President's Corner


October 2021 Recapping Pension Improvement Details

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On the morning of Sunday, September 9th, more than 1,500 members gathered at the William E. Dugan Training Center and voted to approve major contract extensions in five districts as well as to ratify changes to the Adminstrative Dues section of the Local 150 By-Laws.

Heavy-Highway and Building Contracts covering Districts 1, 2, 3, 4 and 5 were passed unanimously by a show of hands vote. These extensions contained no changes to current language and include total package increases of 3.25 percent compounded annually for four years.

Contract extensions for Districts 1, 2, 3 and 5 will be effective from June 1, 2013 through May 31, 2017. The District 4 Extension will be effective from June 1, 2014 through May 31, 2018.

Members also approved by a ten-to-one ratio the adoption of a By-Laws amendment that will terminate the one-percent Administrative Dues Assessment on June 1, 2013. This assessment, passed in 2004, will pay off the construction of the facility within the next six months. Administrative Dues will be set at a rate of 2.5 percent.

Finally, members discussed the effects of economic and political uncertainties both domestic and foreign that could pose threats to investment returns on the Pension Fund over the coming weeks, months, and years.

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