Steelworkers Pension Trust
About the Trust
The Steelworkers Pension Trust was created in1953 by the Upholsterers' International Union (UIU). In 1985 when the UIU merged with the United Steelworkers , the USW became the sponsoring union.
Solely funded by employer contributions negotiated by the union with a minimum of $.20 C/P/H or 2% of gross earnings, the Trust has approximately 109,361participants, 509 Participating employers, and $3.2 billion in assets.
The Trust is generally a future service plan with the amount of benefits a retiree receives dependent directly upon the age of the retiree at the time of retirement and the total contributions paid into the Trust by the employer(s) on the service of that retiree while an employee. The Trust provides on-site assistance at no cost to the union.
Origin of the Trust
In January 1950, the Upholsterers’ International Union (U.I.U.) and the Kroehler Manufacturing Company agreed to establish a Union sponsored multi-employer pension plan for Kroehler employees and the bargaining unit employees of other employers who would agree to contribute to the Plan. It required three years to formulate the terms of the Plan and to obtain necessary Treasury Department approval. The Plan, called the U.I.U. NATIONAL PENSION PROGRAM, became effective July 1, 1953, was national in scope, covered employees of many employers in various trades and industries and was administered by an equal number of employee and employer trustees.
The U.I.U. SUPPLEMENTAL PENSION FUND was created by the U.I.U. in 1967, its purpose being to provide additional pension benefits to those employees covered by the U.I.U. NATIONAL PENSION PROGRAM since the contribution to the Program was limited to two percent (2%) of payroll. Participation was limited exclusively to those employees already covered by the U.I.U. NATIONAL PENSION PROGRAM.
The U.I.U NATIONAL PENSION PROGRAM and the U.I.U. SUPPLEMENTAL PENSION FUND were merged effective January 1, 1977, to create the UIU PENSION TRUST. In 1985, the UIU merged with the United Steelworkers (USW). The Trust continued in operation as before but with the USW now the sponsoring Union replacing the UIU in that capacity. Effective January 1, 1999, the name of the Trust was officially changed to the “Steelworkers Pension Trust.”