Members Information
Health & Welfare
No matter what chapter you are working in, all members contribute to the same Health & Welfare fund. We offer some of the best health insurance available. We have Blue Cross & Blue Shield for the health insurance, our fund includes vision and dental benefits as well. Anyone who is eligible for the insurance also qualifies for $10,000 death benefit and short term disability as well. For eligibility or reciprocity information contact BMGI at 888-365-2810 extension 201.
Pension Fund
All chapters of the state have money contributed to the International Pension Fund however they all contribute at a different rate. The pension fund has a five year vesting period and is protected under ERISA and PPA. This fund will allow you to withdraw your pension at qualified retirement age (60 years) or if you become totally disabled. For more information about your pension or to see if your vested please contact the pension fund at 888-880-8222 or go to www.ipfweb.org .
Retirement Fund
We have a local Retirement Fund called Iowa Builders Retirement Plan. The rate of contribution is different depending on what chapter you are working in. This fund will allow you to withdraw your money in any increment or roll it over at qualified retirement age (60 years old) or if you become totally disabled. For more information please contact the administrator at 800-475-2232 (press 6 wait for the pause then extension 1221).
Death benefits/Life insurance
Both the local and the International (IU) have a death benefit. The IU requires your initiation date to be prior to October 1985 in order to eligible for their death benefit. The benefit amounts are based on the membership date, this means depending on how long you’ve been a member you would receive between $75-$2,000 from each the Local and the IU. Of course you must be in good standing.
The IU also has an AD&D (Accidental Death & Dismemberment) policy which would pay out $1,000. This is not based on your membership date so any member in good standing would qualify.
The local has an AD&D policy for each member with AIG insurance that would pay out $2,000. This is not based on your membership date so any member in good standing would qualify.
As referenced above under the health insurance; if you are an active working member and are eligible for our health insurance when you pass, there is a $10,000 benefit that would go to your named beneficiary.
Contact information & Beneficiary
If you move you should contact the Union hall and change your address & phone number immediately. We update your address & phone number to all of the funds for you, it’s one phone call that takes care of so many places.
Beneficiary changes, please tell us if you need to change your beneficiary. Please check your card each and every time you get a new one to make sure your beneficiary is correct.