Iron Workers Tri-State Welfare Fund
The Iron Workers Tri-State Welfare Fund is a Taft-Hartley ERISA-governed multi-employer welfare benefit plan providing comprehensive health, dental, vision, hearing, life, and disability coverage to union iron workers and retirees across six locals in the Illinois tri-state region, funded entirely by employer contributions under collective bargaining agreements.
- Company typePrivate
- Founded-
- HeadquartersSchaumburg, United States
- Headcount51–100
- GTM typeB2C
- OfferingServices
What Iron Workers Tri-State Welfare Fund does
The Iron Workers Tri-State Welfare Fund is a Taft-Hartley multi-employer employee welfare benefit plan organized under ERISA and headquartered in Schaumburg, Illinois. It provides comprehensive health care coverage and ancillary insurance benefits to eligible iron workers and their dependents across six participating local unions (111, 112, 380, 444, 465, 498) in the Illinois tri-state region. Benefit offerings are bundled across three primary tiers: an Active Plan of Benefits for working members (covering medical, prescription drugs, dental, vision, hearing, life insurance, AD&D, and disability income), a Pre-Medicare Retiree Plan, and a Medicare Retiree Plan structured as a Blue Cross Blue Shield Medicare Advantage product. Supporting programs include the Healthy Foundations Account (HFA) wellness incentive program with up to $400 individual / $800 family annual rewards, a Self-Pay Program for coverage continuation, and a Pre-Funded Retiree Allowance that can fully subsidize retiree premiums for members with 30+ years of service.
The fund's operating technology is a conventional welfare benefits administration stack rather than a proprietary platform. Members access benefits through the Group Administrators member portal (eligibility, claims, deductibles, annual statements), an HFA debit card system via the WealthCare Portal, a mobile web application, and a 2024-launched Self-Pay online payment system. Service delivery is executed entirely through six core vendor partnerships: Blue Cross Blue Shield of Illinois (medical claims and Medicare Advantage), Express Scripts (prescription drug benefit), Hines & Associates (utilization review, health coaching, HFA program administration), VSP (vision), Epic Hearing (hearing benefits), and Group Administrators (claims processing and member portal administration). No proprietary technology IP, patents, or AI/ML capabilities are disclosed.
The fund's business model is structurally non-commercial. Revenue consists entirely of employer contributions made pursuant to collective bargaining agreements; employee contributions are explicitly prohibited. The fund is governed by a twelve-member Board of Trustees with equal Union and Management representation, has no parent company, no subsidiaries, no funding rounds, and no public equity. Pricing for self-pay and retiree coverage is not publicly disclosed and varies by local union. The entity is not an investment vehicle in the conventional PE/VC sense — it is a labor-management trust whose outputs are member benefits rather than shareholder returns.
Iron Workers Tri-State Welfare Fund firmographics
Firmographics- Name
- Iron Workers Tri-State Welfare Fund
- Legal name
- Iron Workers Tri-State Welfare Fund
- Website
- https://tristatewelfarefund.com
- Company type
- Private
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- The Iron Workers Tri-State Welfare Fund is a Taft-Hartley ERISA-governed multi-employer welfare benefit plan providing comprehensive health, dental, vision, hearing, life, and disability coverage to union iron workers and retirees across six locals in the Illinois tri-state region, funded entirely by employer contributions under collective bargaining agreements.
- Ownership category
- akta.pro rank
Iron Workers Tri-State Welfare Fund industry classification
Industry- Product category
- Multi-Employer Welfare Benefits (Taft-Hartley Health Fund)
- NAICS
- Health and Welfare Funds (525120), Health and Welfare Funds (52512), Insurance and Employee Benefit Funds (5251)
- SIC
- Services-Membership Organizations (8600), Services-Social Services (8300), Insurance Agents, Brokers & Service (6411)
- akta.pro primary industry
- Taft-Hartley / Union Multiemployer Group Health Plans (FSAIAFAG)
- akta.pro secondary industry
- Flexible Benefits Administration (FSA/HSA/HRA) (HLAEALAK)
Keywords
Where Iron Workers Tri-State Welfare Fund is headquartered
LocationHeadquarters
- HQ city
- Schaumburg
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Iron Workers Tri-State Welfare Fund business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Others
Revenue model
- Employer Contributions: The fund is financed entirely by employer contributions made pursuant to collective bargaining agreements. No employee contributions are required or allowed. Contribution rates are specified in applicable CBAs.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Pay-as-you-go | Self-Pay for Active Plan |
| Subscription | Pay-as-you-go | Pre-Medicare Retiree Self-Pay |
| Subscription | Pay-as-you-go | Medicare Retiree Plan |
| Transaction based/ take rate | Pay-as-you-go | Credit Card Convenience Fee |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels5 records
Iron Workers Tri-State Welfare Fund product offering
Product offeringCore offering
Iron Workers Tri-State Welfare Fund is a Taft-Hartley multi-employer trust that provides collectively bargained health and welfare benefits—including medical, prescription drug, vision, hearing, and wellness program coverage—to active Iron Workers Local union members, their dependents, and eligible pre-Medicare and Medicare retirees across the Tri-State region. Coverage for active members is funded through employer contributions paid on an hourly-worked basis, while retiree coverage is maintained through self-pay arrangements administered on the members' behalf.
