December 1999 TO: ALL PLAN PARTICIPANTS OF THE MICHIGAN BAC
PENSION FUND RE: PENSION
PLAN IMPROVEMENT Dear
Participant: 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. Sincerely, BOARD OF
TRUSTEES MICHIGAN BAC
PENSION FUND xc: Local Unions and Chapters |