New rate structure ensures LECMPA members continue to enjoy the best coverage in the industry for less
SOUTHFIELD, Mich., July 11, 2022--(BUSINESS WIRE)--Locomotive Engineers & Conductors Mutual Protective Association (LECMPA) announced that effective Sept. 1, 2022, it is significantly reducing monthly rates for both Rail Operating Craft and Rail Non-Operating Craft members.
"As a member-owned mutual insurer, the Association continually looks for ways to offer the most value for our members' premium dollars," said LECMPA President Rod Bloedow. "With inflation on the rise and our members facing a more challenging economic environment that’s stretching everyone’s paychecks, we found a way to make policies for thousands of people even more budget-friendly while still providing the same level of coverage and peace of mind for their families."
At its quarterly meeting in June, the Association's Board of Trustees voted unanimously to enact new, lower pricing for all railroad craft members. Additionally, effective with the rate reduction, existing and new No. 12 and No. 16 policyholders immediately will be eligible for 365 discipline days. Members who carry the Premier 120 and Premier 180 will be given the opportunity to convert to the No. 16 policy, permitting them to take advantage of the increased discipline days at lower rates.
Highlights of the new structure include:
Rail Operating Crafts
Rail Non-Operating Crafts
With these new lower rates, LECMPA continues to set the standard as the premier provider of wage loss protection to railroaders in the United States and Canada.
In addition to providing members with an opportunity to save or increase their daily benefit, LECMPA recently upgraded many other member benefits. For instance, the Association improved the Loyalty Appreciation Program last September. All members now are realizing increased tax-free payouts upon retirement. The improvement results in a doubling of the earned payout as daily coverage increases to $201/day or more. Discounts for semi-annual and annual pay were doubled for members who elect to pay their premiums by check or direct debit. Plus, the Referral Program payment doubled to $100 for each referral that leads to a new member.
"For more than a century, our members have been the heartbeat of our Association," Bloedow said. "That isn’t changing – even as we face greater uncertainty within the railroad industry."
About LECMPA: LECMPA, founded in 1910 as a cooperative assessment insurer for railroad workers, provides wage loss protection to union transportation workers throughout the United States and Canada. LECMPA is a tax-exempt, member-owned company with approximately 27,000 members. LECMPA is headquartered in Southfield, Mich. More information is available at http://www.lecmpa.org.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220711005870/en/