Chattanooga, TN, April 8, 2016 (Newswire.com) - As a follow up to a new formula adopted last year by the board of directors of the International Towing and Recovery Hall of Fame and Museum (ITRHFM), having been designed to set the Survivor Fund benefit level annually based on the Survivor Fund’s financial health, the board approved an increase in the death benefit paid to each approved application from $2,500 per incident to $3,000 per incident. If the deceased was employed by a company who was a member in good standing of the museum, or if the deceased was a member in good standing, the benefit increases to $5,000, up from $4,000.
"We are again proud to be able to increase the benefit to the families of our fallen and to do so with a sound financial plan makes this improvement even more exciting,” said Jeffrey Godwin, the Survivor Fund Committee Chairman. “Between our continued work to grow the overall fund to our original financial goals to allow for perpetual security and the generosity of so many supporting our pledge drive, we have been able to increase these benefits by gaining support from contributions as simple as those where individuals and companies pledge as little as $5 per death. We certainly hope all companies across the industry will become members of the museum to preserve our history and to provide this meaningful protection for the families of their employees.”
The Survivor Fund, founded in 2006 and managed by the International Towing and Recovery Hall of Fame and Museum, was started to offer financial support to the families that have lost a loved one in the line of service within industry. Since 2006 the Survivor Fund has approved and paid out hundreds of claims to support families in their time of need due to tragic accidents. The ITRHFM is working to build a perpetual fund while also supporting families as the fund is built. Increases in benefits to families are made based on the fundraising of the Survivor Fund and the increased security of the Fund based on its investment health.
The International Towing & Recovery Hall of Fame & Museum hosts the Wall of the Fallen Memorial, the only one in the world for the towing industry. It was unveiled September 22, 2006. The museum is located at 3315 Broad St., Chattanooga, TN.