TO: ALL PLAN PARTICIPANTS OF THE MICHIGAN BAC PENSION FUND
RE: PENSION PLAN IMPROVEMENT
We are pleased to announce the following benefit modification, which the Board of Trustees adopted at their meeting of December 7, 1999:
· The Early Retirement Age was changed from age 60 to age 56 effective May 1, 1999.
· Effective retroactive to May 1, 1999, the Plan was amended to extend the Unreduced Early Retirement Benefit provisions at age 58 with 25 Years of Service to all pre-merger Accrued Benefits as well as the previously approved Michigan BAC Accrued Benefits.
· Finally, for Active Participants retroactive to May 1, 1999, the their Pre-Merger Benefit will be increased by 1.3333% or in the same ratio as the Future Service Credit Formula as 3.75% is to 3.80%.
If you have any questions regarding these Plan Improvements, please do not hesitate to contact the Pension Department at the Fund Office for further assistance.
BOARD OF TRUSTEES
MICHIGAN BAC PENSION FUND
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