News

Wheelhouse Weekly – December 07, 2001

December 7th 2001

THE MASTERS, MATES AND PILOTS’
WHEELHOUSE WEEKLY

Bridging the Information Gap With E-News You Can Use

Volume 5. . . . . Number 49. . . December 7, 2001

STORIES COVERED

ALSO



 

NOTICE OF NEW TAX LAW CHANGES AFFECTING MM&P PLAN MEMBERS

 

MM&P Plans Administrator Valerie Verrecchio reports that the Economic Growth and Tax Relief Reconciliation Act of 2001 (“EGTRRA”) that was signed into law in June takes effect beginning January 1, 2002. This new tax law includes several changes to the benefit and retirement plan rules that will affect a member’s participation under the Masters Mates & Pilots Individual Retirement Account Plan in several ways. Highlighted below are the most important changes:

Increase in Dollar Limit and Percentage of Compensation Limit for Employee Contributions -Currently, a member may contribute the lesser of $10,500 or 15 percent of your eligible compensation to the 401(k) portion of the Plan.

-Effective January 2002, the $10,500 limit will be increased to $11,000 and the 15 percent compensation limit will be increased to 25 percent of your eligible compensation.  The $11,000 limit will increase by $1,000 each year thereafter until it reaches $15,000 in 2006.

-Example 1: If a member’s eligible compensation in 2002 is $60,000, you will be able to contribute up to $11,000 under the normal provisions of the Plan (this is because $11,000 would be less than 25 percent of eligible compensation).

-Example 2: If a member’s eligible compensation in 2002 is $40,000, he/she will be able to contribute up to $10,000 under the normal provisions of the Plan (this is because 25 percent of eligible compensation, $10,000, would be less than $11,000).

New Catch-up Contributions:

-The new rules also permit participants to “catch up” on contributions to their 401(k) plans beginning at age 50. -Effective January 2002, if a member will be age 50 or over by the end of 2002, he/she may make additional “catch- up” employee contributions (only pre-tax amounts) each year up to the catch-up dollar limit.

-The catch-up dollar limit for 2002 is $1,000, and will increase by $1,000 each year thereafter until it reaches $5,000 in 2006.  This limit is not subject to the normal dollar and compensation limits on employee contributions described above.

-If you will be at least age 50 by the end of 2002 and you wish to make additional catch-up contributions to the Plan, you may contribute an additional $1,000 to the Plan in 2002, over and above your normal contribution to the Plan.

-Example 1: If your eligible compensation in 2002 is $60,000, you will be able to contribute up to $11,000 under the normal provisions of the Plan and up to an additional $1,000 “catch-up” if you are age 50 or over by the end of 2002.

-Example 2: If your eligible compensation in 2002 is $40,000, you may contribute up to $10,000 under the normal provisions of the Plan and up to an additional $1,000 “catch-up” if you are age 50 or over by the end of 2002. For further info, contact Ken Ryan at Email: mmpplansken@aol.com.  

 

MM&P Wheelhouse Weekly


 

SENATE CONFIRMS SCHUBERT AS NEW MARITIME ADMINISTRATOR

 

On November 30, the Senate confirmed Bill Schubert to be Maritime Administrator. He has indicated that one of his top priorities is to help reach a consensus on new Maritime Security Program legislation. Last weekend, President Bush signed into law HR 2500, legislation providing appropriations for the Departments of Commerce, Justice, State and The Judiciary and Related Agencies, including the Maritime Administration, for fiscal year 2002. This statute includes $98.7 million for the Maritime Security Program for FY’02, and $33 million in new authority for the Title XI ship construction loan guarantee program ($33 million in new authority means that MarAd can approve approximately $660 million in guarantees).  

