Last week the Union trustees on the Twin City Hospital Worker’s Pension Plan reached an agreement with the Employer trustees to increase pension benefits, effective January 1, 2021!
More than 8,000 Technical, LPN, and Service and Maintenance workers are covered by the Twin City Hospital Worker’s Pension Fund. Every three years we negotiate contributions to the pension plan that fund monthly benefit checks for SEIU members in their retirement. Our pension fund has been well managed and is fully funded. Based on strong investment returns last year and the contributions negotiated into our contracts in 2018, we were able to secure a $1 per month increase for future service years! The benefit amount effective January 1, 2021 will be $32.
While this is great news to celebrate, the Union bargaining committees for the Allina and Twin City Hospitals are working right now to bargain future increases in contributions so we can raise benefits even more. Keep up to date on negotiations and how the agreements reached will impact your income in retirement.
If you are a member in a facility that has not yet won inclusion in our Union’s pension plan, talk to your Union organizers about including our Union pension plan as a top priority in your next round of negotiations. There is no retirement plan better for healthcare workers than a union pension plan!