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 BenefitsAudited Benefit Plan shows healthy position (June 2008) By Lionel Railton, CEB, PPAC, Administrator The audited financial results for the Operating Engineers’ Benefits Plan reflect total assets, as at December 31, 2007, of $32,345,223. The plan received $15,118,433 in contributions for the 2007 Plan Year and paid $13,574,896 for benefits for the membership and their dependents. The Plan saw a $2,152,787 increase in reserves for members’ future benefits and total administrative disbursements of $847,359. The following is a breakdown of the Members’ Benefits expenditures for 2007 with comparisons to 2006:
As you can see from the breakdown above, the greatest area of expense growth is the Plan’s Extended Health Benefit. The additional costs stem from the benefit improvements grant by the Board of Trustees in 2006 and the additional utilization of benefits by the membership and their families. A chart on Pg. 18 of the June edition of OE News will give you a sense of how the monies were applied to support you and your family’s health Watch for a full report of the audited financial standings of your Operating Engineers’ Benefits and Pension Plans in the 34th Annual Special Edition of the Operating Engineers News to be published later this year. Fun at the Sun Run In keeping with “practice what you preach,” staff members of the Operating Engineers’ Union and Benefits Plan, after much cajoling by yours truly, entered the 2008 Sun Run. For many of our 16-person team this was their first experience with any run/walk event and I must say how proud I am of all our team members. Our goal was to finish upright and smiling and, despite a few aches and pains, at the end of the event all were accounted for and happy that we participated. Congratulations to our IUOE Local 115 Team. As always, best wishes for a safe and fun summer. |
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