Brothers and Sisters of Local 1621,
Glaziers Work Picture and Hours
Glaziers Hours are down and work is very slow right now. So please remember to call the office to put your name on the out of work list the first day of the month. All of the Google projects in the area have basically pulled all contracts for the interior of the buildings and they are only finishing up on existing Core and Shell of buildings. All other Core and Shell for buildings that were planned and not in progress have been postponed or canceled. The large Google Downtown Project has been postponed. Contractors on some google projects were told last Friday to basically pack everything you have on the project up and to be off the site by noon. This has hurt our Job hours and has put a lot of members on the out of work list. Also Facebook has decided to shelf 2 large projects that were supposed to start the 3rd and 4th quarter of this year. Things are going to be slow and have been for about 3 years. In 2020 January to December we worked 3,613,286.38 Hours. In 2021 January to December we all worked 3,177,308.75. A loss of 435,977.63. In 2022 January to December hours reports were 2,775,374.74. So another hit of 401,934.01. So just in 2 years we have lost members and over 837,911.64 Hours. Hours reports are in for January through March of 2023 and it is not looking any better. So far we have 685,984.87 for 3 months. Times are very slow and work is getting tougher and tougher for our contractors to land work while they compete with Non Union wages.
Northern California Pension Funding
As many of you know the stock market has not been doing very well and our hours also have been down as explained above. With that our Pension Funding has also gone down. We are still in the Green Zone which is great but our Funding Percentage has dropped to 85.9 % for July 1, 2022 when it was 86.8% in July of 2021 so a small drop in one year due to hours, the stock market and lowering our expected Valuation Interest rate from 7 percent each year to 6.5 percent. If we expect to make any kind of changes in the future, we need this Funding Percentage to be at 100%.
The average age of an Active Participant in our Plan is 41.2 years old. When hours get back and work hopefully comes we need to bring new apprentices in at an age lower then this to help the funds Actuarial Valuations. As talked about from Alex our Director of Apprenticeship, companies just have not been hiring new apprentices as work has been slow.
The Average Service years of all of our active current Participants is 12.1 Years. Since 2013 this number varies from 10.2 years to the current 12.1 years.
The Average Hours Worked for 2022 participants was 1,651 hours per member. From 2013 to 2019 average hours worked per participant was 1,900 to 2,053 per year.
Coronavirus Distribution under the Cares Act Repayments.
Letters were sent to your home in March if you took money out of your Glaziers Annuity below is what you need to do if you want to make a repayment of any of that money to avoid paying higher taxes.
NOTICE OF OPTIONAL REPAYMENT OF CORONAVIRUS DISTRIBUTIONS UNDER CARES ACT
You are receiving this notice because you received a Coronavirus Distribution from the Plan in the calendar year 2020. You are allowed to repay your Coronavirus Distribution back to your Individual Account within 3 years of the date of your distribution. If you choose to repay this distribution, you can request a refund of prior taxes paid on the distribution amount. If you are interested in repaying your distribution, please complete and return the enclosed form to John Hancock. Important Deadline: Since you received your distribution in 2020, the deadline for you to repay your distribution is 3 years from the receipt of your distribution, which would be sometime between April 1, 2023 to December 30, 2023. If you have any questions, please contact John Hancock at 1-833-388-6466.
Journeyman Training During the Week
If you are a Journeyman and in need of updating your training cards to be able to get dispatched the next upcoming classes for training will be offered for the week of June 12th-16th on the following days;
Mon- First aid/CPR/AED
Wed- Swing stage
Thurs- Booms and Lifts
Fri- Fall Protection
If you would like to sign up for these classes, please call Brett Davis at the office 408-824-1280
Business Agent Local 1621