For All Participants In the Local 85 Security Fund As of the Fund's May 1, 1999 Merger Into TBT
How Coverage Continues - Hourly
If your Employer is obligated to contribute to the Plan on your behalf on an hourly basis, your coverage continues for each month at least 60 hours of Employer contributions are available from the combination of hours reported by your Employer(s) and the balance in your Hour Bank.
Hour Bank - Hourly and Monthly
Hours reported by one or more Employers for work performed in the same month in excess of 160 hours will be credited to your Hour Bank, up to a maximum balance of 180 hours. However, no matter how many hours you work, Employers reporting on a monthly basis are required to contribute on your behalf based on the first 80 hours worked. Therefore, an Hour Bank with 180 hours will provide three months of coverage if all Employer contributions stop.
Hours will be subtracted from your Hour Bank to make up the difference between hours worked and the 60 hours needed for coverage in the current month. The balance of hours in your Hour Bank is carried over to the next month.
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Example A: You have no existing Hour Bank and your Employer(s) report 170 hours in April. These hours will give you June coverage and leave ten hours in your Hour Bank available for July coverage. If only 54 hours of Employer contributions are made on your behalf in May, six banked hours will be used to give you the 60 required hours for July coverage and four hours will remain in your Hour Bank.
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Example B: In March you work 60 hours for one Employer and 50 for another and both pay the required hourly contribution. In the same month, you also work for another Employer who is required by its collective bargaining agreement to pay a full monthly contribution if you work 80 (or more) hours. A monthly contribution equals 80 hours; therefore, you had a total of 190 hours for the month (60 + 50 + 80). If you began the month with no hours in your Hour Bank, 60 hours will be used to provide May coverage and 30 hours (the number of hours in excess of 160) will be added to your Hour Bank. |
How Coverage Continues - Monthly
If your Employer is obligated to contribute to the Plan on your behalf on a monthly basis, your coverage continues for each month the monthly contribution is made. If, however, your Employer does not submit a timely monthly contribution on your behalf, your coverage will continue if there is a balance of at least 60 hours in your Hour Bank.
As a monthly employee, you may accumulate hours to your Hour Bank on the same basis as an hourly employee. If you work for more than one Employer and the Fund receives both a monthly contribution on your behalf and hourly contributions, all hours over 160 contributed during the month will be credited to your Hour Bank. (A monthly contribution = 80 hours.)
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Example A: You work regularly for the same Employer on a full-time basis and your Employer makes the monthly Plan contribution on your behalf each month. You do not work additional hours for other Employers. A monthly contribution for January will provide March coverage. A monthly contribution for February will provide April coverage. No hours will be added to your Hour Bank. |
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Example B: See Example B (to the left) under the heading Hour Bank – Hourly and Monthly.
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Lag Month - Hourly and Monthly
Hours reported by your Employer(s), whether paid on an hourly or on a monthly basis, are always subject to the "lag month" – they apply to the second month following the month of work.
IMPORTANT - Hourly and Monthly
If you are a newly eligible participant, no hours will be deposited to your Hour Bank until you work at least 60 hours in the last of three qualifying months (hourly) or during your third qualifying month (monthly).
(See When Your Coverage Begins on the previous page.) The 160-hour rule will apply beginning with hours worked in the third month. |
Loss of Eligibility
Your Employer-paid coverage (and the coverage of any eligible dependents) ends if the combination of hours worked and hours in your Hour Bank is less than the 60 hours required. (See COBRA Coverage on pages 7 - 9 of the Guide To Your Benefit for information about continuation coverage if you lose eligibility.)
Break In Service
If you lose eligibility and remain ineligible for a period of one year, any hours remaining in your Hour Bank will expire and you will need to requalify.
For more information, see When Your Coverage Begins on the first page of this Supplement and When Coverage Ends, Reinstatement of Eligibility and Extension of Benefits While Totally Disabled on the Supplement for page six of the Guide To Your Benefits.
If you have any questions about how the Hour Bank works or about the hours in your Hour Bank, contact the TBT Plan Administration Office.