 

MM&P Wheelhouse Weekly


 

MM&P REPRESENTATIVES SET COURSE FOR MARITIME SCHOOLS

 

Earlier this week, MM&P Special Projects Director Richard Plant attended the annual US Merchant Marine Academy career day in Kings Point. Plant reports the event was well organized by the USMMA Career Placement Office headed up by Capt. David Van Oss. Plant made a presentation to all of the cadets explaining the advantages of joining the MM&P. He also manned the MM&P booth during the day and reported there were many cadets interested in learning more about the MM&P. Next Tuesday, Dec.11, MM&P’s Capt. Joe Stone will be attending the career day at the Maine Maritime Academy and will be delivering the same message.  

 

MM&P Wheelhouse Weekly


 

NEW LEADERSHIP TEAM SAILS TO VICTORY IN MEBA ELECTIONS

 

Ron Davis will lead the Marine Engineers’ Beneficial Association (MEBA) after members carried him to victory on Monday over incumbent Larry O’Toole. The resounding victory swept the bulk of Davis’ experienced “MEBATEAM” slate into office including his four closest lieutenants, who along with the new President will form the five-person District Executive Committee (DEC). The DEC is the Union’s policy- making roundtable group. MM&P International President Capt. Tim Brown sent a letter of congratulations to Davis stating, “In the time I have been Masters, Mates and Pilots’ President, our two organizations have been able to work successfully together for the mutual benefit of our respective membership, and I look forward to continuiing to do so. Again, all the success in the future.”

Davis is a 1978 graduate of the Calhoon MEBA Engineering School. He and his team, which includes all the Branch Agents of MEBA’s respective ports, will be sworn into office on Dec. 31st. Davis will be joined on the DEC by Louie “Bud” Jacque who retains his position as MEBA’s Executive Vice President and San Francisco Branch Agent. Cecil McIntyre will be the Union’s new Secretary-Treasurer. He spent two terms as the Union’s Branch Agent in Los Angeles and another stint as Patrolman in San Francisco. Don Keefe, currently the Union’s Representative in Boston, will take over as MEBA’s Atlantic Coast Vice-President. Marc Huber will serve as the Union’s new Gulf Coast Vice President. He will remain in New Orleans where he has served as Patrolman for the last three years.  

 

MM&P Wheelhouse Weekly


 

FORMER MM&P SEC.-TREAS. MARTIN PASSES AWAY

 

MM&P was saddened to learn this week of the death on November 21 of Capt. Lloyd M. Martin, 79. Capt. Martin was a former MM&P International Secretary-Treasurer and was residing in Buenos Aires, Argentina.  

 

MM&P Wheelhouse Weekly


 

MISSISSIPPI RIVER ADVISORY SEEKING MEMBERS

 

The USCG is soliciting applications for membership on the Lower Mississippi River Waterway Safety Advisory Committee (LMRWSAC). LMRWSAC is a statutory committee made up of 24 members of the local maritime community who advise the Eighth Coast Guard District Commander on navigational safety issues and matters relating to transit of vessels and products to and from the ports on the Lower Mississippi. The Lower Mississippi River Waterways Safety Advisory Committee (LMRWSAC) is a Federal advisory committee that provides local expertise on communication, surveillance, traffic control, anchorages, aids to navigation and other, related topics dealing with navigational safety on the Lower Mississippi River required by the Coast Guard. The committee normally meets twice a year at the Hale Boggs Federal Building, 501 Magazine Street, in New Orleans.

The committee consists of 24 members who have particular expertise, knowledge, and experience regarding transportation, equipment, and techniques that are used to ship cargo and navigate vessels on the Lower Mississippi River and its connecting navigable waterways, including the Gulf of Mexico. Term of the membership will be for two years. Each member serves for a term of 2 years. A few members may serve consecutive terms. All members serve at their own expense and receive no salary, reimbursement of travel expenses, or other compensation from the Federal Government.

Applications may be requested by writing to Commandant (0-MOS-3), U.S. Coast Guard, 2100 Second Street SW., Washington, D.C. 20593-0001; by calling 202-267-1217; or by faxing 202-267-4570. Send applications in written form to the above street address. This notice and the application form are available on the Internet at http://dms.dot.gov. Application forms should reach the USCG by Feb. 1. For further information contact: Lt Ricardo Alonso at phone: 504-589-4252, or fax: 504-589-4241. Members applying for this committee are asked to advise Richard Plant at rplant@bridgedeck.org.  

