Labor Trust Funds
Federal law requires health and welfare, pension, 401(k) plan, SMART Local 88 retiree health plan and apprentice training trust funds be jointly administered by management and labor. SMACNA maintains the sole authority to appoint the management trustees for these trust funds. The trustees have the fiduciary responsibility and liability for setting sound operating policies to ensure the continuation of defined benefits promised to union workers.
SMBPAC
The Sheet Metal Benefit Plans Administrative Corporation (SMBPAC), who administers the health and welfare and pension plans, is a non-profit corporation and was established by the Trustees of the Sheet Metal Workers’ Health and Pension Plans of Southern California, Arizona & Nevada in 1991, specifically to directly administer those plans, as well as a number of small related plans. The Corporation is managed and monitored by its Board of Directors which is comprised of Trustees of the benefit plans.
Website: http://www.smbpac.org
National Pension Fund
The Sheet Metal Workers’ National Pension Fund (NPF) is a defined benefit pension Fund. All Fund assets are held in one trust for the benefit of participants. There are no individual accounts. Benefits are paid as a monthly annuity or monthly payment.
Website: http://www.smwnpf.org
401(k) Plan
The Sheet Metal Workers’ Local No. 88 401(k) Plan Trust Fund allows the worker to financially prepare for retirement with an employer contribution. It also allows the employee to contribute a portion of their income with pre-tax dollars into their own retirement investment account that is automatically deducted from their paycheck.
Website: https://retire.massmutual.com/trc2/public/login.aspx
Health Plan
The Sheet Metal Workers Local 88 Retiree Health Plan is a welfare benefit plan pursuant to Employee Retirement Income Security Act of 1974 (ERISA). The plan provides supplemental benefits in the form of reimbursement for certain health premium payments to retired members of SMART Local 88. The plan is administered and maintained by the Board of Trustees consisting of an equal number of employer and employee representatives.
Website: https://www.zenith-american.com
Joint Apprenticeship Training Committee
Joint Apprenticeship Training Committee (JATC) is charged with the responsibility of recruiting and training apprentices to meet the ever-growing needs of the sheet metal industry. The JATC guides the direction of funding and operations of the Sheet Metal Local 88 Training Center. This is a joint and equal commitment from both labor and management to provide a state-of-the-art facility where all signatory contractor employees are trained as well as provide on-the-job training to allow for both a practical experience while learning the technical aspects of the industry; “Together We Are Stronger.”