COLUMBIA, Md.,
Aug. 1,
2024 /PRNewswire/ -- The International Union of
Elevator Constructors (IUEC) has introduced the IUEC Voluntary
Income Protection (VIP) Plan to enhance the financial security of
all active, U.S.-based, Puerto
Rico and Guam, full-dues
paying IUEC Members. Open enrollment for the VIP Plan, underwritten
by New York Life and administered by Union One, is currently
ongoing.
The IUEC VIP Plan provides financial
security for Members in the event of illness, injury, surgery,
substance abuse treatment, mental health conditions, or
death.
Dedicated to Financial Security for IUEC Members
The IUEC VIP Plan marks a major advancement in ensuring
financial security for its Members. This initiative allows Members
to recover from medical issues without the added burden of
financial stress. General President Frank
J. Christensen introduced the IUEC's NEW Voluntary Income
Protection (VIP) Plan to all Regional Directors, Union Officers,
and Members by saying, "Member safety and the ability to
financially protect themselves and their loved ones is a priority
for the IUEC. The IUEC VIP Plan provides a monetary safety net,
should a Member be unable to work due to a disabling condition or
death."
IUEC VIP Plan Highlights
- Short-Term Disability: Provides up to $1,500 per week for up to 24 weeks and
supplements the weekly income benefits Members may receive through
the National Elevator Industry Health Benefit Plan, as long as the
combined benefits do not exceed 100% of pre-disability
earnings.
- Long-Term Disability: Includes two options: Option 1
provides up to $2,500 per month for
up to 2 years, and Option 2 offers up to $10,000 per month for up to 5 years. Both options
are stackable with other eligible benefits, up to 70% of a Member's
pre-disability earnings after a 180-day waiting period.
- Life and AD&D Insurance: Offers Members coverage up
to $500,000, with options for spouse
and dependent coverage, providing 24/7 protection for Members and
their families. This coverage supplements and pays in addition to
the Life and AD&D Benefits members may receive through the
National Elevator Industry Health Benefit Plan.
All coverages are guaranteed during open enrollment for actively
working Members, with no medical questions or tests required.
Union One: A Trusted Administrator
Union One, the plan administrator, specializes in working
exclusively with unions nationwide to help expand benefits offered
to Union Members. This partnership ensures the VIP Plan is managed
with the highest standards of service and expertise. In his
statement to all Local Unions, General President Christensen
stated, "All VIP Plan benefit options are guaranteed approved
during open enrollment for all active, U.S.-based, Puerto Rico and Guam, full-dues paying IUEC Members. Our
Members can enroll without any medical tests or questions." Union
One is working with the IUEC to inform Members about this new
benefit program, provide information about the benefits, and assist
in the enrollment process.
Open Enrollment Periods for 2024
The IUEC VIP Plan offers two enrollment periods in
2024. The enrollment process is designed to be quick and
straightforward. Open enrollment is ongoing throughout 2024, and
early enrollment ensures faster coverage. The two enrollment
windows are:
- Enroll by August 23rd, 2024, for
a coverage effective date of September 1st,
2024.
- Enroll by October 25th, 2024, for
a coverage effective date of November 1st,
2024.
Learn More and Enroll
IUEC Members can find more information or enroll by visiting
www.IUECVIP.com or calling (224) 487-5030. Questions can also be
emailed to info@iuecvip.com.
About the International Union of Elevator Constructors
(IUEC)
The IUEC represents the most qualified and trained elevator
constructors in the world. Members assemble, install, and replace
elevators, escalators, dumbwaiters, moving walkways and similar
equipment in new and old buildings. Elevator constructors also
maintain and repair this equipment and modernize older
equipment.
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SOURCE Union One