Indiana Laborers have two retirement plans: one is a Defined Contribution (DC) plan, and one is a Defined Benefit (DB) plan.
The DC plan was created in 2014, and each Laborer that works under an Indiana Laborers Agreement has money contributed by their employers to this fund. Here is the Summary Annual Report from the Board of Trustees for the Indiana Laborers Defined Contribution Trust Fund Plan.
Annually each November (or late October) a fund statement is mailed to each Laborer, telling them how much is in their account. This fund is like a 401k for each Laborer, so it’s their money, when they retire. Here is a redacted sample Statement of Individual Account.
Contractors that employ Laborers here in Indiana should be aware of this new fund, especially since many Laborers may not be aware of this additional growing retirement fund that will help fund their retirement.
In addition the Indiana Laborers also have a DB retirement fund, Indiana Laborers Pension Fund, that in 2014 was determined to be in the critical status Red Zone. In August 2017 ICI learned that this fund, is now certified to be safe (neither endangered or critical), and we are told this fund should be fully funded by 2023.