we continue to provide positive dividends.
No one can predict the future, but we all know from past history that interest rates fluctuate over time. We also know that interest rates will begin to rise again soon. Your Security Division dividends rise and fall with interest rates. Today, with artificially lower interest rates, the dividends have been lower. We hope that in the December meeting of the Federal Reserve, they will raise the interest rate, which will thereby have a positive effect on future Security Division dividends.
As always, we will continue to invest in safe investments so that we can guarantee that your Security Division balance is there for you when you retire.
Please join USWU Local 455 in congratulating First Transit Region 5 shop steward Robert McRae for receiving a plaque of recognition from his fellow members at a recent membership meeting.
Robert has been a diligent advocate for his fellow drivers throughout his tenure as shop steward and is a valued member of the Local 455 team.
Studies are showing that Americans are feeling more optimistic about affording a comfortable retirement then in prior years. But that optimism was tied strongly to whether an individual and/or his or her spouse has a retirement plan since they themselves are not doing a better job or saving and preparing. Today you earn a paycheck, in retirement you will need to generate income from different sources.
It is estimated that you will need 85% of pre-retirement income to maintain your current standard of living while in retirement. You may need more or less depending on your retirement goals and level of debt.
Are you yourself doing enough?
The Principal Financial Group® can help you find your path with your personalized Retirement Wellness Score. At a glance, you can see if you’re on track for retirement by looking up your score at principal.com/myscore.
If your score is in the red or yellow, some quick changes could move you into the green.
Use the interactive Retirement Wellness Planner to see how you can improve your score.
You may boost retirement savings by thousands of dollars, simply by increasing the amount you’re contributing by 1 percent (1%) or more each year. Consider making the maximum contribution you can.
Then take the easy step of increasing your retirement plan contribution by contacting the IUJAT 401(k) Plan Department at (718) 658-4848.
You will want to check in on your score at least once a year and as major life events happen to make sure you are still on track.
How often have we heard or even used one of these statements? But, do you realize that the costs of health care impact you even if your insurance covers it? All the costs paid for medical claims are paid from the premiums that employers and members pay. When costs rise, premiums rise. It’s that simple. And, when costs go up, employee contributions towards premiums usually increase too. Even if the employer pays increases in premiums, that leaves less money on the table during negotiations for wage increases. No matter how you look at it, medical costs impact you. In addition to the out-of -pocket costs you pay, the amounts paid by your insurance still impact your paycheck. Thus, it’s important to be a smart health care consumer to keep costs down.
Save on medications – purchase generic, mail order, and formulary
Talk to your doctor about your benefit plan to make sure services are in-network
Use in-network doctors and facilities
Grab the phone before the car keys: Can you be seen by your primary care provider for this health care need? Is a Specialist warranted, or is Urgent Care or Emergency Room needed?
Go to the most appropriate and cost-effective place for your condition (log onto www.anthem.com for cost comparisons and quality rankings of providers/facilities)
Save money on prescriptions by visiting Medtipsterfree.com. This site will help you find generic drugs for a lower co-pay or even zero co-pay.
Read your medical bill and explanation of benefit forms (EOBs)
By reviewing your health care bills, you will know what health care actually costs and could prevent your insurance plan from paying more than is necessary. Billing of health care services is very complex. For example, today, there are more than 14,000 procedure codes for physician services. Not to mention the numerous health conditions that could be diagnosed. Providers are human and billing errors do happen. Here are some things you should look for when you receive a bill or Explanation of Benefit (EOB) from your insurance company.
Did you receive all of the services listed on the bill?
Are they in the correct amounts or dosages?
Even though you might only be responsible for a copayment or small percentage, note the total cost of care and how much your insurance paid.
Avoid duplication and actively participate in your care; know what services you received and why they were done
For some services you may receive bills from providers whom you never see face to face – such as radiologists
When your doctor orders blood work, ask to have the test results shared with all of your doctors (any specialists you regularly see) to avoid double testing. You should also keep a copy of your lab results for yourself so you have the information in case you see a new doctor or need to go to a walk in medical center.
Anytime you see a discrepancy or a questionable charge, contact the United Welfare Fund at 718-658-4848
Consumers need to play a key role in all aspects of health care delivery. Remember that money you save the Fund in unnecessary charges will help hold down health care costs – including costs you pay in the form of premiums, deductibles, and copayments. Learning how to use health care services helps to maximize your benefits. Leading a healthy lifestyle reduces your risk for the leading causes of preventable death. Being a wise health care consumer is an important choice in leading a long and healthy life.
When the men at Esposito Construction LLC were looking for a union to represent them, they came to the right place. After speaking to our Local 339 members at recently organized Mazzara Trucking & Excavation in Freehold NJ, they contacted the USWU.
IUJAT International Representative Christopher Kuehne and Director of USWU’s Construction Division Kevin Barry met with the men and showed them the benefits of having one union represent all the workers under one contract. The men agreed and of the 70 men involved, they overwhelmingly demanded USWU Local 339 represent them. With a "One Union - One Contract" approach, negotiating an agreement with the employer was much less complicated.
The men now enjoy a contract that guarantees them wage increases, fully paid medical, paid vacation and holidays, paid sick leave, UWF Security Fund, Employer 401(k)contributions.
Thanks for choosing USWU Local 339!
Have you ever been on the Atlantic City Boardwalk and spotted the friendly people in lime green shirts? Or spoken to one of them for directions or a recommendation on where to have breakfast?
These Atlantic City Ambassadors are proud members of Local 255, USWU. These members patrol and assist tourists on the boardwalk, greet you and thank you for visiting Atlantic City, and are always there to lend a hand.
Next time you visit Atlantic City’s famous boardwalk, introduce yourself to your fellow members. I’m sure they’ll tell you a thing or two about the town that you’ll find interesting!
On June 3, Local 363 celebrated its graduation dinner. There were nearly 30 graduates this year. As 363 continues to grow through our aggressive organizing, we expect these graduating classes to continue to turn out well-skilled electricians. Thanks for everyone’s continued support.
–Chuck Shimkus, Business Manager
Our industry, like many other industries, found itself in a bit of a quandary! The baby boomers who had been in leadership roles as Foreman, Project Supervisors, and Project Managers were starting to retire. This left a tremendous void in leadership. Companies were finding this void costly and needed to fix this problem.
The United Service Workers Local 355 Joint Apprentice Training Center was called upon to help meet these training needs. And we were able toanswer the call. We put together a two year program: Project Manager, and Foreman Advanced Training. This program covered Crew Leadership, Project Supervision, and Project Management. The results and feedback were outstanding. We graduated seventeen future industry leaders on June 16, 2016.
These graduates are filling the leadership void in managing projects for the companies employing them. These companies are seeing a definite return on their investment. When a job is well-managed, morale is lifted, safety improves, productivity increases, and companies are more profitable.
We are proud of our graduates and wish them much success in all their future endeavors. The United Service Workers Local 355 Joint Apprenticeship Training Center is proud to be able to assist our signatories and answer the call.
We’re training the technicians of tomorrow, today!