named programs · 6 · from sources
What they call their work
Annuity Fund
Supplemental retirement savings plan with employer contributions tied to hours worked; offers investment growth and multiple payout options upon retirement or withdrawal eligibility.
Health Fund
Provides medical, hospital, prescription, dental, optical, and hearing benefits to eligible ironworkers and dependents through network providers including MagnaCare, Empire Blue Cross Blue Shield, OptumRx, and TruHearing.
Life and AD&D Insurance
Provides $50,000 life insurance and accidental death and dismemberment coverage to active employees and $4,000 to retirees, available after 1,000 hours of covered employment.
Member’s Assistance Program
Confidential substance abuse counseling and support program available to participants and dependents after 36 months of continuous coverage.
Pension Plan
Defined benefit pension plan providing retirement income based on hours worked and pension credits earned; requires at least 500 hours in a 12-month period for eligibility.
Topping Out Fund
Provides financial assistance to eligible participants who become unemployed or disabled, offering access to employer-contributed funds in times of need.
activities · 2 groups
What they do
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Union and Association Benefit Funds 6 activities
- Administers a defined benefit pension planProvides fixed monthly retirement benefits funded by employer contributions per hour worked, grants pension credits based on annual hours worked, requires 760 hours per year for vesting service, and grants non-forfeitable pension rights after five years of vesting service. Allows restoration of lost pension credits and vesting service after a break in service if 760 hours are worked in a calendar year.
- Administers a vacation fund for union membersProvides an additional source of income through a Vacation Fund by receiving employer contributions to individual vacation accounts based on hours worked in covered employment, allowing members to withdraw the full balance at any time or let it grow over time.
- Administers an annuity fund with employer contributions and participant loansReceives and invests employer contributions per hour worked in covered employment, credits them to individual accounts quarterly, ensures immediate vesting of all contributions, and allows participants to access funds for unemployment, disability, medical expenses, or departure from the industry. Offers loan options to participants with at least five years in the fund.
- Administers health benefits for eligible ironworkersProvides comprehensive health coverage including hospital, medical, prescription drug, dental, vision, hearing, and preventive care to eligible participants who meet work hour requirements. Coverage is administered through partnerships with Empire Blue Cross Blue Shield, MagnaCare, and OptumRx, with benefits such as 100% in-network hospital cost coverage after an annual out-of-pocket maximum and an annual $300 optical allowance.
- Manages eligibility and continuation of health coverageEstablishes eligibility for health coverage based on minimum work hour thresholds (e.g., 375 hours per quarter for Local 361), terminates coverage under specified conditions such as failure to meet hour requirements or military service, and allows continuation of coverage under COBRA with full cost responsibility transferred to the individual.
- Provides life and AD&D insurance to eligible membersOffers life and accidental death and dismemberment (AD&D) insurance to members who complete 1,000 hours of covered employment within a 12-month period.
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Substance Use Information and Referral Services 1 activity
- Operates a confidential Member’s Assistance ProgramProvides access to substance abuse counseling through a confidential Member’s Assistance Program available to members after 36 months of continuous coverage.
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financials · form 990 · fy2024
revenue
Total revenue$112.37M
Contributions & grants$00%
Program service revenue$104.59M93%
Investment income$7.36M7%
Other revenue$419K
expenses
Total expenses$113.21M
Program expenses—
Admin / overhead—
Fundraising—
Salaries & benefits$4.56M
Grants paid out$0
Largest expense lineCompensation
balance sheet
Total assets$208.18M
Cash$22.09M
Investments$176.22M
Liabilities$24.19M
Net assets$183.99M
Liquid reserves21.0 mo
4 years on record · 2020–2024 · YoY revenue +0.3%
leadership · form 990 part vii · fy2024
Who runs it
paid leadership · 6
| Name | Title | Hours/wk | Compensation |
|---|---|---|---|
| BRIAN J SABBAGH | FUND ADMINISTRATOR | 35 | $385K |
| JOHN DELANEY | EMPLOYEE | 35 | $353K |
| JIM DUFFICY | EMPLOYEE | 35 | $337K |
| ELSIE O'NEILL | EMPLOYEE | 35 | $337K |
| LUCIA BAUKNIGHT | EMPLOYEE | 35 | $321K |
| IAN CHAN | EMPLOYEE | 35 | $303K |
board members · 19
- ALAN SEIDMAN — EMPLOYER TRUSTEE
- ANTHONY DEBLASIE — UNION TRUSTEE
- BARRY KING — EMPLOYER TRUSTEE - EFF 01/2024
- CHRISTOPHER WALSH — UNION TRUSTEE
- DANIEL DOYLE — UNION TRUSTEE
- DANIEL TEUTUL — EMPLOYER TRUSTEE
- DAVID PISACRITA — EMPLOYER TRUSTEE
- GORD LEDER — EMPLOYER TRUSTEE - THRU 01/2024
- JAKE BIDOSKY — EMPLOYER TRUSTEE
- JOHN CUSH — UNION TRUSTEE
- KEITH EISGRUBER — UNION TRUSTEE
- MATTHEW CHARTRAND — UNION TRUSTEE
- MATTHEW P STODDARD — UNION TRUSTEE
- MICHAEL DUNN — UNION TRUSTEE - EFF 07/2024
- MICHAEL GAYDOS — UNION TRUSTEE - THRU 07/2024
- ROBERT JOHNSON — UNION TRUSTEE
- ROBERT SAMELA — EMPLOYER TRUSTEE
- ROBERT WEISS — EMPLOYER TRUSTEE
- TERRY FLYNN — EMPLOYER TRUSTEE
relationships · 25
Who they work with
- CPS Dental Partner — Dental services provider for the fund
- CPS Dental Partner — Network provider for dental services under the Health Fund plan.
