Your IATSE Local 873 benefits plan provides you and your family with valuable protection. To make the most of it, however, you need to understand how it works. We encourage you to read the reports below to learn more about your plan and the changes that have happened year over year.
The Trust is responsible for overseeing all operations of the plan, including investment of the plan’s assets. Because it is a separate legal entity, the Trust operates at arm’s length from IATSE Local 873. Before the Trust was created, the plan and its assets were managed by the Local.
The Trust is governed by a five-member Board of Trustees. The current Board is made up of the Local 873 President, the Local 873 Treasurer, and three other trustees who are not members of the Local’s executive board (referred to as trustees-at-large).
It’s important to note that trustees have a legal duty to act in the best interest of plan members – not the union or any other group. While trustees are not paid for their role, they are reimbursed for reasonable expenses. They also participate in regular education sessions to ensure they remain up to date with current standards in the benefits industry.
To help ensure the plan is properly managed, the Board of Trustees hires the services of various experts, including an auditor, lawyer, benefits consultant, and investment consultant. It also delegates part of the plan’s administration to J&D Benefits Inc.
Certain benefits offered under the plan – such as health, dental, and short-term disability benefits – are self-insured by the Trust. This means claims are reimbursed directly from the assets of the Trust. Other benefits – such as life insurance – are insured with Canada Life. Together, these insured and self-insured benefits provide members with a comprehensive benefits package.