Resorts World Contract Summary: 4. Benefits
Despite the spiraling cost of health care, workers will now have access to free health and dental benefits for themselves and their families with no employee contributions. This Industry Plan is the same health care that workers throughout the unionized New York City hotel industry receive under the Industry Wide Agreement (HTC’s master contract for hotel workers in New York City, also known as the “IWA”) and is considered by many to provide some of the best health care in the country.
Current employees who wish to remain in the Resorts World health plan can do so, or move into the Industry Plan. Current employees who are not in the Resorts World plan will enroll in the Industry Plan. An Industry Plan representative will be on-site soon to give a presentation and answer any individual questions employees may have. New employees (those who are hired after October 18, 2013) will automatically be enrolled in the Industry Plan.
NEW RETIREMENT PLANS
Beginning on October 18, 2015, management must begin contributing on behalf of each employee toward a pension. Unlike a 401(k) plan, with a pension, once an employee vests (after 5 years of employment), s/he is guaranteed a defined benefit (e.g., a set monthly sum). This means that employees can rest assured that upon retirement, they will receive a guaranteed monthly sum. This plan is a substantial victory for workers and a vital component in ensuring that Resorts World’s employees earn a decent living and can ultimately afford to retire with dignity.
PRE-PAID LEGAL, SCHOLARSHIP, AND TRAINING FUNDS
Effective October 18, 2016, Resorts World will begin participating in and making contributions to the Pre-Paid Legal Fund, Scholarship Fund and Industry Training Fund. Each of these provides a valuable benefit to employees.
The Pre-Paid Legal benefit plan provides free legal representation to HTC-represented employees who need a lawyer for certain matters like house closings, divorces, and the like.
The Scholarship Fund awards college scholarships to the children of HTC-represented employees.
The Training Fund provides HTC-represented employees with free classes that are intended to improve their job skills and help advance their careers.