From the Funds Office GREGORY A. GEIMAN, ESQ.

Funds Administrator

Funds. He and his fellow Trustees have shepherded the plans through years that have brought both opportunity – such as increased contribution income from strong growth in work – and crisis –such as a once-in-a-lifetime pandemic. Regardless, Bill’s goal has remained the same: to make decisions in the best interest of the Plan participants and their families, and to leave these plans stronger than he found them.

And, by any measure, Bill has succeeded in his goal. As chairman of the Pension Plan, Bill oversaw the largest one-time accrual rate increase in Local 4 history. The funding status of the Pension Plan has increased from 92% in his first year in office to over 114% in 2023, surpassing $1 billion in assets for the first time.

As chairman of the Annuity & Savings Plan, Bill has prioritized transparency and the reduction of fees, to make sure that your hard-earned dollars are working for you and your retirement. Under Bill’s stewardship, your retirement accounts have increased in value by a combined 30%, to over $590 million, and more of that money is now in your hands, where it belongs.

As chairman of the Health & Welfare Plan, Bill has followed through on his promise to ensure proper funding of the Plan, after years of dormancy before he took office. The consistent increases in funding have helped to combat the ever-increasing cost of medical care and prescription drugs and have given the Plan a strong foundation for the future. Bill has also worked to improve the Plan’s level of care, prioritizing mental well-being, instituting fertility benefits, and lowering copays for specialty drugs.

On a personal note, I want to thank Bill for his sense of fairness, his professionalism, and his sense of humor. Working on your team has been an honor and a privilege.

Looking ahead, I am excited to work with incoming Business Manager Mike Bowes. I have had the pleasure of working with Mike as a Trustee on the Pension and Annuity & Savings Plans for the past couple of years, and I know he shares Bill’s commitment to putting the participants and their families first. Mike is a good man and a strong advocate for Local 4 and its members. Congratulations and best wishes to Mike, as well as new Union President Dave Shea and Vice President Chris Carey. Local 4 remains in excellent hands.