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    UMWA Welfare Benefit Plan

    The United Mine Workers of America (UMWA) was an early pioneer of health and retirement benefits. In 1946, in a contract between the UMWA and the federal government, a multi-employer UMWA Welfare and Retirement Fund was created. The UMWA Fund would change permanently health care delivery in the coal fields of the nation. The UMWA Fund built eight hospitals in Appalachia, established numerous clinics and recruited young doctors to practice in rural coal field areas.

     

    Determining the Health of Your Pension

    For the UMWA Welfare Benefit Plan, we included the following factors:

    A
    		 % Change - Is your plan growing or shrinking?
    B
    		 % Active - How many members in your pension plan are active contributors?
    C
    		 Assets divided by Liability - Perhaps the single best indicator of your plan's health.
    D
    		 Has your plan been given a funding waiver?  Could be a Warning Sign.
    E
    		 How much of the value of your plan is coming in via contributions?
    F
    		 Expenses to Income ratio helps show how efficiently your plan is being managed.
    G
    		 The presence of related party transactions has been a warning sign in the past.
    H
    		 Potential red flag - minimum funding waiver used in the past
    I
    		 Potential red flag - Was the minimum fund contribution made?
    J
    		 Potential red flag - Has there been a change in the actuarial cost method?

    Pension Form 5500

    Data comes from the most recent UMWA Welfare Benefit Plan Form 5500 (Year: 2005) found at www.freeERISA.com. If you have questions or concerns, the best person to ask is your Plan Administrator or your financial advisor.

     # of Participants 
    A
    B
    Beg.of Yr.
    End of Yr.
    % Change
    % Actives
    2,488
    2,519
    1.2%
    21.1%

    Actuarial Value of Assets
    Current Liability
    C
      D
    Assets/ Liability
    		 Funding Waiver?
    Yes
    No
    None Listed
    None Listed
    N/A
    		  
    None Listed

     Total Contribution
    E
     Total Income 
    Total Expenses
    F
    Contribution to Value %
    Expense to Income Ratio
    None Listed
    N/A
    None Listed
    NoneListed 
    None Listed

    G
    H
    Related Party Trx?
    Min. Funding Waiver?
    Yes
    No
    Yes
    No
    None Listed
    None ListedX
    None Listed
    None ListedX

    I
    J
    > Min.Contribution?
    Change in Cost Method?
    Yes
    No
    Yes
    No
    None ListedX
    None Listed
    None Listed
    XNone Listed

    Please let us know if you have any questions, if you find this guide useful, or if you have any suggestions to help improve it.

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