- CPS Optical Partner — Optical services provider for the fund
- Comprehensive Professional Systems (CPS) Partner — Network provider for optical care services under the Health Fund plan.
- Davis Vision Partner — Network provider for optical care services under the Health Fund plan.
- Davis Vision Partner — Vision care benefits provider for the fund
- Empire Blue Cross Blue Shield Partner — Administers hospital coverage for the Health Fund.
- Empire Blue Cross Blue Shield Partner — Health insurance provider for the fund's health benefits
- Employers in covered employment Partner — Employers contribute to members' vacation accounts based on hours worked under collective bargaining agreements.
- Fund Office Partner — Administrative body responsible for processing pension applications and providing information about pension benefits.
- General Vision Services Partner — Network provider for optical care services under the Health Fund plan.
- General Vision Services Partner — Vision care services provider for the fund
- IRON WORKERS LOCALS 40 361 & 417 Government — Employers required to make contributions to the Topping Out Fund on behalf of workers in covered employment
- IRON WORKERS LOCALS 40 361 & 417 PENSION FUND Partner — Coordinates with the Annuity Fund to provide retirement financial security, where the pension provides minimum income and the annuity offers growth potential.
- Local 361 Government — Local 361 jurisdiction defines specific work hour requirements for residential iron workers to maintain health coverage eligibility.
- MagnaCare Partner — Healthcare network partner for the fund's health benefits
- MagnaCare Partner — Provides network of medical providers for which the Health Fund waives deductibles.
- Metrodent Partner — Dental benefits provider for the fund
- Metrodent Premier Partner — Network provider for dental services under the Health Fund plan.
- OptumRx Partner — Administers prescription drug coverage and operates mail-order pharmacy for the Health Fund.
- OptumRx Partner — Pharmacy benefits manager for the fund
- TruHearing Partner — Hearing care services provider for the fund
- TruHearing Partner — Provides discounted hearing aids and administers hearing benefit eligibility for the Health Fund.
- Vision Screening Partner — Network provider for optical care services under the Health Fund plan.
- Vision Screening Partner — Vision care services provider for the fund
strategies · 5
How they approach the work
Named approaches extracted from this org’s sources. Where others share an approach, follow it to see the full set of orgs running it.
- Collective bargaining to secure predictable fundingmethodology: collective_bargainingBy using collective bargaining to mandate employer contributions to vacation accounts based on hours worked, the fund ensures stable and equitable funding, because negotiated agreements standardize employer obligations across the industry.
- Individual account model for portable benefits accumulationmethodology: individual_account_modelBy automatically establishing individual vacation accounts for eligible members, the fund enables portable benefits accumulation, because members retain ownership of accrued time regardless of short-term job changes within the trade.
- Market-linked investments to protect against inflation and grow balancesmethodology: market-linked investmentBy investing annuity contributions in market-linked vehicles, the fund aims to protect purchasing power and grow account balances over time, because economic performance alignment helps counter inflation and compound returns.
- Vesting thresholds to promote long-term retentionmethodology: vesting_threshold_for_retentionBy requiring five years of vesting service to secure non-forfeitable pension benefits, the fund promotes long-term workforce retention, because members are incentivized to remain in the plan to avoid forfeiting accrued value.
- Work-hour-based eligibility to incentivize sustained employmentmethodology: work-hour-based eligibilityBy tying health coverage and pension eligibility to quarterly work hour thresholds, the fund incentivizes continuous participation in covered employment, because sustained engagement in the trade is necessary to accumulate and retain benefits.