Two votes must take place to approve the proposed changes:
- First, participating Locals representing two-thirds of the Fund membership must approve the changes. The voting took place during Local Union meetings in September and October. Local Unions representing over 74% of the membership have voted to approve the changes, and that number is expected to grow as the final Locals cast their votes.
- Second, two-thirds of all voting active and retired participants must approve the changes in a referendum vote. You will receive a referendum packet including a ballot and self-addressed envelope through the mail in October; ballots will be due in November.
The Trustees will work with an independent third party to tally the referendum vote. After the voting takes place, we will share the results with all of you.
If two-thirds of the voting members do not vote in favor of the proposed changes, the Trustees will terminate the Fund once it reaches the point where it only has enough money left to repay all participants at least all of their contributions (reduced by the benefits they have received).