Union Trustees:Darren J. Mahoney (Co-Chair) Luiz BarrosMike Dix

Employer Trustees: Sam Costa (Co-Chair) Stephen DeeganPat Kilkenny

Pension Benefits:Vera Boichevski vera@ontarioironworkers.com

Nina Trannina@ontarioironworkers.com

Claims:Barb Calderone barb@ontarioironworkers.com

Jen Delos Santos jen@ontarioironworkers.com

Olga Sukovskiolga@ontarioironworkers.com

Disability Benefits:Zuzana Mockovciakovazuzana@ontarioironworkers.com

This newsletter provides only some information on the Benefit and/or Pension Plans. For more complete information, you should check the documents governing the Plan (the Insurance Policy, the Fund documents, the Pension Plan and the Trust Agree-ment). If there is any discrepancy between information presented in this newsletter and the Plan documents, the Plan documents will govern.

We welcome your feedback! Please send your comments or questions to Michael Melvin, Managing Director, Administration at mmelvin@ontarioironworkers.com or call 416-223-0383 (in Toronto area) or 1-800-387-8075 (from anywhere in Canada).

BENEFIT INFORMATION FOR RODWORKER MEMBERS OF LOCAL 721 NOVEMBER 2014 vol 12, #02

ReinfoRcing LinksINSIDE THIS ISSUE

Welcome to this issue of ReinforcingLinks, the newsletter for the Local 721 Rodmen Benefit and Pension Funds.

We are pleased to announce benefit improvements relating to dental and vision care and the weekly income benefit, plus a new benefit for accessories to treat sleep apnea. See inside for details.

Sleep is something we often take for granted, but for some people getting a good night’s sleep is more of a dream than a reality. Check out the article Good Night, Sleep Tight to learn more about the importance of sleep and some tips on how to maintain a healthy sleep routine.

Canadians are living longer – good news, but an added challenge for pension funds which will have to continue making payments longer than they had expected. Find out how increased life expectancy has affected the latest actuarial valuation of the Rodmen Pension Plan.

The Annual Report of the Rodmen Benefit Fund for 2013 reviews the Benefit Fund’s Financial Operations over the past year and gives an updated report on the status of the Benefit Fund.

We hope you find this issue of ReinforcingLinks informative and helpful. We encourage you to share it with your family.

Sincerely,

The Board of Trustees

Benefit Plan Changes ......................................................................... 2

Avoid Breaks in Coverage .................................................................. 2

Increased Life Expectancy & the Actuarial Valuation ...................... 2

Good Night, Sleep Tight ..................................................................... 3

Local 721 Rodmen Benefit Fund – Annual Report 2013 .................. 4

BENEFiT PLAN CHANGESThe Board of Trustees is pleased to announce the following benefit improvements:

NEW BENEFiT

Sleep Apnea BenefitEffective January 1, 2014 the Supplementary Health benefit now covers supplies required to treat sleep apnea to a maximum of $1,600 per calendar year, when ordered by a licensed medical doctor.

UPDATED

Dental Care Fee GuideEligible dental expenses incurred on and after August 1, 2014 will be reimbursed based on the 2014 Ontario Dental Association (ODA) Suggested Fee Guide (rather than the 2013 version).

iNCREASED

Vision Care BenefitEffective January 1, 2014 the vision care ben-efit for prescription eyeglasses and regular contact lenses has increased to $1,200 for members and $800 for dependents (the previ-ous limits were $500 and $400). This benefit applies once every 2 calendar years for mem-bers and dependents age 16 or over, and once every calendar year for dependents under 16.

Weekly indemnity BenefitEffective August 1, 2014 the Weekly Indemnity benefit has increased to $600 per week (the previous benefit was $400 per week).

You Asked Us Avoid Breaks in CoverageMy benefit coverage lapsed because my employer didn’t submit contributions on my behalf. How can I make sure this doesn’t happen again?

Three times a year the Fund Office sends you a summary of hours worked and contributions sent in on your behalf. Be sure to check this summary carefully. If you think any hours and contributions are missing, notify the Union and ask them to follow up with your employer right away.

You can also check details of the hours report-ed by your employers and your current bank hours account balance anytime by logging on to www.ontarioironworkers.com.

Increased Life Expectancy & the Actuarial ValuationA new mortality table from the Canadian Institute of Actuaries shows we are living longer. A 65-year-old man can now expect to live to around 87, on average – some 3 years later than shown in previous studies. Women continue to outlive men but the gap is closing, and now stands at around 2 years.

