Reminders

    As required under the Pension Protection Act of 2006 (PPA) the Plan will soon be sending out a notice regarding the Plan's funding status. The PPA classifies Plans as Endangered, Seriously Endangered, or Critical with those Plans not falling into one of these categories being considered "Safe". The Plan's actuary has informed us that the Plan is expected to be classified as "Safe" under the Pension Protection Act for the September 1, 2008 through August 31, 2009 Plan year. In addition, based on experience to-date, the Plan will continue to remain "Safe" for the 2009 Plan year. However, even taking this experience into account, the Fund actuary still projects the long-term funding ratio to return to over 100% over time.

   After discussing with the Fund's actuary and reviewing our financial status, we are pleased to announce that there will be a $50.00 increase to all existing retirees with an effective date prior to April 1, 2008. In addition, there will be a 3% increase to all new retirees going out effective April 1, 2008. The 3% is based on members with 25 years of service. All other retirees will receive a proportional increase above 3% if the years of service are more than 25 years. For retirees with less than 25 years of service, your increase will be proportionally less.

     In addition, the Union and Employers have negotiated an additional increase for the period effective April 1, 2008 through July 1, 2008 retirement. This increase is an additional 3% for a person with 25 years of service. The 3% increase will go proportionally higher or lower depending on whether your years of service are over or under 25 years.

     The Board of Trustees has agreed to this increase

     Anyone retiring with an effective date of August 1, 2008 and beyond will not receive the additional 3% negotiated by the Union and Employers.