logo img

Local 677 Health Service And Insurance Plan

Learn about this cause: Is it Legit? Do I like the mission? What is the CEO's salary?

EIN: 060691862 ✦ Cheshire, CT ✦ Designated as a 501(c)(9)

Overview

What is Local 677 Health Service And Insurance Plan?

Local 677 Health Service and Insurance Plan is a nonprofit organization based in Cheshire, Connecticut, specifically located at 609 West Johnson Ave, ZIP code 06410. With a team of six employees, this self-insured health benefit plan provides medical, death, and life insurance benefits to approximately 2,953 members, along with their dependents. The organization's mission is to offer self-insured healthcare coverage to union members under the collective bargaining agreement negotiated by Teamster Local 677.


Is Local 677 Health Service And Insurance Plan legitimate?

Mission Statement of Local 677 Health Service And Insurance Plan

Local 677 Health Service and Insurance Plan, a self-insured health benefit plan, is dedicated to providing comprehensive health benefits to its 2,953 members and their dependents. The organization is an integral part of the collective bargaining agreement negotiated by Teamster Local 677 Union. In essence, it serves as a safety net, ensuring its members have access to essential medical, death, and life insurance coverage.

By prioritizing the health and well-being of its union members, Local 677 Health Service and Insurance Plan assumes the risk and financial responsibility for the covered members' healthcare costs. It offers a broad range of insurance benefits, enabling its members to focus on their wellness rather than the financial implications of their healthcare needs. The plan's mission extends beyond just providing coverage, as it plays a crucial role in safeguarding the health and financial security of the union community it serves.

Impact

This information is meant to be a general summary of Local 677 Health Service And Insurance Plan. Please take the time to review official sources before making any decisions based upon the content provided here.




Saturday, April 13, 2024

Local 677 Health Service And Insurance Plan's impact is significant as it provides insured and self-insured medical, death, and life insurance benefits to 2,953 members plus their dependents. By offering these crucial benefits, the plan plays a vital role in ensuring the health and well-being of its members and their families. Additionally, as a mutual benefit organization, Local 677 Health Service And Insurance Plan contributes to the overall stability and security of its member community by providing essential health coverage negotiated through a collective bargaining agreement. This impact is not only felt by the members directly covered by the plan but also ripples out to their families and loved ones, fostering a sense of security and support within the community.





Financials

This financial information is from Propublica.

Revenue
Expenses
Efficiency

Other financial information:

This information is from the most recently submitted tax form from this organization, which was in 2022.

  • Investment Income: $3,767,192
  • Program Service Revenue: $41,390,428
  • Gross Receipts: $67,736,295

    • Assets and Liabilities:
  • Total Assets: $95,770,287
  • Total Liabilities: $8,657,932
  • Net Assets: $87,112,355
  • Programs

    Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.

    EMPLOYER CONTRIBUTIONS

    Revenue

    $40,738,704

    SPECIAL RETIREE CONTRIBUTIONS

    Revenue

    $418,783

    COBRA CONTRIBUTIONS

    Revenue

    $152,601

    PAYROLL AUDIT CONTRIBUTIONS

    Revenue

    $80,340

    Organization Details

    Founding Year

    1958

    Principal Officer

    John Murphy

    Main Address

    609 WEST JOHSON AVE, CHESHIRE, CT, 06410

    NTEE Category

    Code: Y40 - Mutual benefit