That’s good news, but it also means Canadian pension plans are faced with a new challenge – how to keep pension payments going for around 3 years longer, on average, than they had expected.

To assess the Rodmen Pension Plan’s current financial position and the impact of increased life expectancy, our actuaries recently conducted a valuation of the Plan, as is required every third year. To do this, they looked at how much money we have now (our assets) and compared it to how much we need now to meet the benefits as they fall due (the liabilities) based on best estimates of future experience. They also looked at the amount of benefits being earned every year and compared it to the contributions coming in.

So overall our Plan is in a solid position with a small surplus, and we would expect future contributions to add to that surplus at the rate of $1 million per year.

Please note that the actuarial valuation does not take assets at market value (what we would get if we sold the assets). Instead it tries to smooth out some of the ups and downs of the stock market. The market value of assets at the valuation date was around $126 million, some $13 million higher than the figure used in the valuation. That gives us a cushion against the possibility of poor returns going forward.

Secondly, the mortality assumption was changed not only to reflect the new tables, but also to allow for life expectancy improving even more in future – so someone retiring at age 65, in 2024, would be expected to live beyond age 87. These changes increased the value of liabilities by almost $13 million and the value of benefits earned each year by $700,000. (Both increases are included in the results quoted above.)

Overall, we continue to face challenges going forward, with invest-ment returns and mortality both being hard to predict. However, at this point our assumptions are strong and we have reason to be optimistic about the future of our Plan.

Here are the key results of our Plan’s latest actuarial valuation as at January 1, 2014:

� Assets of $113 million and liabilities of $110 million show a small surplus of around $3 million.

� Going forward, expected annual contributions are $8.1 million, with benefits earned on those contributions valued at $7.1 million.

Good Night, Sleep Tight“Last night I slept like a baby.” If only we could say this more often! Being able to fall asleep easily and to sleep through the night can become more elusive as the years go by.

Adults don’t need as much sleep as babies, but getting the proper amount is still very important to overall health and well-being. Chronic lack of sleep can con-tribute to serious health issues such as obesity, high blood pressure, diabetes and heart disease. Lack of sleep is also a safety concern – being drowsy can lead to careless mistakes and increase the risk of accidents (for example, when driving or operating machinery).

So how much sleep is enough? Researchers say that adults need between 7 and 9 hours of sleep each night, but each person’s needs are different. If you typically have a hard time getting up in the morning or feel tired and unable to concentrate during the day, you’re likely not getting enough sleep.

Daytime tipsFortunately, there are steps we can take during the day to get a better night’s sleep. It helps to be physically active during the day and, if possible, avoid taking naps. Also, steer clear of caffeine in the late afternoon and evening, since its sleep-fighting properties can linger in your system for up to 8 hours.

Another substance to avoid close to bedtime is alcohol. While it may make you drowsy at first, it breaks down quickly in your body and can actually cause a rebound effect that disturbs your sleep later in the night.

Also, studies show that smokers have more trouble falling asleep and wake up more often during the night – another reason to consider quitting!

Evening tipsIf possible, maintain a regular schedule for going to sleep and getting up during the week and even on weekends. Avoid eating a heavy meal too close to bedtime and keep away from fatty foods that may cause indigestion. A light carbohydrate-based evening snack such as toast, cereal or crackers may help because carbs can make you sleepy.

Keep your bedroom cool, peaceful and dim so you think of it as a place of rest, and develop a pre-sleep ritual that works for you. This might include reading, listening to music, taking a hot shower or bath, or other things you find relaxing. Try to avoid stimulating activities such as watching TV, playing on the computer or checking emails.

If you have something on your mind, make a short note about it and look at it again in the morning, when you are more refreshed.

If you still have trouble sleeping or you wake up in the middle of the night, try not to look at the clock or get up-tight about being awake. If you’re not ready to fall asleep, you may find it helpful to get up and do something relax-ing, such as drinking a glass of hot milk.

When to get helpEven with the best sleep routines, some people still have difficulty sleeping. This may be due to a medical condition such as sleep apnea or restless leg syndrome.

If you feel you need to see a doctor, keep a diary of your sleep patterns for a couple of weeks before your visit. Fortunately, most sleep disorders can be treated safely and effectively.

