A Brief History of the ACAW Trust Funds
ACAW Pension Plan
The 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.
The following Unions have also recently joined the ACAW Pension Plan:
Effective January 1, 2016, members of Union Locals 1598, 527, 1370, and 1907
Effective August 1, 2016, members of Union Local 2499
Effective January 1, 2019, members of Union Local 1541
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. 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 7,700 active members, 10,400 deferred members and 4,100 retired members who currently receive a monthly pension from the Plan. There are approximately 73 employers who participate in the Plan.
ACAW Health & Wellness Plan
The ACAW Health & Wellness Plan provides life insurance and health care benefits to members and their eligible dependents. 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. A jointly Trusteed Board of equal representation from the Union and the participating employers administers the Plan. Four Trustees are appointed by the participating employers and four 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 & Wellness Plan and when necessary, assessing members’ eligibility for benefits.
There are over 3,500 eligible members and at least 68% of these eligible members have dependents that are also eligible for benefits. There are approximately 73 employers who participate in the Health & Wellness Plan.