May 1999 TO: ALL PLAN
PARTICIPANTS OF THE MICHIGAN BAC PENSION FUND RE: PENSION PLAN IMPROVEMENTS Dear Participant: We are pleased to announce the following benefit
modifications, which the Board of Trustees adopted at their meeting December
1, 1998: ·
Effective September 1, 1998, an Active Participant of
the Trowel Trades Local #14 (Ann Arbor) Pension Fund may receive his Local
#14 (Ann Arbor) Accrued Benefits under the Unreduced Early Retirement Benefit
provisions if he has attained age 60 with 25 Years of Service. ·
Effective May 1, 1999, an Active Participant may
receive his Michigan BAC and Local #14 (Ann Arbor) Accrued Benefits under the
Unreduced Early Retirement Benefit provisions if he attained age 58 with 25
Years of Service. ·
Effective May 1, 1999, the Future Service Formula
percentage for Active Participants will be increased from 3.75% to 3.80% of
eligible pension contributions. ·
Also effective May 1, 1999, all Retired Participants
who retired prior to May 1, 1999 and their beneficiaries, except those
receiving the flat $100.00 per month Disability Benefit, will receive a 5%
increase on their total monthly pension benefit. To all
Plan Participants Page #2 Further, the following Plan modifications were adopted
at the Board of Trustees meeting of February 16, 1999: ·
Effective retroactively to May 1, 1989, if an Active
Participant who suffered an injury or disability while employed at the
Bricklayers’ Trade by a contributing employer or an employer contributing to
another pension fund covering bricklayers & allied craftworkers with
which the Fund has a reciprocity agreement and received Workers' Compensation
Payments (Benefits) as a result of that injury or disability, that
Participant shall be credited with Hours of Work (Hours of Service) toward
vesting and eligibility for all benefits including Unreduced Early Retirement
Benefits provided under the Plan except for eligibility for Disability
Retirement Benefits. A more detailed
handout is available from your Local Union or the Fund Office. ·
In addition, Article II Section 4 – Years of Service
for other employment was modified to include Safety Inspector. ·
Further the waiver of the Suspension of Benefits
Provisions has been renewed through May 1, 2000. If you
have any questions regarding these Plan Improvements, please do not hesitate
to contact the Fund Office for further assistance. Sincerely, BOARD OF
TRUSTEES, MICHIGAN
BAC PENSION FUND xc: Local Unions and Chapters |