Product overview
Iron Workers Tri-State Welfare Fund offers a comprehensive welfare benefits program consisting of multiple integrated products. The core offerings include the Active Plan of Benefits providing medical, dental, vision, and hearing coverage along with life insurance, AD&D, and disability benefits for active union members. For retirees, the Fund provides separate Pre-Medicare Retiree Plan and Medicare Retiree Plan (Blue Cross Blue Shield Medicare Advantage) options. Supporting programs include the Healthy Foundations Account wellness program, Self-Pay Program for coverage continuation, and Pre-Funded Retiree Allowance for long-service members. The fund coordinates with third-party providers including BlueCross BlueShield of Illinois, Express Scripts, Hines & Associates, VSP, and Epic Hearing to deliver these benefits.
Differentiator
Problem solved
Functional benefit
Products and services
- Active Iron Workers Health and Welfare Plan Primary health and welfare benefit plan for active Iron Workers Local union members and their dependents, providing medical, prescription drug, vision, and hearing coverage, with premiums paid by employers through hourly contributions based on hours worked.
- Healthy For Life (HFA) Wellness Incentive Program Wellness incentive program that rewards participating eligible members and dependents for maintaining healthy behaviors, providing benefits upon completion of qualifying activities, with program support contactable via dedicated program administration.
- Pre-Medicare Retiree Health Coverage Self-pay health care benefit coverage for retired iron workers under age 65 who are not yet eligible for Medicare, including medical, prescription drug, vision, and hearing benefits, with payments handled through a dedicated self-pay system.
- Medicare Retiree Plan Health coverage plan for Medicare-eligible retirees that supplements Medicare and provides prescription drug and additional benefits coordinated with Medicare coverage.
- Pre-Funded Retiree Allowance Allowance funded through employer contributions that subsidizes retiree health benefit premiums to help eligible retirees maintain coverage post-employment.
- Dependent Family Member Coverage Extends medical, prescription drug, vision, and hearing coverage to eligible dependents of active and retired iron workers, including spouses and children as defined by plan rules.
- Mobile Web App Member Portal Mobile web application provided to members for convenient access to benefit information, plan details, and account-related resources.
Quantifiable outcome
- Up to $400 per participant ($800 per family) in wellness rewards through Healthy Foundations Account
- +2 more outcomes
Companies that use Iron Workers Tri-State Welfare Fund
Customer profileSegments4 records
Ideal customer profiles1 record
Iron Workers Tri-State Welfare Fund technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration8 records
Feature3 records
Iron Workers Tri-State Welfare Fund partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core.
- BlueCross BlueShield of Illinois (BCBSIL)coreBCBSIL provides medical claims processing and administers the Medicare Advantage plan for retirees. Providers can verify eligibility and file claims electronically through BCBSIL systems.
- Express ScriptscoreExpress Scripts administers the prescription drug benefit, providing retail pharmacy network and mail-order service for long-term prescriptions (up to 90-day supply).
- Hines & Associates Inc.coreHines & Associates provides utilization review (pre-certification for hospital care), health coaching, telephonic lifestyle and condition coaching, and administers the HFA Wellness Program.
- VSP (Vision Service Plan)coreVSP provides vision care benefits through its provider network, offering in-network services at no cost for many services.
- Epic HearingcoreEpic Hearing provides hearing benefits for active and pre-Medicare retired employees, covering hearing aids up to $2,500 per ear every 36 months and routine hearing exams.
- Group AdministratorscoreGroup Administrators processes claims and administers the My Benefits Portal where members can view eligibility, claims, deductibles, and annual statements. Claims are mailed to their Hoffman Estates address.
Scale indicators2 records
Recent moves5 records
Expansion highlights4 records
Iron Workers Tri-State Welfare Fund competitors and assessment
Company assessmentDirect peers
- Teamsters Joint Council No. 25 Welfare Fund: Multiemployer welfare fund serving Teamsters locals across the Chicago tri-state area. Comparable Taft-Hartley structure with employer-funded medical, prescription, dental, vision, life, and disability benefits, plus retiree programs.
- Plumbers Local 130 Welfare Fund: Taft-Hartley welfare trust serving UA Plumbers Local 130 in the Chicagoland region. Same construction-trade union welfare model with employer-paid contributions, family coverage, and retiree continuation programs.
