The Power Sector Benefit Trust (PSBT) is designed to respond to the needs of the Members and their families. The primary focus is Members first. The Trust provides benefits that align with the needs of the Members, and we update and adjust those whenever we, as Members, choose.
PSBT is a unique plan in the industry in that it only has union trustees that oversee the operation of the Trust, as compared to other Plans that have joint labor and management oversight boards. The flexibility of managing our Trust gives us the ability to respond to our needs today and to set in place policies that continues to grow and serve our Members in the future. We can modify our Plan to provide whatever level of benefit that we, as a group, decide that we want to deliver. There are no restrictions on what we can provide. Members determine the cost of payment by the level of benefits we want to purchase.
PSBT is a multi-employer Benefit Trust. Participating unions that have multiple Collective Agreements with numerous employers can contribute. Affiliated organizations that may or may not be working under a Collective Agreement are also able to participate.
How do the Trustees Determine Plan Changes?
Each year, the Trustees survey all Members of the PSBT. This survey is your opportunity to add input to our Plan. After the data is collected, the Trustees review the feedback based on the expressed needs and interests of those who have participated. Next, they determine whether or not any changes need to be made to the coverage available through the Benefits Plan. Trustees consider the overall costs of implementing any proposed changes—and whether or not an increase to the premium would need to be submitted to Members. Based on the collected data and careful consideration, the Trustees decide in the best interests of Members of the Plan. The benefit coverage is negotiated annually, and Members carefully manage the PSBT Plan. This has proven to be a very successful approach. We work together to ensure that we can provide the best possible Benefit Plan for our Members and their families.