A benefit trust fund is an arrangement where one person or a group of people (the trustees) hold the trust assets for the benefit of others. The party or parties that set up the benefit trust fund are called settlors. The settlors create a written document, called a Trust Agreement, which sets out such matters as:
The trust agreement is just one of the documents detailing the manner in which a benefit trust fund operates. In their administration of the benefit trust fund, the trustees and their professional advisors are also governed by the plan text, the collective agreement and applicable legislation. The legislation may include pension benefits, trustees, labour relations and income tax legislation. In addition, the trustees are bound by common law standards of fiduciary conduct.
As fiduciaries, the trustees must act with a standard of care and thought for the future. There are four duties of common law to which trustees are held:
The settlors for your benefit trust funds are UA Local 740 and the Construction Labour Relations Association of Newfoundland and Labrador. They have set up two Benefit Trust Funds to provide benefits for our members: a Health & Welfare Trust Fund and a Pension Trust Fund.
The following documents are available for viewing through your Member Online Account: https://mwaonline.manionwilkins.com/