I am proud to announce that Local 728’s leadership has established a Strike Fund, the first such fund in the history of Local 728.
With uncertainties surrounding employer/labor negotiations within our industry, your leadership wanted to ensure that this Local provides whatever help it can to get our members through tough financial times, should we be faced with a labor lock out resulting in sustained unemployment by a majority of our members.
In accordance with the guidelines of the US Department of Labor, the Fund will operate as a loan program. Upon wide scale cessation of employment, Local 728’s Executive Board will receive a recommendation from the Treasurer – Call Steward to open the fund.
The fund is currently open for applications only from Local 728 members who are in good standing as of June 15th, 2023.
Apply by sending a request to this email address: [email protected]
Write in the subject line: Strike Fund Loan Request
Include this message in the body of the email: I <insert name here> would like to be given an appointment time to receive a Local 728 Strike Fund Loan and sign a promissory note.
We chose to create a loan program because:
- A strike fund loan will put more money in the pockets of our members.
- A loan program will allow the strike fund to be replenished over time and available for members to borrow from should subsequent industry lockout occur.
- Loan amounts will be based on the total amount of money available in the fund at the time it is opened for loans. That figure will be divided by the estimated number of members who may need to accept a loan. The estimated number of members will be based on the results of a survey response.
- The Treasurer – Call Steward will give the Executive Board recommendations for loan amounts and how many loans can be issued at those set amounts.
- Lastly, our fund can be enhanced to accept donations from anyone who wishes to impart their generosity. More information to that regard is pending.
How it will work:
- When the Executive Board votes to open the fund, loans will be made available on a first come, first served basis to Active members.
- Interest free loans to eligible members will be in the amount of $1,300.00 for each eligible member.
- Applicants for loans must be out of work and be registered on the Availability list.
- Members will be asked to sign a promissory agreement prior to receiving treasury funds.
- At the end of each quarter, or when labor strikes end and work resumes, or when the number of members registered as out of work has dipped below a threshold of 150 members “on the books” for a sustained period, the Treasurer – Call Steward will recommend to the Executive Board that the fund be closed to further loans.
- Members who have received a disbursement and returned to work will then be given a repayment schedule that divides the amount borrowed into four equal parts. Members will be asked to make quarterly payments The first ¼ payment of the total amount borrowed will be due 90 days from the date of notice.
- The entirety of the loan shall be repaid after 15 months from the date of reemployment.
- There will be flexibility within the 15-month period to allow for inconsistent income and/or financial need. The Treasurer will adjust due dates within the 15-month window as necessary.
- In the instance where a member has accepted a loan from the Strike Fund and does not repay the loan in full by the end of the repayment schedule, the member will be responsible for any Federal and State income taxes owed on the total amount borrowed and will be prohibited from borrowing money from the fund from that day forward.
With warm regards,
I remain fraternally,
Pascal M. Guillemard
Treasurer – Call Steward