International Union of Elevator Constructors (IUEC) Launches New Voluntary Income Protection (VIP) Plan with Union One
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.
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 [email protected].
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.
SOURCE Union One
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