THE DISTRICT 190 SPARKPLUG
While the Automotive Industries Trustees cannot guaran -
tee benefit improvements, making the pension
stronger and more lucrative
for retirees is always their
greater detail tions, be sure 832-2484.
by mail in to contact
December. If you have any ques - the Administrative Office at 510-
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.”