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FUND
NOTICES & UPDATES |
To All Participants:
Financial security for retirement is important to all of us. Naturally, we all want to be able to retire in comfort and enjoy the fruits of our labor. Helping you build for a financially secure retirement is a major concern of the Trustees
of the Automobile Mechanics’ Local No. 701 Union and Industry Pension Fund. The Trustees, representing both Union and Employer groups who participate in the Automobile Mechanics’ Local No. 701 Union and Industry Pension Plan, are pleased to
provide you with this description of your retirement benefits under the Pension Plan.
This booklet is a summary plan description of the Pension Plan as of December 31, 2000. This booklet reflects the significant improvements to the Pension Plan since January 1, 1999. It explains your eligibility for pension benefits, the
type of benefits you may receive, and how the amount is determined. The most significant plan improvement is the accrual rate change to $80.00 effective January 1, 2001.
Please plan to read this booklet and to share it with your family. Also, you will want to keep it in a safe place for future reference. Knowing how your retirement benefits accumulate and what your Plan responsibilities are can help you and
your family plan for the future.
The Board of Trustees and the Fund Office will be happy to assist you with additional information so that you can plan for a financially secure retirement.
Sincerely,
The Board of Trustees
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- December 2000 - Retired member (not spouses or beneficiaries) who are receiving a pension benefit will a 13th check
- January 1, 1999 - Retired member (not spouses or beneficiaries) who are receiving a pension benefit will receive a $25.00
increase
- January 1, 1997 - Retired members (not spouses or beneficiaries) who are receiving a pension benefit will receive a $25.00 increase
- January 1, 1995 - A post retirement death benefit in the amount of $2,000.00 will be available to retired members (not spouses or beneficiaries)
- January 1, 1994 - Retired members (not spouses or beneficiaries) who are receiving a pension benefit will receive a $25.00 increase
- January 1, 1993 - Any member retiring on or after January 1, 1993 will have a choice from 6 different forms of payment in which to receive a monthly benefit
- January 1, 1992 - Retired members (not spouses or beneficiaries) who are receiving a pension benefit will receive a $25.00 increase
Early retirement factor is reduced - If you left covered employment on or after January 1, 1992 and retire before the age of 62, the reduction for early commencement of your pension will be reduced only 2% per year for each year that you are younger than
age 62. The previous reduction for early commencement was 4% per year for each year under the age of 62.
- June 1, 1990 - Retired members (not spouses or beneficiaries) who are receiving a pension benefit will receive a $25.00 increase
Early retirement factor is reduced - If you left covered employment between June 1, 1990 and December 31, 1991 and retire before the age of 62, the reduction for early commencement of your pension will be reduced only 4% per year for each year that you
are younger than age 62. The previous reduction for early commencement was 6% per year for each year under the age of 62.
- Sept 1, 1988 - Retired members (not spouses or beneficiaries) who are receiving a pension benefit will receive a $50.00 increase
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