Contract Ratification Vote - FAQ's UPDATED MAY 26, 2020
Monday, May 18, 2020
UPDATED QUESTIONS AND ANSWERS IN PURPLE
It's come to our attention that questions have arisen as to certain elements of the contract ratification vote and the allocation of monies. To assist in answering any questions, we'll update the membership as needed on questions that have been brought to our attention.
Q: What is the new Pension / Health & Welfare Reserve Fund for exactly? Will it replace the need for future contributions to the Pension or Health & Welfare Funds?
A: The Reserve Fund was proposed by the M&SCA as a separate account, to be funded by an additional contribution over and above the usual contractual contribution.
For example, the usual contribution increase for the Welfare Fund is to offset the anticipated annual increase in medical costs. The Reserve Fund will serve as a backstop for those occasions when there has been an unanticipated spike in those costs so that the reserves of the Welfare Fund are being depleted more quickly than had been anticipated. Likewise, Reserve Fund contributions to the Pension Plan will be used to offset a deterioration of the funded level of the Pension Plan. In either case, the Reserve Fund contribution is not to be used to improve benefits.
Q: When will we see the results of the Drive-In Ratification vote?
A: You can expect to see the certified results of the ratification vote posted on the Local 420 website on Friday, May 29th in the Members Only section.
Q: Can 7th - 10th period apprentices participate in this contract vote?
A: Yes - 7th through 10th period apprentices are eligible to vote.
Reminder - the drive-up contract ratification and allocation vote is set for Thursday, May 28, 2020 from 9:00 am - 7:00 pm.
YOU MUST SHOW YOUR UNION CARD TO RECEIVE A BALLOT