At the Boilermakers National Funds, our primary goal is to improve the lives of our participants and their families by providing a comprehensive portfolio of collectively bargained employee benefits. Since our founding in 1954, the Boards of Trustees of the Boilermakers National Funds have built a sound and innovative benefits system.
Today, three benefit plans - health and welfare, pension and annuity - serve tens of thousands of active participants, retirees and dependents. Headquartered in Kansas City, Kansas, the Boilermakers National Funds office aims to provide outstanding customer service.
Most of our participants are union members affiliated with 100+ local lodges of The International Brotherhood of Boilermakers. While many work in boiler construction or repair, our participants are also engaged in ship building, forging, manufacturing and other industries. As union members, our participants enjoy the advantage of collectively bargained benefits that are administered by our Boards of Trustees.
Our strong tradition of enhancing the lives of America’s boilermakers began with the creation of the Boilermakers National Health and Welfare Fund. This comprehensive national plan stands in sharp contrast to local health plans offered by some trade unions. With exceptional benefits, both in terms of the range of care available and the savings provided, our health benefits currently provide coverage for medical, dental, vision, prescription drugs and hearing aids. We also have benefits for behavioral health and substance abuse services, as well as an organ transplant program and long-term disability coverage.
In 1960, the IBB, in cooperation with a group of employers, created the Boilermaker-Blacksmith National Pension Trust to ensure financial security for our participants upon retirement. Our pension plan is a defined benefit plan administered by its Board of Trustees. Participating employers make contributions into the fund on behalf of each Boilermaker as determined by collective bargaining agreements. The Pension plan grows tax-deferred and ensures that eligible participants receive a specific monthly benefit at retirement. The pension also provides early retirement, disability, death and survivor benefits.
A second source of retirement benefits, the Boilermakers National Annuity Trust was added in 1985. Participants rely on this defined contribution plan for long-term growth and security. Trustees oversee the investment of all assets. We encourage participants to log-on to a secure Web site powered by JP Morgan to monitor how well their investments are performing.