A brief history of the ACAW Trust Funds

Alberta Carpenters & Allied Workers Pension Plan

The Alberta Carpenters & Allied Workers (ACAW) Pension Plan, a multi-employer Pension Plan, was established in 2004 as the result of a merger.  A Northern Plan (Carpenters Local Union 1325 Pension Plan) and a Southern Plan (Carpentry Workers Pension Plan of Alberta) had been established separately in 1975 to provide members with pensions at retirement.  Effective January 1, 2016, members of Union Locals 1598, 527, 1370 and 1907 joined the ACAW Pension Plan and effective August 1, 2016, members of Union Local 2499 also joined the ACAW Pension Plan.  The merged Pension Plan is financed by employer contributions specified in Collective Agreements made with participating employers, as was the case with each former Plan. The contributions are held in Trust to pay the benefits specified in the Plan.  There are approximately 77 employers who participate in the Plan. A jointly Trusteed board of equal representation from the Union and the participating employers administers the Plan.  The Trustees are charged with the fiduciary responsibility of overseeing the general management and supervision of the financial affairs and operations of the Plan.  The Board employs an Actuary, Legal Consultant, Auditor, Investment Managers and a General Manager to assist them in determining changes which can be made to the Plan, establishing investment and administrative procedures and monitoring the financial health of the Plan.  There are approximately 9,500 active members, 7,500 deferred members and 3,300 retired members who currently receive a monthly pension from the Plan.

 

Alberta Carpenters & Allied Workers Health & Wellness Plan

The Alberta Carpenters & Allied Workers Health and Wellness Plan provides life insurance and health care benefits to members and their eligible dependents.  There are over 4,700 eligible members and at least 70% of these eligible members have dependents that are also eligible for benefits.  The Plan is financed by employer contributions specified in Collective Agreements made with participating employers.  The contributions are held in Trust to pay the benefits specified in the Plan. There are approximately 77 employers who participate in the Health and Wellness Plan.  A jointly Trusteed Board of equal representation from the Union and the participating employers administers the Plan.  Three Trustees are appointed by the participating employers and three Trustees are appointed by the Union.  As with the Pension Plan, this Board also hires consultants to assist where required, including a Dental and Medical Consultant, who assist them in determining changes which can be made to the Health and Wellness Plan and when necessary, assessing members’ eligibility for benefits.