The USW 8782 Retiree Benefits Trust provides healthcare benefits and life insurance for retirees of USW 8782 Lake Erie Works. The Trust also covers spouses and other eligible dependants of retirees.
The Trust, officially called the USW Local 8782 ELHT, was established on October 1, 2017, when it assumed the responsibility from Stelco for managing the retiree healthcare benefits plan.
The management of the Trust is overseen by four trustees.
These four trustees were chosen based on their extensive professional experience with the union, benefits plans, investment management, labour relations, and financial matters. It's their job to ensure that the Trust is managed effectively on behalf of the plan members—and that it continues to provide meaningful benefits coverage well into the future.
The Trust was created as a result of the insolvency proceedings of Stelco and the subsequent purchase by Bedrock Industries Incorporated. In order to ensure the sale and ongoing operations of Stelco, an alternative funding arrangement was needed to reinstate some or all of the members’ retiree benefit plans.
All retired members of Stelco were affected, not only Local 8782 members. Your new Trust is part of a collection of complicated agreements between the government, Bedrock Industries, USW Local 8782 and 1005, the non-union employees and other key stakeholders.
In the end, deciding to establish three separate Trusts – one being your USW 8782 Retiree Benefits Trust – was the best solution for everyone involved, and allowed all interested parties to come to an agreement on how to proceed with the purchase of Stelco. And now the Trust ensures that your benefits are funded annually as per the contractual agreements.
Ideally, the Trust will continue to provide comparable benefits coverage until the last surviving member makes their last claim.
In reality, the Trust will remain active as long as there is money in it and Stelco is able to meet its annual funding commitments. It’s the Trustees’ job to see that the money in the Trust is invested and spent appropriately – in a best effort to ensure that the Trust remains active for as long as members are making claims.
As Trustees, it is our job to ensure that the USW 8782 Retiree Benefits Trust is managed and administered effectively on behalf of all plan members. It is an obligation that we take very seriously.