Halfway through the 20-year plan that Mike
Monahan put into eﬀect in 1999, Local 103 isin a much beer posion than it was just 10 years ago thanks to Monahan’s strong,steady, proven, and eﬀecve leadership. Aer almost three years of uncertainty in the ﬁnancial markets, the Local 103 Fundsconnue to outperform other similar fundsbecause of shrewd decision-making and carefully planning. Local 103 has grown itscontractor base in order to increase thenumber of jobs it is able to win. Through thisall, the Local 103 Health and Welfare Fund remains strong, allowing Local 103 to providequality coverage to all of our members. Thiscommitment to our membership’s prosperity and wellbeing is what sets us apart as a union.
The Business of Local 103
similar plans in 2008. Because of a strategy,implemented by Business Manager Mike Monahan,
which calls for acombinaon of diversiﬁed investments,seasoned consultants, managers and advisors, and aconservave approach to invesng, IBEW, Local 103Funds have been able to withstand the economic
turmoil without serious damage to the Union Funds.
Monahan and the Local 103 Trustees have not given upthe long-term focus of the Funds’ investments and as aresult, the Funds have been able to beneﬁt from therecovery that has been happening since 2009. The
Pension Fund now sits in the Green Zone of fund
rang, the highest status available, while so many
pension plans across the region and the country weredeclared to be in the Yellow Zone or Red Zone, which
mark a crical or endangered status. Local 103 hasbeen able to connue to make beneﬁt payments torerees and family members as well as health carepayments uninterrupted. This is something that cannotbe said for so many other organizaons across the
THE BIG PICTURE
The worldwide ﬁnancial crisis that began in 2007 andlasted into 2009 has proven to be the worst economic
downturn in the United States since the Great Depression.
The recent recession lasted longer than any recessionsince the 1930s and the decline in the U.S.’s GDP as a
result of the recession was the largest since the
Depression. The combinaon of a a housing bubble burst
ing, excessive borrowing by consumers and business,corrupt acons by ﬁnancial instuons, and bank failures
all came together in 2008 to cause a decline in all
investments across the board. Equity markets fell by asmuch as 75% and some bonds have lost virtually all of their value. Stock markets are sll struggling to reboundfrom the economic meltdown. Over 8.5 million jobs werelost during the recession and the construcon industryhas been faced with 30-40% unemployment.Needless to say, the eﬀect that this ﬁnancial situaon hastaken on beneﬁt plans across the country has beensubstanal, as nearly all investments lost value and therewas no reasonable safe haven. However, the IBEW, Local103 Pension Fund was able to perform beer than 85% of El
Only through the eﬀorts of Mike Monahan and theTrustees of Local 103 have we been able to protectthe Union Funds during the most diﬃcult period in
U.S. economic history since the Great Depression.
Because of their work, IBEW, Local 103 members andtheir family have connued to be able to receive thebeneﬁts they have earned and deserve.
WHAT CONTRACTORS ARE SAYING ABOUT LOCAL 103
“Local 103 has won back such a huge percentage of work in the ﬁeld of traﬃc signal upgrades that I had no
other choice but to sign on as a signatory contractor.
What I have found is that the decision to sign on wasthe absolute best move I could have ever made for mybusiness. With Mike Monahan’s guidance, CorvielloElectric is now compeng for traﬃc signal jobs that wenever would’ve been able to win as an open shop
- Sergio Corviello. Corviello Electric Inc.
“I would have never been able to be successful in thepublic market without the aid that Local 103 provides.Mike Monahan’s vision for taking back the public sector isthe main reason for that success. Where unioncontractors were able to win less than a quarter of thepublic work just ten years ago, under Mike Monahan’sleadership, we are now winning over three-quarters of
that same work.”
- Joe Bavarro, Brothers Electrical Company, Inc.
“Having started oﬀ as an apprence under Local 103, Ithen was a nonunion contractor for over 15 years.However, I made the decision to come back to theunion aer seeing the changes that have taken place.What I have found in my return is that our BusinessManager, Mike Monahan, is commied to training the
best electricians and technicians anywhere and my
business can only beneﬁt from that commitment.”
- John Corliss, J. Corliss Electric, Inc.
“Mike Monahan has set Local 103 as a leader in theelectrical industry. His ability to ulize resources at
his disposal has only strengthened our union’s place
at the top. From tracking jobs to invesng in up-and
coming technologies, Mike’s dedicaon has led ourunion to be compeve now and ready for the chal
-lenges of the future. ”
- Paul Maiuri, Maiuri Electrical Corporaon
HEALTH AND WELFARE FUND
Because of the dedicaon to improving the lives of all
our members, whether working, unemployed, or
rered, and all of their families, Local 103 has beenable to connuously provide good quality health careand wellbeing through the Health and Welfare Fund.The coverage that Local 103 provides is unmatched in
Some of the beneﬁts to members include:• Full health beneﬁts for Rerees aged 58-65 with no
• Medicare supplemental coverage for those age 65+• $59 million spent last year on health claims for Local103 members and families• $16.7 million spent last year on prescripon drugcoverage for Local 103 members and families•
Full health insurance coverage for unemployed members
MARKET RECOVERY PROGRAM
Mike gave me this info. Will ﬁll in.