- IBEW Local 134 Welfare Fund: Taft-Hartley welfare plan covering International Brotherhood of Electrical Workers Local 134 members. Similar construction-trade union welfare model with employer-paid contributions and integrated medical/retiree/wellness benefits.
- Sheet Metal Workers Local 73 Welfare Fund: Taft-Hartley welfare fund for sheet metal workers in the same regional building trades ecosystem. Highly comparable in structure (multiemployer, CBA-funded, comprehensive medical/wellness/retiree benefits) and demographic (construction trade union).
- Iron Workers District Council of Chicago Welfare Fund: Taft-Hartley multiemployer welfare fund for iron worker locals in the same Chicago-area jurisdiction. Operates the same union-welfare-fund model with employer-funded benefits, retiree programs, and similar carrier stack.
- Iron Workers Local 17 Health & Welfare Fund: Taft-Hartley welfare trust serving iron worker Local 17 members. Closest structural analog — same trade, same multiemployer CBA-funded benefit administration, comparable medical/RX/vision/dental coverage tiers.
- Chicago Regional Council of Carpenters Welfare Fund: Multiemployer welfare fund for union carpenters in the Chicago region. Same construction-trade union benefit structure with CBA-funded employer contributions, retiree health, and wellness incentive programs.
Broad incumbents
- Blue Cross Blue Shield of Illinois: Major regional health insurer and current medical/Medicare Advantage carrier for this fund. Broad incumbent offering overlapping group health, Medicare Advantage, and administrative services across the broader employer and union welfare fund market.
Emerging players
- Group Administrators, Inc. Third-party administrator already used by this fund for claims processing and the My Benefits Portal. Direct service peer in the TPA segment serving union welfare fund clients with similar technology and service offerings.
- BeneSys, Inc. Third-party administrator that administers Taft-Hartley and multiemployer welfare funds nationally. Comparable in serving the same customer type (Taft-Hartley trustees) with similar administrative services including claims, eligibility, and participant portals.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Iron Workers Tri-State Welfare Fund social profiles
Digital presenceIron Workers Tri-State Welfare Fund financial estimates
Financial estimateRevenue estimate
Valuation estimate
Iron Workers Tri-State Welfare Fund leadership team
Management profileNumber of profiles
Profiles1 record
Iron Workers Tri-State Welfare Fund funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Iron Workers Tri-State Welfare Fund M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Iron Workers Tri-State Welfare Fund
What does Iron Workers Tri-State Welfare Fund do?
Iron Workers Tri-State Welfare Fund is a Taft-Hartley multi-employer trust that provides collectively bargained health and welfare benefits—including medical, prescription drug, vision, hearing, and wellness program coverage—to active Iron Workers Local union members, their dependents, and eligible pre-Medicare and Medicare retirees across the Tri-State region. Coverage for active members is funded through employer contributions paid on an hourly-worked basis, while retiree coverage is maintained through self-pay arrangements administered on the members' behalf.
Is Iron Workers Tri-State Welfare Fund a public or private company?
Iron Workers Tri-State Welfare Fund is a private company. It is classified as nonprofit foundation owned and is currently operating.
When was Iron Workers Tri-State Welfare Fund founded?
Iron Workers Tri-State Welfare Fund was founded in -1. It employs 51 to 100 people.
Where is Iron Workers Tri-State Welfare Fund based?
Iron Workers Tri-State Welfare Fund is headquartered in Schaumburg, United States, in the North America region.
How does Iron Workers Tri-State Welfare Fund make money?
One revenue line is on record: employer Contributions.
Who are Iron Workers Tri-State Welfare Fund's main competitors?
Direct peers on record are Teamsters Joint Council No. 25 Welfare Fund, Plumbers Local 130 Welfare Fund, IBEW Local 134 Welfare Fund, Sheet Metal Workers Local 73 Welfare Fund, Iron Workers District Council of Chicago Welfare Fund, Iron Workers Local 17 Health & Welfare Fund and Chicago Regional Council of Carpenters Welfare Fund. Blue Cross Blue Shield of Illinois is listed as a broad incumbent. Emerging players are Group Administrators, Inc. and BeneSys, Inc..
Does Iron Workers Tri-State Welfare Fund have an API?
No public API is recorded for Iron Workers Tri-State Welfare Fund.
What industry is Iron Workers Tri-State Welfare Fund in?
Iron Workers Tri-State Welfare Fund's product category is Multi-Employer Welfare Benefits (Taft-Hartley Health Fund). Its primary akta.pro industry code is FSAIAFAG, Taft-Hartley / Union Multiemployer Group Health Plans, with a secondary code of HLAEALAK, Flexible Benefits Administration (FSA/HSA/HRA). Its NAICS code is 525120 and its SIC code is 8600.