More than any other segment of business, union benefit plans have committed to provide post-retirement healthcare to their members in addition to pension benefits. Over the last twenty (20) years, vast economic, social and demographic changes changes have put additional strain on union retiree benefit plans resulting in significant financial and administrative liability. Stagnant member contributions combined with insurance costs rising 3 to 4 times faster than wage growth, have forced Fund Administrators and Trustees to do more with less resources.
Labor's Changing Retiree Demographics
Unfunded Retiree Benefit Liability
The cost and value to provide retiree health benefits have exceeded that of Pension benefits and with millions of"Baby Boomers" nearing retirement age, the problem will only continue to get worse if something is not done.
Working to Help Keep the Promise...
Our Retiree Benefit Solutions program will help protect the long-term solvency of your retirement benefit plan by securing higher reimbursements from CMS on a direct basis, offset accounting liabilities, reduce administrative overhead, streamline process, lower the costs of providing health benefits to its Medicare-eligible retirees, and much more. Most importantly, your Members will experience no complications or disruption from the transition to our program. We work as an extension of your fund staff and administrative team to help implement and manage the benefit plan in the specific method that works for each local union. Labor First will design the new benefit plan to emulate the old plan structure so members can keep the same doctors, providers and medications they are utilizing today. To your retirees there is zero disruption as the new plan will look exactly like the old benefit plan.
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