Dear members of Local 507, Our second meeting of the year will be on Tuesday February 28, 2023 at 6:30 PM at 2149 Oakland Rd San Jose CA 95131. Painters, please make an effort to attend as your suggestions for your upcoming contract are needed. Please see suggestion questions below. Please let me know if […]
January 31, 2023Painters & Drywall Finishers Pension increase
Posted January 7, 2022
I have received many calls from members about the Town Hall Meeting on Monday December 20, 2021. The meeting was regarding the International Pension. The Bay Area Painters and Tapers Pension is our local pension plan. Disregard if you were on the meeting. It was sent to all members of the International Union of Painters and Allied Trades but did not pertain to our local pension fund.
Hopefully you have received a letter by now explaining the latest decision to increase our active pension plan and the changes that will be coming to the Bay Area Painters and Tapers Pension Fund. The Trustees for the Pension voted and passed a Retroactive Benefit Increase. Effective for benefit payments made on or after January 1, 2022, Participants with at least 400 Hours of Service in Covered Employment during the 2020 Calendar Year shall have an increased crediting factor of the monthly amount from a 1.0% multiplier to 1.50% of the Contributions that were made on or after July 1, 2003 to December 31, 2020.
Bay Area Painters and Tapers website can be accessed at https://bayareapainterstrust.org/
Happy New Year!
Troy Notrangelo
Business Representative
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