Effective for eligible claims incurred on or after January 1, 2024, the Plan allows full reimbursement from a Participant’s Health Reimbursement Account (HRA) for deductibles and copayments for services received from non-network providers. Click here to learn more.
The Fund have provided you with a copy of the Form 1095-B each year, confirming that the Fund meets the ACA requirements for minimum essential coverage. Because the Form is no longer necessary to file individual tax returns, Internal Revenue Service guidance allows the Fund to provide the Form to you upon request rather than automatically. Accordingly, you will not receive a copy of the Form 1095-B in the mail, but you may request a copy. Read more...
Effective June 1, 2024, the amount of the Death Benefit is improved to $10,000 per Retiree to be paid to your beneficiary upon your death, or to the individual specified in the terms of the Retiree Plan in the absence of a named beneficiary. See here for more info on Plan 1, 2, 3, and 4.
Effective June 1, 2024, when you get married, the current beneficiary designation for the Death Benefit will be voided effective on the date of the marriage. See here for more on Active Plan 1, here for Active Plan 2, 3, 4, and here for Retiree 1, 2, 3, 4.
Effective January 1, 2024, the Weekly Income Benefit for non-occupational illness and injuries is increasing. This benefit increase applies all new and existing Weekly Income Benefit claims under Active Plans 1, 2, 3 and 4. For Participants eligible under Active Plan 1, the benefit is increasing from $450.00 per week to $600.00 per week. For Participants eligible under Active Plans 2 and 3, the benefit is increasing from $250.00 per week to $500.00 per week. Active Plan 4 benefits are increasing from $260.00 per week to $500.00 per week. The Weekly Income Benefits are still subject to all other Plan provisions. The Weekly Income Benefit for occupational illness and injuries is not changing and remains at $25 per week. For more information, please refer to the Summary of Material Modifications for Active Plan 1 and Active Plans 2-4.
If your coverage under the Plan ends, you and your dependents may continue healthcare coverage by making the required COBRA payments. Click here for the COBRA rates and other details.
In January, you will receive an Annual Statement that needs to be completed and sent back to the Fund Office by March 1, 2025. This form is sent every year to verify you received all of your pension checks from the prior year, to verify your mailing address, to update your file with any new information (including your email address), and to verify that you are not working in any employment prohibited by the Plan rules. A Summary About the Kinds of Work Not Allowed is also sent every year and is included with this mailing.
Instructions for completing the Annual Statement follow:
The Internal Revenue Service requires the Fund to report pension recipient's earnings to the IRS by Form 1099-R. Form 1099-R forms are mailed by January 31, 2025. If you do not receive Form 1099-R by February 15, 2025 or if you need another copy, please contact the Fund Office. This request can be made via mail, telephone or email Pension@chilpwf.com.
Pension payments to "Non-Resident Aliens" (non-US citizens, collecting pension benefits while residing in another country) may be subject to federal tax withholding under IRS Section 1441. For these pensioners, you will not receive Form 1099-R, instead you will receive Form 1042-S showing your earnings and federal withholding tax withheld. As a Non-Resident Alien, different tax rules apply to you. Please consult with your tax advisor or the Internal Revenue Service for more information.
The Pension Protection Act of 2006 [PPA] added requirements for measuring the financial health of multiemployer pension plans such as ours. PPA requires the Laborers' Pension Fund’s ("Fund"/"Plan") actuary to determine and certify the Fund’s financial status annually. If the Plan’s status is critical (“Red Zone”) or endangered (“Yellow Zone”), the Trustees must notify all plan participants, beneficiaries, participating unions and contributing employers in writing Read more...
All pension plans are required to reapply to the Internal Revenue Service for tax-exempt status and restate our Plan Rules and Regulations, which involves submitting an updated version of the rules, including all amendments made since it was last restated on June 30, 2010. The Laborers’ Pension Fund restated our Plan Rules and Regulations on January 12, 2015. A Notice to Interested Parties was mailed between January 19, 2015 and January 20, 2015, advising of the restated rules and explaining the employee's right to comment, under Section 17 of Rev. Proc. 2014-6. Read more...
Earlier this year, Congress passed a law that relaxes certain minimum funding requirements for eligible mulitemployer pension plans. The relief gives pension plans a longer period of time to overcome the investment losses that they suffered in late 2008 and early 2009. For a plan to qualify for the relief, its actuary has to certify that the plan is projected to have enough funds to cover all benefit payments and expenses for the extended funding period. Read more...
The Laborers’ Pension Fund restated our Summary Plan Description on 2024. The Summary Plan Description can be viewed and printed from our website. If you would like to receive this document in its original booklet format, please submit a request to our office. This request can be made via mail, telephone or email Pension@chilpwf.com.