Located at 395 Hudson Street in New York City, the New York City District Council of Carpenters (NYCDCC) Benefit Funds exist for the sole benefit of its members and eligible dependents. The mission of the Benefit Funds Office is to properly administer the plans of benefits and deliver superior service to our members in all respects.
The New York City District Council of Carpenters Benefit Funds are administered by a joint Board of Trustees consisting of union-designated and employer-designated trustees. The Board of Trustees is responsible for establishing benefits, adopting rules and regulations, and overseeing the operations of the Funds, with the assistance of the Executive Director and numerous plan professionals. The Executive Director reports directly to the Board of Trustees, manages the Funds Office, and oversees the day-to-day activities of the Funds.
The NYCDCC Benefit Funds provides comprehensive, valuable benefits to over 25,000 working and retired carpenters — members of NYCDCC — and their families. Through the Welfare, Pension, Annuity and Apprenticeship Funds, NYCDCC members enjoy health, vacation, and scholarship benefits, a defined monthly pension at retirement, a defined contribution benefit, and apprenticeship and journeymen training, all at little or no cost to the members.
The NYCDCC Welfare Benefit Fund began in 1950. The Welfare Fund provides health, vacation, scholarship, short-term disability, and life insurance benefits to NYCDCC members and retirees.In 1955, the NYCDCC Pension Fund was established to provide financial security for NYCDCC retirees. Today, the Pension Fund has more than $2.85 billion in assets and pays defined monthly benefits to retirees and their beneficiaries.
In 1966, the NYCDCC Annuity Fund was established to provide members with additional economic security at retirement. Members are able to make their own investment decisions regarding their accounts. Today, the Annuity Fund has more than $2.1 billion in assets and is managed by the Prudential Company.
The Apprenticeship, Journeyman Retraining, Educational and Industry Fund was created in 1966 to provide education and job training programs to apprentices and journeymen. The Apprenticeship Fund operates the Labor Technical College, also located at 395 Hudson Street in New York City, which provides the training programs to support workers and also the needs of the industry at large, helping to meet the challenges of emerging trends and address issues in the construction industry.