Entries by WELS Benefit Plans Office

Pension Late Payment Contribution Policy

Pension Plan Status Like most investments, the Plan trust experienced significant losses during the market downturn of 2008-09. Although trust assets have rebounded they have not kept pace with benefits liability growth. The Plan continues to face two significant ongoing challenges: aging participant demographics and an uncertain global economy with volatile financial markets. One of […]

Revised WELS Veba HIPAA privacy notice published

The Health Insurance Portability and Accountability Act of 1996 (HIPAA) was implemented in order to protect the rights and information of health plan members and improve certain operations in the health care system. The WELS VEBA Group Health Care Plan (the “Plan”) provides health benefits to eligible WELS/ELS workers and their eligible dependents. The Plan creates, […]

WELS Pension Plan changes announced

The Normal Retirement Age of the WELS Pension Plan (the “Plan”) will be raised to align more closely with the Social Security normal retirement age for benefits earned beginning January 1, 2014. Important Note: The new normal retirement age will not modify or reduce any benefits earned by participants through December 31, 2013. This change […]