Cybersecurity Update

As previously shared, on November 8, 2023, ACAW Trust Funds became aware that an unauthorized third party accessed a portion of its IT infrastructure and confidential member information.

Despite this data breach, the ACAW Trust Fund pension plan and health and wellness plan remain secure and not at risk.

Since the breach, ACAW Trust Funds is actively adopting new internal protocols to minimize the risk of this type of incident. To date, we have:

  • Notified the appropriate authorities and regulatory bodies about the cyber incident.

  • Launched a website with information, a dedicated toll-free phone line and email address to answer concerns or questions.

  • Partnered with Equifax to offer members a two-year complimentary credit monitoring subscription.

We are also working to improve and adopt further rigour in internal digital and cyber security practices. To support this work, we have engaged with several IT service providers to help identify recommendations and policies and to further increase cyber security. As we complete this process over the coming weeks, we will provide more information about adopted practices.

ACAW Trust Funds recognizes that this type of incident erodes organizational trust, and our team is working hard to provide you with peace of mind that we are committed to maintaining the highest levels of customer service, security and fraud protection.

Pension and Health and Benefit Plan Improvements

On December 22, 2023, we shared an exciting update about improvements to your pension and health and benefit plans.

We know these plans are essential to you and your family and play an important role in attaining a high quality of life. That’s why ACAW Trust Funds is dedicated to providing you with the best service possible and continuing to advocate with our partners to enhance benefit offerings.

Pension Plan Updates

The last actuarial valuation of your pension plan was conducted as of December 31, 2022. This showed the plan had assets of $ 2,145,000,000. The assets exceeded the liabilities by $794,000,000 which resulted in a funded ratio of 159%. Since December 31, 2022, the assets have increased to $2,173,000,000 (as of October 31, 2023). 

Starting December 31, 2023, all pension plan members (active, deferred, and pensions in payment) received a 2.0% cost of living adjustment. This adjustment is a reflection of the rising cost of goods and services.

Also, starting on January 1, 2024, your basic pension plan will accrue at $160.00 per month, up $10 a month from last year.

This, combined with last year’s increase, represents a 4% cost of living adjustment (increase) in your pension since 2022. This type of growth is thanks to the strength and management of our investments and to the participation of our valuable partner employers.

See more information about these adjustments here.

Health and Benefits Plan Updates

We’ve secured some exciting additions and enhancements for the health and benefits plan across supplemental health care (prescription and vision), dental, disability benefits, and extended benefits. Important additions include:

  • Prescription Drugs Annual Maximum increased from $15,000 to $18,000 per family per calendar year

  • Eye exam coverage increased from $95.00 to $120.00

  • Basic Dental Treatment interval reduced from 9 months to 6 months

  • Weekly Disability Benefit increased from $550 per week to $650 per week

  • Extended Benefit coverage increased for Retirees over the age of 65 from 6 months to 12 months

We’re thrilled to be able to offer these improvements to our health and benefits plan, especially as we know the importance of these benefits for you and your family. See more information about these adjustments here.

Questions?

If you have any questions or inquiries about ACAW Trust Funds or our Plans, please get in touch with us via our contact us page or toll-free at 1-800-588-1037.