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February 1999

THE DISTRICT 190 SPARKPLUG

Page 5

BENEFITS NEWS

While the Automotive Industries Trustees cannot guaran -

tee benefit improvements, making the pension

plan

stronger and more lucrative

for retirees is always their

goal.

The

following

good

news

was

distributed

in

much

greater detail tions, be sure 832-2484.

by mail in to contact

December. If you have any ques - the Administrative Office at 510-

PacifiCare Ad

Change in Benefit Accrual Rate For retirements effective on or after January 1, 1998, the individual factors for deter- mining the amount of the Normal Retirement Benefit have been changed. For service between September 1, 1955 and January 1, 2000, benefits have been increased from $4.73 to $4.90 for each $100 of Fund contributions made on your behalf. For service after January 1, 2000, the rates remain as they had been.

receive their pension bene- fits in the form of a Single Life Annuity with 120- Month guarantee.

Of course pension bene- fits are payable for your life- time, but if you live less than 120 months after retirement, monthly payments will con- tinue to your surviving spouse, or if none, to your eligible dependents until a total of 120 monthly pay- ments have been made.

Participants who retired on or after May 1, 1998 have until March 1, 1999 to change to the 120-month guarantee benefit option.

Retiree Increase Pensioners and Beneficiaries with a pension effective date prior to January 1, 1998 (with some stipulations) will receive a 1% increase in the monthly benefit amount.

Extra Benefit Check Pensioners and Beneficiaries with a pension effective date prior to January 1, 1998 (with some stipulations) will receive a one-time “extra” check equal to the amount of their monthly pension check for December 1997.

120-month guarantee Participants may elect to

Please contact the Administrative Office for a new benefit election form if you want to change plans.

Change in lump sum distribution amount If at the time of retirement the actuarial present value of a participant’s monthly ben- efit is $5,000.00 or less, the actuarial present value of the benefit will be paid in a lump sum instead of a monthly benefit. Previously, a benefit was paid lump sum if the actuarial present value was $3,500 or less.

SHOP TALK: What’s the best thing about being a shop steward?

“I get paid for coming to steward meetings!”

“I enjoy helping the guys out. . . making sure the contract is in order.”

“Just being involved.”

The headaches! Actually, I can tell the

Being aware of things as they happen, and

boss about problems and give feedback, which is important.”

gaining respect from the other employees.”

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