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NYCDCC Welfare Fund to Restore Dental Coverage, Reduce Retiree Premiums by Fifty Percent

NYCDCC Welfare Fund to Restore Dental Coverage, Reduce Retiree Premiums by Fifty Percent

July 17, 2014

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On behalf of the Board of Trustees, the NYCDCC Welfare Fund is pleased to announce that a plan has been approved for the restoration of dental coverage, as well as a fifty percent reduction in retiree premiums. The reduction of retiree premiums will take effect September 1, 2014, while the restoration of dental coverage will be effective October 1, 2014.

While the Benefit Funds Office is currently working on the implementation of these changes, what we can now report is that the new dental coverage will be through Aetna Dental Maintenance Organization (DMO), effective October 1, 2014. The plan will have no deductible and no annual limits, and will provide one hundred percent coverage for “preventive” and “basic” dental procedures. “Major” dental procedures will be covered at eighty percent. As we work through the implementation process and get closer to the effective date, we will be sure to provide you a full update and explanation of the plan changes, as well as contact information for Aetna. To see the dental benefit summary, please click HERE.

Additionally, effective September 1, 2014, retiree premiums will be reduced by fifty percent. The reduced payments for retirees will be reflected in retiree statements once the reduction is officially implemented.

Lastly, it is important to note that the Board of Trustees also approved the implementation of a “Reserve Trigger Point.” To avoid financial issues in the future, it was decided that if the assets of the Fund drop below a certain level, the benefits reinstated under this agreement will be rescinded and only restored when the assets rise back to another predetermined level. The agreement states that, if reserves drop below seven (7) months, the dental benefits and the fifty percent reduction in retiree premiums will be rescinded on the first day of the next month. However, if the reserve then rises back to nine (9) months, the benefits will be restored on the first day of the following month. The current reserve level of the NYCDCC Welfare Fund is approximately twelve (12) months. The Benefit Funds Office will report the Welfare Fund Reserve number on an annual basis, or more frequently if required, on the NYCDCCBF website and in the Benefits Toolbox newsletter.

If you have any questions about these benefit changes, please feel free to contact the Benefit Funds’ Member Services Department at (800) 529-FUND (3863) or (212) 366-7373.