What is Sleep Apnea?Sleep apnea is a potentially serious sleep disorder. In the most common form, the throat muscles and tissues relax so much that your breathing may be completely blocked. As a result, you may stop breathing for 10 seconds or more, hundreds of times during the night. You may have sleep apnea if you snore loudly and you feel tired even after a full night’s sleep.

Supplies to treat sleep apnea are now covered by the Rodmen Benefit Fund (see sidebar on previous page).

LOCAL 721 RODMEN BENEFIT FUNDAnnual Report 2013

We are pleased to present an Annual Report which outlines the activities of the Plan during the year ended December 31, 2013.

During the year under review, benefits of $1,286,231 were paid on behalf of eligible Local 721 Rodmen Benefit Fund members and their dependents. As illustrated, the Fund’s Revenue exceeded Expenditures by $547,015. The Unallocated Fund Balance at December 31, 2013 decreased to $3,654,169 due to unrealized market value loss.

We are very pleased with the opera-tions of the Plan during the past year. With your continued support, we look forward to many more years of successful operations for the benefit of you and your family.

Board of Trustees

UNION TRUSTEES Darren J. Mahoney (Co-Chair)Luiz BarrosMike Dix

EMPLOYER TRUSTEESSam Costa (Co-Chair)Stephen DeeganPat Kilkenny

LEGAL COUNSEL Cavalluzzo Hayes Shilton McIntyre & Cornish

CONSULTANTS & ACTUARIESThe Segal Company, Ltd.

INSURANCE UNDERWRITERManulife Financial

INVESTMENT MANAGERS

BENEFiT FUND: Goodman & Company, Investment Counsel Ltd.

PENSiON FUND:Goodman & Company, Investment Counsel Ltd.Letko, Brousseau & Associates Inc.

Montrusco Bolton Investments Inc.

Standard Life Investments Inc.

AUDITORSDarryl G. Sibley C.A.

ADMINISTRATOROntario Ironworkers/Rodmen Benefit Plan Administrators Corporation

HOW THE PLAN’S BENEFiTS WERE DiSTRiBUTED FOR THE YEAR ENDED DECEMBER 31, 2013BENEFIT

Life Insurance $ 30,000Accidental Death & Dismemberment $ 0Weekly Disability $ 28,486Long Term Disability $ 16,276Supplementary Health $ 600,587Dental Care $ 588,749Travel Assistance $ 22,133Total Benefits Paid* $ 1,286,231

* This figure does not include claims in the course of payment, unreported claims and pending claims at December 31, 2013.

STATEMENT OF FiNANCiAL POSiTiON AS AT DECEMBER 31, 2013 ASSETS

Cash $ 772,924Contributions Receivable $ 251,545Accrued Investment Income $ 0Due from Ironworkers Ontario Pension Fund $ 296Investments $ 5,507,798Total Assets $ 6,532,563

LIABILITIESAccounts Payable & Accrued Liabilities $ 64,220Premium Payable $ 336,318Due to Local 721 Rodmen Pension Fund $ 1,776Due to Ironworkers Central Welfare Fund $ 178,099WSIB Provision $ 321,245Hour Bank $ 1,976,736Total Liabilities $ 2,878,394

FUND BALANCEUnallocated Fund Balance** $ 3,654,169Total Fund Balance $ 6,532,563

** The Unallocated Fund Balance provides funds for the eventuality of periods of low employment, unfavourable claims experience, or any abnormal financial burden which may affect the Fund’s Income.

STATEMENT OF REVENUE, EXPENDiTURE AND FUND BALANCE FOR THE YEAR ENDED DECEMBER 31, 2013 REVENUE

Contributions $ 3,007,214Other Income $ 149,292Excess Hours Transferred to Pension $ (245,397)Reciprocal Transfers (net) $ (204,822)Total income $ 2,706,287

EXPENDITURESInsurance Premiums (including Claims Administration) $ 1,913,738Administration $ 90,215All Other Expenses $ 155,319Total Expenses $ 2,159,272

Excess Revenue (Deficiency) over Expenditures for the Year

$ 547,015

Decrease (Increase) in Hour Bank $ (505,388)Net Change in Unrealized Market Value $ (213,121)increase (Decrease) in Fund for the Year $ (171,494)Unallocated Fund Balance, Beginning of Year $ 3,825,663Unallocated Fund Balance, End of Year $ 3,654,169

For more information, contact Administration at 416.223.0383 or 1.800.387.8075 or visit www.ontarioironworkers.com