related companies in the industry.

The contributory pension fund was set up in 1982 to provide retirement benefits for Bermuda Industrial Union (BIU) members at five construction companies.

Now firms that don't have a collective bargaining agreement with the BIU will be allowed to join. Plan administrator Calvin White said the decision was made based on the fund's good financial status and the pending Government legislation requiring all employers to provide pension benefits for their employees.

"The Board of Trustees feels that the fund is strategically placed to accommodate the employees and firms in the construction and related industries that will be affected by this pending legislation,'' a press release stated.

At the end of the financial year ended June 30, the fund had assets available for benefits of about $4 million, a increase of 14 percent above the previous financial year. Since the fund's total actuarial liability is less than the valuation of the assets the board of trustees has increased by 15 percent the maximum amount of pension payable under the plan.

The board has also implemented a five year vesting period. This means an employee will be entitled to his employer's contributions at retirement after working for five years for the same company.

The fund currently pays pensions to 35 retirees, and two beneficiaries of deceased pensioners. About 140 employees contribute to the plan. Universal Electric Ltd., S.A.L. Ltd., Salisbury Construction Co. Ltd., BCM McAlpine Ltd., and Camara's Carpentry are the original members of the fund.