The 2012 Retiree Bonus Account Trust (“the Bonus Plan”) was established on January 1, 2012 by a collective bargaining agreement between the UMWA and the Bituminous Coal Operators’ Association (“BCOA”). The Bonus Plan contracts with the UMWA 1974 Pension Trust for administrative services.
The Bonus Plan will provide a one-time single sum bonus payment to eligible retirees for the years 2014, 2015, and 2016.
All major policy decisions for the Bonus Plan are made by the board of four trustees. The duties of the trustees include collecting funds owed to the Bonus Plan, interpreting the provisions of the plan, and investing the assets of the trust. The UMWA and the Bituminous Coal Operators' Association (“BCOA”) each appoints two trustees. Michael Holland and Micheal Buckner have been appointed by the UMWA, and Michael O. McKown and Michael D. Loiacono have been appointed by the BCOA. Mr. Holland is the Chairman of the Board of Trustees.