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 Wellmark Blue Cross & Blue Shield for the health insurance, our fund includes vision and dental benefits as well. Active working members who are eligible for the insurance also qualify for $10,000 death benefit, short term disability and Health Reimbursement Accounts. 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 or roll it over at qualified retirement age (60 years old) or if you become totally disabled.
Death benefits/Life insurance
Both the local and the International Union (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. You must be a *member in good standing to receive benefits.
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 AIL insurance that would pay out $3,000. 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.
*Please note, all benefits are subject to qualification.
Contact information & Beneficiary
If you move you should contact the Union hall to ensure that we can update our records.
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.