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 March 2005 IBEW Journal
Noted for his principled leadership
and sound vision for the future, Jerry OConnor served
the Brotherhood with distinction as International
Secretary-Treasurer.
Jerry OConnor with
fellow former Local
701 business managers Joseph Herro (left)
and Arthur R. Ludwig. Together the three represent
more than 30 years service as Local
701 business manager.
OConnors prudent stewardship as a trustee helped
carry forward the IBEWs pension funds during a tough
economic climate. He managed the IBEW treasury with
dedication and advanced numerous innovative initiatives
beneficial to the membership.
Continuing work begun by President Hill when he was
International Secretary-Treasurer (1997-2001), OConnor
worked with fellow trustees to restructure IBEW pension
funds to meet the challenges of the 21st century.
He guided fund investments through the "perfect
storm" of a collapsing stock market, record low-interest
rates, and the 9/11 attacks.
Despite these setbacks, the joint labor-management
National Electrical Benefit Fund (NEBF) recently exceeded
$10 billion in assets for the first time. The NEBF
is a multiemployer pension fund jointly administered
by the IBEW and the National Electrical Contractors
Association (NECA). The National Electrical Annuity
Plan also reached a new high of $1.7 billion in 2005.
Under OConnors stewardship, the $1.5 billion IBEW
Pension Benefit Fund (PBF) known as the "A-Member
Pension Plan" was restructured through consolidation
and diversification of fund assets to maximize returns
for IBEW members. OConnor authorized creation of a
PBF "Master Trust" to pool fund assets to
get a better rate of return on investments.
Project Millennium/NEBF
The IBEW/NECA Project Millennium real estate initiative
conceived by President Hill was brought to fruition
by Secretary-Treasurer OConnor and continues to make
important strides. The NEBF has provided funding for
dozens of top-quality real estate projects across the
nation, generating good pension investment returns
and thus far creating over 7 million man-hours of employment
for union workers.
An excellent example of Project Millenniums success
is the new IBEW headquarters building in Washington,
D.C.
IBEW-COPE
As Secretary-Treasurer of the IBEWs Committee on
Political Education (IBEW-COPE), OConnor worked tirelessly
to advance the interests of working people in the political
arena. During OConnors stewardship, IBEW-COPE political
fund-raising grew from $5.1 million per year to $9.1
million per year.
Multi-Regional Health and Welfare Plan
OConnor guided the ongoing development of a multi-regional
IBEW Health and Welfare Plan designed for the benefit
of IBEW members. In its current stage of development,
the project initially will involve several districts
under one Health and Welfare Plan and will soon be
ready for implementation. Work continues on this project
with a view toward possible future implementation of
a national Health and Welfare Plan.
ERTS Reciprocity System
Other major advances during OConnors tenure include
full implementation of the new IBEW/NECA Electronic
Reciprocal Transfer System (ERTS).
ERTS debuted in the spring of 2002 and has been a
major benefit to traveling members. The automated reciprocity
system is designed to facilitate transfer of pension
and health and welfare payments for IBEW members traveling
outside their home area to work in another locals
jurisdiction. ERTS is now fully operational for all
IBEW construction locals in the United States and Canada.
Sav-RX Prescription Drug Plan
At the direction of Secretary-Treasurer OConnor,
the IBEW began researching the feasibility of a national
prescription drug program for IBEW members in the fall
of 2002.
The groundbreaking Electrical Industry Sav-Rx Plan
was launched in early 2003 to offer members relief
from the high cost of prescription drugs. Available
to all IBEW locals and members in the United States,
the Sav-Rx Plan is one of the first such programs to
be offered on a nationwide basis for labor unions.
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