Nor Cal Glazier Pension

others and Sisters,

I would first like to thank Local 767’s membership for giving me the privilege to serve for 4 more years as Business Representative for Local 767. I just want every member to know that I promise to serve the members in any way possible to grow the local and service the members.

The NorCal Glaziers Pension Plan continues to remain in a strong financial position. During the most recent Board of Trustees meeting, the fund was reported at 101.8% funded. In addition, both Labor and Management Trustees voted unanimously to approve an increase to accrued pension benefits for qualifying participants.

Members who worked a minimum of 435 hours between July 1, 2024, and June 30, 2025, will qualify for the updated pension accrual schedule.

The approved adjustment raises the accrual factor by 0.50% for service earned from July 1, 2005, through June 30, 2025. A smaller increase was also approved for credit earned between July 1, 2003, and June 30, 2005.

Plan Years Previous Rate Adjusted Rate

7/1/79 – 6/30/02 5.0% 5.0%

7/1/02 – 6/30/03 2.6% 2.6%

7/1/03 – 6/30/05 1.3% 1.5%

7/1/05 – 6/30/25 1.0% 1.5%

7/1/25 and forward 1.0% 1.0%

This improvement represents another positive step toward maintaining long-term retirement stability for our active members and retirees, while demonstrating the continued partnership between Labor and Management.

Wage Allocation Update:

During the latest wage allocation process, the following package was approved:

● $0.75 directed to H&W reserves, with any unused amount returning to taxable net wages

 ● $0.25 allocated to the NorCal Pension, with the full amount applied to benefits 

● $0.23 assigned to the IUPAT Pension as required under the Constitution

 ● $0.17 designated for Wage Equity and Market Recovery 

● $0.10 allocated to IUPAT Administrative Dues, (deducted from taxable net)

 ● $2.00 contributed to the Annuity

 ● $1.10 applied to taxable net wages, along with any remaining H&W reserve funds did not utilize. I would like to give you two key numbers. Your net wage in Sacramento will be around $49.87 per hour, and your Annuity will be $12.37 per hour.

I would like to give a quick update on a VAC that is coming up. On Saturday May 19^th we will be putting flags on the headstones of fallen service members at the VAC cemitary in Dixon starting about 8:30 am. (Please check the VAC Calendar for updates). Please, if you are not working, put your name on the Out of Work List on the first working day of the month. If you need any leads give me a call at 916-402-4203. The Unions is only as strong as its members, and I know you are all the real leaders!!

Safe Travels,

John Tweedt

Business Representative

DC16/LU7676