Masonry Magazine October 1963 Page. 29
efit Plans
(Continued from page 20)
The cost savings may be substantial through the use of such a combined operation. When certain data processing equipment is used, it is possible to process the records of both funds simultaneously. Reports thus can be provided to the trustees that compare the contributions made to both funds for each employee. Any discrepancies are easily noted.
A combined administration operation allows also for the use of a combined reporting form. This is welcomed by employers, who often feel that record-keeping tasks required by Federal and state agencies as well as by benefit plans are burdensome.
The administrative staff of the health and welfare program will provide much help in setting up the system for the pension fund. Many of the procedures established for the health and welfare fund have direct application to the pension fund.
Those providing actuarial consulting services and the administrative staff must coordinate closely as to the kinds of data that are retained in the records of the fund. Actuarial studies and actuarial valuations that are made on a continuing basis require that certain data be available.
The auditor also will provide help to the trustees. Having a qualified auditor involved at the inception of the plan will assure that proper accounting ledgers and journals are used to record transactions, and that proper controls are used by those administering the fund, to assure the safety of the monies of the fund.
Periodic financial statements, as well as annual income and expense statements, statements of fund balance, and balance sheets will aid trustees in determining the financial equity of the fund. Periodic meetings with the auditor will help trustee understanding of the financial and cost factors of the fund, as well as provide the basis for sound cost control.
It should be noted that an annual audit is required by the provisions of Federal labor law. Reports to the Office of Welfare and Pension Plans, Department of Labor, also require annual financial statements.
Trustees' responsibilities are substantial and continuing. There are many alternatives to be considered in all areas of their decisions. However, the primary responsibility of trustees is to assure that every dollar allocated to a pension fund is wisely spent.
All those contributing to or expecting to receive benefits from any joint labor-management pension plan are entitled to the assurance that the plan is being operated in their interest and will fulfill their expectations.
The sole responsibility for performance of these expectations rests with the trustees. It is not a responsibility that can be effectively exercised without getting qualified help in the areas discussed in this article. Getting this qualified help requires time and effort by trustees. It is time and effort that will pay rich dividends in peace of mind on the part of trustees and confidence on the part of employers and participants.
This is the second and final installment of a series of articles concerning Benefit Plans prepared by the staff of Hewitt Associates, Libertyville, Ill.
MASONRY October, 1963
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