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