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It was granted a charter on January 18, 1918. Located in New York City, New York, the jurisdiction of the Local covers the western half of Manhattan, Harlem and the Bronx borough. It has approximately 7500 members. Local Union 608 no longer exists.
The first ULLICO scandal occurred in 2002. In June 1998, the New York City local of the carpenters union hired Zenith Administrators, a ULLICO subsidiary, to oversee the union's $1.7 billion pension and benefit funds. In 2002, federal prosecutors and DOL investigated the company for allegedly obtaining the contract through McCarron's influence.
The rankings below are the 30 largest public pension plans in the U.S., ... New York State Teachers: $115,637 $115,637 94.2% 7.5% 8 State of Wisconsin Investment Board:
The infusion will raise the pension fund's status to more than 60% funded, up from 34.3% funded as of 2022, according to Tom Lutz, president of the Michigan Regional Council of Carpenters and ...
The new Medicare Advantage Plus Plan has for months raised concerns from the NYC Organization of Public Service Retirees, a group of ex-municipal workers who fear it could water down their health ...
In 1946, Local 28 in New York City negotiated the first local health and welfare plan in the construction industry. In 1950, Local 28 negotiated the first pension plan in the construction industry. [3] In 1966, the union established its first national pension plans (one for construction workers, one for manufacturing workers). [1]
The Carpenters fought these same open shop battles a second time, after the end of World War I, when employers tried to impose their "American Plan" [clarification needed] in the centers of union strength, such as San Francisco and Chicago. While the employers were successful in some areas, the Carpenters came out of the 1920s with improved ...
Local plans are 78.2% funded in 2022, compared to 77.8% for statewide plans. However, the historical funding trends of municipally-managed plans are similar, if not identical to statewide plans. Locally-managed public pension plans account for approximately 12% of all unfunded liabilities of non-federal retirement systems.