Welfare Fund Coverage of COVID-19 Tests

The Welfare Fund is required to cover COVID-19 tests by the Families First Coronavirus Response Act (the FFCRA), the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act). Federal regulations require that the Welfare Fund cover certain COVID-19 tests and antibody tests for diagnostic purposes if they are determined to be medically appropriate by the individual’s health care provider, consulting CDC guidelines as appropriate. However, testing conducted to screen for general workplace health and safety (such as employee “return to work” programs), for public health surveillance for SARS-CoV-2, or for any other purpose not primarily intended for individualized diagnosis or treatment of COVID-19 or another health condition will not be covered. In general, you must receive a script from a physician for the testing to be covered. The government guidance states that “clinical decisions about testing are made by the individual’s attending health care provider and may include testing of individuals with signs or symptoms compatible with COVID-19, as well as asymptomatic individuals with known or suspected recent exposure to SARS-CoV-2.” The Welfare Fund will not cover any tests that are not medically necessary and are not recommended by a physician.

SUMMARY ANNUAL REPORT

For Teamsters Local 408 Welfare Plan

This is a summary of the annual report of the Teamsters Local 408 Welfare Plan, EIN 22-6172437, Plan No. 501, for period January 1, 2020 through December 31, 2020. The annual report has been filed with the Employee Benefits Security Administration, U.S. Department of Labor, as required under the Employee Retirement Income Security Act of 1974 (BRISA).

Insurance Information

The plan has contracts with Amalgamated Life Insurance Company and Guardian Life Insurance Company of America to pay life insurance, stop loss and AD&D claims incurred under the terms of the plan. The total premiums paid for the plan year ending December 31, 2020 were $221,276.

Basic Financial Statement

The value of plan assets, after subtracting liabilities of the plan, was $12,056,717 as of December 31, 2020, compared to $11,109,914 as of January 1, 2020. During the plan year the plan experienced a increase in its net assets of $946,803. This increase includes unrealized appreciation and depreciation in the value of plan assets; that is, the difference between the value of the plan’s assets at the end of the year and the value of the assets at the beginning of the year or the cost of assets acquired during the year. During the plan year, the plan had total income of $3,827,396, including employers’ contributions of $3,536,756, participants’ contributions of$26,438, realized gains of $91,776 from the sale of assets, gains from investments of$165,781 and other income of $6,645.
Plan expenses were $2,880,593. These expenses included $625,502 m administrative expenses, and $2,255,091 in benefits paid to participants and beneficiaries.

Your Rights To Additional Information

You have the right to receive a copy of the full annual report, or any part thereof, on request. The items listed below are included in that report:

  • an accountant’s report
  • financial information
  • assets held for investment
  • transactions in excess of 5% of the plan assets
  • insurance information, including sales commissions paid by insurance carriers

To obtain a copy of the full annual report, or any part thereof, write or call the office of Trustees of Teamsters Local 408 Pension & Welfare Funds at 1907 Morris Avenue, Union, NJ 07083-3506, or by telephone at (908) 964-9177. The charge to cover copying costs will be $2.00 for the full annual report, or $0.25 per page for any part thereof.

You also have the right to receive from the plan administrator, on request and at no charge, a statement of the assets and liabilities of the plan and accompanying notes, or a statement of income and expenses of the plan and accompanying notes, or both. If you request a copy of the full annual report from the plan administrator, these two statements and accompanying notes will be included as part of that report. The charge to cover copying costs given above does not include a charge for the copying of these portions of the report because these portions are furnished without charge.

You also have the legally protected right to examine the annual report at the main office of the plan (Trustees of Teamsters Local 408 Pension & Welfare Funds, 1907 Morris Avenue, Union, NJ 07083-3506) and at the U.S. Department of Labor in Washington, D.C., or to obtain a copy from the U.S. Department of Labor upon payment of copying costs. Requests to the Department should be addressed to: Public Disclosure Room, Room N1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.