“Eleven, Eleven, Eleven and…..,”
- Nigel Tufnel
When the:
Leaves have turned, and,
Screams of touchdown are joined by the sounds of hat trick cheers and slam dunks, and,
The weather is cool enough to enjoy a “cup-of-joe” outdoors, yet still warm enough to “catch some rays,”
Can November be far behind?
The arrival of the eleventh month means that the autumn hues will soon disappear, and the holiday season will quickly be upon us.
Ok. Here you go. The federal government will provide every household with four free COVID-19 rapid tests this season! All you have to do is ask.
Why is this good? Because when the pandemic officially ended on May 11th, 2023, so did all the mandated COVID-19 related exemptions, provisions, and/or rules such as, the requirement of insurers, like the Health and Benefit Plan, to reimburse for at home COVID-19 tests.
While the Local 697 Fund staff cannot offer any financial investment advice, it can nevertheless offer some non-financial guidance. To that end we believe the three assets you should continually reinvest in over your lifetime are:
Meaningful relationships.
Here they are:
There are six (6) healthcare industry lobbyists for every congress person on the hill.
And,
The WHO ranks the United States healthcare system as number 37 in quality of performance. Which means that its healthcare system performs worse than almost any other rich country.
September flew by. But as it is now October I have to ask, how many of you remembered the 21st Night in September?
While on the topic of reminiscing, this past September 15th marked fifteen years since the financial market meltdown. So what have we learned? Actually, quite a lot.
Many thanks to those of you that attended the September Health and Benefit Plan Educational meetings. You are all Rock Stars!
For those of you who missed it, well……
As announced at the September membership meeting, the Board of Trustees of the Local 697 I.B.E.W. & Electrical Industry Pension Fund are pleased to announce the following benefit improvements for 2024.
Effective January 1, 2024, the existing accrual rate of $85.75 will increase to $88.50.
What does that mean?
Provided you are not retired on December 31st, 2023, and have not incurred an accrual freeze (a break in service), all past calendar years of earned credit will be calculated at the new higher accrual rate of $88.50.
So, what will one full Accrual Credit equate to in both hours and dollars in 2024?
Good question! One full accrual credit is $88.50. However, keep in mind that beginning in calendar year 2023 and going forward an employee can earn more than one (1) full accrual credit if the hours they worked in a calendar year exceeded certain hourly thresholds.
Did you ever notice that most people say that September is about easing back into normal activities? But, and by a show of hands – don’t you really believe that deep down, most people are terrified that they are not where they wanted to be at this time of the year and want and need a strong September in order to build up positive momentum for a robust fourth quarter?
Perhaps you think that.
Hey Apprentices
The jurisdiction of the I.B.E.W. Local 697 encompasses both Lake and Newton counties. Consequently, if you work outside those two-county lines, you will be working in another I.B.E.W. Local’s jurisdiction.
The Health and Benefit Fund is currently undergoing a “deep dive” into its records to make sure it has all the supporting documentation necessary to properly administrate the Fund. Unfortunately, and for the reasons that many of you were enrolled into the program when the regulatory world was less……, well…, regulatory, the Plan is missing certain and needed documentation.