The Labourers’ Local 493 Welfare Trust Fund was established in April 1987 for the purpose of providing Benefits for members of Local 493 in good standing as per the Uniform Local Constitution (Article III – Membership) and their dependents who:
- are employed under the terms of a collective agreement with Local 493;
- are Unemployed Members with Local 493 who have insufficient funds in their Dollar Bank Account to maintain coverage (Member Life Insurance coverage only for a period of up to one year) and who are actively seeking employment through Local 493 by remaining registered on the out of work list; or
- are retired and meet all eligibility requirements under the Retired Members plan.
The Welfare Trust Fund is managed by three trustees all of whom are elected or appointed by LIUNA Local 493. In accordance with the trust agreement establishing the Welfare Trust Fund, these Trustees have all the necessary powers to receive contributions and convert them into the best possible Welfare plan that prudence will allow. The Trustees have appointed a Plan Administrator and Consultant to assist them in managing the Welfare Trust Fund and its Welfare Plan. An account is kept by the Administrator of the Fund to track all funds received for each member by Contributing Employers.
This account is called the Eligibility Bank.
Each month, an amount equal to one month’s coverage cost will be deducted from your Eligibility Bank. The number of dollars in your Eligibility Bank may never exceed enough to provide 12 months of coverage. Any funds in excess will be credited to the general reserves of the Fund.
Future Collective Agreements may change the rate of contribution.
Please note: All Funds collected from Contributing Employers to provide group insurance benefits for members are the property of the Trust. Eligibility Bank balances are not available to members except as specified in certain reciprocal transfer agreements that may be in force between the LiUNA Local 493 with other LiUNA Member local(s).