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 BCOA. The Bonus Plan contracts with the UMWA 1974 Pension Trust for administrative services.
The Bonus Plan provided 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 were made by the board of four trustees. The duties of the trustees include collecting funds owed to the Bonus Plan, interpreted the provisions of the plan, and invested the assets of the trust. The BCOA each appointed Trustees. Michael Holland and Micheal Buckner had been appointed by the UMWA, and Trsutees Michael O. McKown and Michael D. Loiacono had been appointed by the BCOA. Mr. Holland was the Chairman of the Board of Trustees.