July 04, 2009
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"Building Our Future."
Promoting professionalism through training and craftsmanship since 1946.

At Local 555 we strive for both professionalism and craftsmanship. Our Journeyman and Apprentices hold themselves to a high standard of ever-changing materials and methods of the industry. Because they receive a fair but competitive compensation package, they are career-minded and motivated to stay employed in the industry.

 

The versatility of our members’ skills gives contractors the confidence to bid on a wide scope of work. These skills include form setting, commercial buildings and tilt-ups slab construction, flatwork including curbs & gutters, restoration and repair, paving, bridges and civil site work, to name a few.

 

The mobility of our workforce provides our contractor partners the flexibility to seek projects throughout the state of Oregon and Washington.

 

Because of our commitment to meet our partners’ manpower and training needs, we have developed a state-of-the-art training facility and instructor staff with over 50 years of collective experience. Our curriculum includes everything from hands-on rider trowel operation, blue print reading and survey, to construction math.

 

Local 555 understand the competitive nature of our employers’ bidding environment. The Union has developed an innovative market recovery program and employs computer-based research and marketing techniques to assist employers in gaining access to new projects. Our contractors also rely on the established, well-managed Health Care, Pension and Apprenticeship Trusts to provide affordable benefits for their workers.

 

The contractors’ success is our success and we understand our role in that effort. Cement Masons 555 is committed to a prosperous future and to the stability and welfare of their workforce. Join our partnership in “Building Our Future” with professional and quality craftsmen.

 

What's New at 555
The Real Secret

Updated On: Apr 16, 2009 (14:04:00)
Five years of corporate pension gains wiped out in 2008

Updated On: Apr 15, 2009 (10:42:00)


Milliman has released its 2009 Pension Funding Study, which covers the 100 U.S. public companies with the largest defined benefit pension assets whose 2008 annual reports were released by March 12, 2009. Results from the ninth annual study show the ongoing financial crisis took an increasing toll on the pension funds of these 100 companies last year. The funded status of the nation's largest corporate defined benefit retirement plans registered record losses--over $300 billion--in 2008, wiping out the entire gains from the preceding five years.


Major findings in this year's study include:
  • Record losses in pension funded status during 2008
  • Pension expense declines again in 2008 but will increase significantly in 2009
  • Contributions are projected to increase significantly in 2009 and later
  • Major decrease in asset allocation to equities

"Asset losses drove a decrease in funded status from about 106% at the end of 2007 to less than 80% at the end of 2008," says study co-author John Ehrhardt. "Losses continued into 2009 with more than a $30 billion decrease in funded status in the first two months. At the end of February, the funded status of the these 100 pension plans stood at 74%, the lowest level since May 2003."

Download: 2009-pension-funding-study-03-01-09.pdf
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