Fringe Benefits

The Fund provides all eligible employees a package of fringe benefits. The Fund fully intends to continue the benefits described or referred to in this handbook. However, no guarantee or promise is or can be made that it will do so. Therefore, the Fund reserves the right to terminate, suspend or modify any of the benefits described in this handbook and to withdraw, discontinue or reduce any or all benefits provided thereunder,(1) in whole or in part, (2) at any time, (3) prospectively or retroactively, (4) for any or all categories or classifications of employees and/or participants, and (5) in the Fund’s sole discretion.

Fringe benefits, with the exception of hospital and medical coverage and the pension plan, are currently provided at no cost to employees. Each benefit is described briefly in this handbook. For more information consult the policy booklet describing each benefit or ask the Personnel & Benefits Administrator for assistance. In case of a discrepancy between the actual plans, policies and/or contracts and this handbook, the actual plans, policies and/or contracts shall prevail and be controlling.

Employees become eligible for hospital, medical and dental benefits one month after employment begins with the Fund. An employee’s coverage continues for one month following termination of employment. Following termination, an employee may be eligible to continue coverage (often called COBRA) in the Fund's insurance program for a period of 18, 29, or 36 months depending on the circumstances. At the time coverage ends, an individual conversion option may be available. If the employee becomes eligible for Medicare or is covered by another plan, continued coverage ceases. Former employees will be responsible for reimbursing the Fund in monthly installments for the cost of their coverage (including dependents) at a rate comparable to the cost of coverage for Fund employees. This extension option applies to hospital, medical and dental coverage and life insurance.