Mission and Statement of Purpose
The sole purpose of the Trust Funds is to be the medium through which the Members of Roofers Local 30 and their families receive the best possible Health, Welfare and Pension Benefits that the prudent use of the Funds’ Assets will allow. Meeting that objective requires the efforts of several parties, namely:
The Board of Trustees
There are four Union Trustees named by the Roofers Section, Sheet Metal Workers Local 30, and four Employer Trustees named by the Ontario Industrial Roofing Contractors Association (OIRCA). These Trustees administer the Trust Funds in accordance with Terms of the Trust Agreement executed by Local 30 and OIRCA, and are empowered to retain and compensate professional agents whose assistance is required to fulfill the Purpose of the Funds, as well as select Insurers to underwrite the Benefits of the Funds.
The Trustees usually meet about four times annually, at which all decisions are made by majority vote. Each Trustee has one vote, and voting power is equalized if the number of Union Trustees and Employer Trustees is unequal.
Plan Administrator
The Trustees appointed Employee Benefit Plan Services (EBPS) to provide administrative services for the Funds. EBPS collects the Contributions earned by the Members and paid by the Employers, all in compliance with the Collective Agreement, creates and maintains a record for each Member, posting thereto the Welfare and Pension Contributions as they are received. EBPS pays each insured Member’s premiums monthly, and updates all Records to confirm eligibility for Welfare Benefits. EBPS also pays all Welfare Benefits, except Life, Accidental Death and Disability Benefits which are paid by the Insurer.
Pension Contributions are recorded in each Member’s Pension Account, and invested as directed by the Trustees in order to earn Interest used to defray administration costs. Annually, EBPS transfers these Contributions to the Insurer through which Pension Benefits are secured. In addition to ensuring that the Funds are compliant with applicable provincial and federal legislation, EBPS attends all Trustees Meetings, assists in the completion of Business, prepares Meeting Minutes, and carries out any instructions of the Board.
Consultant
The Trustees appointed J.J. McAteer & Associates to provide advice and counsel in matters pertaining to Tax, applicable legislation affecting Benefit Plans, funding techniques, plan design, trends, investment opportunities, and other topics of interest to those who sponsor employee benefits. The Consultant assists the Board with respect to difficult claims, and prepares an Annual Report covering the financial performance of the Welfare Plan’s Insurance Contract, including the negotiation of Premiums that attract attention due to favourable or unfavourable experience.
Auditor
Ontario legislation, as well as the Trust Agreement, require that an annual audit of the Books of the Trust Funds be completed by an independent, professional accountant . The Audited Financial Statements of each of the Welfare and Pension Funds must be completed in accordance with Canadian generally accepted accounting procedures, and filed with the Financial Services Commission of Ontario and the Ministry of Labour, Ontario.
The Trustees have retained Resnick & Company, Chartered Accountants, to complete audits of the Funds each year at December 31st