ABOUT STEELWORKERS PENSION TRUST
On behalf of the Board of Trustees, thank you for visiting our website. This site is provided to you as a source of information. The governing document of the Steelworkers Pension Trust (SPT) is its Declaration of Trust in that it, in great detail, prescribes the benefits to which eligible Participants are entitled, the rules that determine eligibility, how the Trustees are selected and their duties and responsibilities, how the Chairman is selected and his duties and responsibilities, how the assets of the Plan are to be held and invested, the purposes for which the assets of the Plan may be expended, the machinery for amending the document and the manner in which the Plan is to be administered on a day to day basis.
The Summary Plan Description (SPD) is a document in which an attempt is made to summarize the most generally applicable provisions of the Declaration of Trust in understandable English. The objective here is to provide each Plan Participant with a brief but clear explanation of what benefits are available, how one qualifies for benefits, and the Participant’s rights and remedies under the law.
We currently have over 500 Participating Employers and more than 110,000 Participants (actives, retirees and terminated vested).
Steelworkers Pension Trust (formerly the U.I.U. Pension Trust)
The Steelworkers Pension Trust was created in 1953 by the Upholsterers’ International Union (U.I.U.). In 1985 the U.I.U. merged with the United Steelworkers making the USW the Sponsoring Union.
Solely funded by Employer contributions negotiated by the Union with a minimum of twenty cents ($.20) per hour or two percent (2%) of gross earnings, the Trust has more than 100,000 Participants, 500 Participating Employers, and $4 billion in assets.
The SPT is generally a future service plan with the amount of benefits a Retiree receives dependent directly upon the age of the Retiree at the time of retirement and the total contributions paid into the SPT by the Employer(s) on the service of that Retiree while an Employee.