The Trust is managed by a nine-member Committee. Three of the Committee members are appointed by the USW, two are appointed by the Retiree Class Representatives, and the remaining four are independent Public Members. Each Committee member has significant experience in the field of employee benefits.
The Committee has authority for the operation of the Trust. The mission of the Committee is to provide eligible retirees and their dependents with the best possible health care benefits at a reasonable cost in order to ensure that the Trust remains operational for the longest time possible. The Committee is responsible for ensuring that the Trust and the Health Care Plan comply with the terms of the Settlement Agreement and applicable laws, including ERISA, which is the federal law governing employee benefit plans, and operate in the best interest of Trust participants.
The Committee meets regularly to oversee the operations of the Trust. Some of the important decisions by the Committee include:
- Adoption of a Health Care Plan. (See the Trust Benefits Section for a description of Plan benefits.)
- Selection of benefit plan administrators to provide claims administration and customer service for the medical, dental and prescription drug benefits.
- Establishment of the Trust Administration Office, located in Pittsburgh, Pennsylvania.
- Appointment of a Bank Trustee, J.P. Morgan in Columbus, Ohio, to hold the Trust Assets.
- Appointment of highly qualified professional organizations to help ensure that the Trust and benefit plans are properly managed in compliance with all applicable laws and industry best practices, and to assist the Committee in providing the best benefit value to retirees for the longest time possible. These professionals include an investment advisor, legal counsel, an independent auditor, an actuary, and health care benefit consultants. Each of these advisors were appointed following a thorough search and selection process.
- Establishment of Trust Sub-Committees. Audit, Investment, Communications and Appeals Sub-Committees were established in order to ensure that timely decisions are made and carried out between regular Committee Meetings.