6/3/1999
Trustees Declare 13th Check for Retirees At last night's
Pension Trust meeting, your trustees received reports from the actuary and the independent auditor regarding the financial and actuarial health of your pension plan. The news was very good!
The
reports indicated that the pension plan continues to exceed the funding standards required by law. In fact, the plan is doing well enough to enable the plan to issue a 13th
check to all retirees who received a regular pension check on December 1, 1998. The amount of the check will be the same as each retiree's regular monthly pension amount. The Trust Fund expects to issue the check before the last week of July, 1999. Check back on this announcements page for any updates to this planned distribution date.
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IMPORTANT REMINDER:
The Trustees wish to remind you that the ability of the Plan to issue you a 13
th check must be considered a one-time bonus. You should not plan on receiving any future 13th
check because it is not part of your ongoing benefit and is in no way guaranteed. Participants have no vested right to receive a 13th
check. The Plan's ability to issue this check is completely dependent on the good financial health of the Plan, the existence of a surplus within the Plan, and other factors which are determined by the Trustees.
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At last night's Pension Trust meeting, your trustees received reports from the actuary
and the independent auditor regarding the financial and actuarial health of your pension plan. The news was very good! The reports indicated that the pension plan continues to exceed the
funding standards required by law. In fact, the plan is doing well enough to enable the plan to increase the benefits accrual of active plan participants by 5%. To be eligible for this benefit improvement:
A. you must have worked at least 375 hours in both the plan years ending 6/1997 and 6/1998, B. you must not have been retired (drawing a pension) as of 6/1/1998, and C. you must never have worked in non-covered construction employment.
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The trustees are very pleased to be able to make this benefit increase available. Thanks
to the very favorable investment returns of the Plan in the past few years as well as the favorable economic conditions of the industry, this enhancement to your retirement security has been achieved. The exact increase to your personal accrued benefit will be calculated within about three months. Look for the increase on your next pension statement. The increase will also show up on the
Personal Information Page of this website at the same time. Congratulations on your pension benefit increase! |