 

MM&P Wheelhouse Weekly


 

FORMER SEA-LAND AND PRMMI EXECUTIVE GERALD TOOMEY DIES

 

Transportation industry veteran Gerald Toomey died on Monday, November 19, in Red Bank, NJ. He was 73 and was best known for his contributions at Sea-Land Service, Inc. where he worked from 1963 until 1974. There, he was instrumental in the development of the company’s Puerto Rico and Caribbean trades, and he ultimately served as Sea-Land’s group vice president, Caribbean. In 1974, when Sea-Land spun off its Puerto Rico/Caribbean division, Toomey took the helm of Puerto Rico Marine Management, Inc. (PRMMI) as president ofthe management company that operated Navieras de Puerto Rico, the Puerto Ricanstate-owned steamship line. Most recently, Toomey was a consultant with Columbia Coastal Transport where he was actively involved in the company’s labor relations.

 

MM&P Wheelhouse Weekly


 

MITAGS ACADEMIC NOTES

 

Openings in classes through the end of February 2002: 12/17-21: FF-ADV, ARPA, COMP-MAR; 1/7-18: MED-PIC; 1/7-11: FF-ADV, BRM, ROP, TPIC; 1/12: ROR, CBRD-1; 1/14-18: FF-ADV, BRM, COMP-ABSS; 1/19: ROR; 1/21-2/1: GMDSS; 1/21-25: FF-ADV, BRM, ECDIS; 1/26: CBRD-1, ROR; 1/21-24: SMA; 1/28-2/1: FF-ADV, BRM, ARPA, COMP-NET; 2/2: ROR; 2/4-7: SMA; 2/4-8: HAZ, SHS-BAS, BRM, WX-HWA; 2/11-15: BST, ARPA; 2/11-22: MED-PIC; 2/16: CBRD-1, ROR; 2/18-22: FF-ADV, COMP-MAR; 2/25-3/1: BST, BRM; 2/25-27: SHS-EMR.

REPLACEMENT CERTIFICATES: Certificates will only be reissued when there is a clear requirement mandating presentation of the certificate. Usually, this will be to support an application to the Coast Guard. In the case of company requirements, our operating companies will accept the MITAGS database, as reflected in the halls, as proof of completion. Requests for replacement certificates should be forwarded directly to the Registrar via mail, fax, or e- mail. State clearly the specific requirement that is driving the request.  Actual certificates will only be reissued if the course completion is within the last five years. A letter will serve as documentation for courses beyond that. Schedule through June 2002 is being maintained on the website at www.mitags.org. Hard copies of the Jan-June 2002 schedule have been mailed to the halls. For additional course info, contact Mary Matlock at voice: 443-989-3226 or Email: admissions@mitags.org.  

 

MM&P Wheelhouse Weekly


 

PACIFIC NORTHWEST MARITIME INSTITUTE OPENINGS

 

Openings in classes through December: 12/17-21: ARPA, BRM. For more info on courses or PMI, visit their website at http://www.stcw95.com. The first Medical Person-In-Charge course will commence on February 18th, 2002 in Seattle. Successful candidates will receive STCW certificates in Elementary First Aid, Medical First Aid Provider and Medical Person in Charge. Registration is available on-line at http://www.stcw95.com/register.htm. For further info, contact Gregg Trunnell, Director, Pacific NW Maritime Institute, 2333 Third Avenue, Seattle, WA 98121-1711. Phone: 206-239-9965; Fax: 206-441-2995; Email: info@stcw95.com  

 

MM&P Wheelhouse Weekly


 

MM&P MARKET WATCH AS OF 12-6 CLOSE

DOW: 10,039.90 (+210.50 for week); NASDAQ: 2015.07 (+81.81)

Vanguard 500 Index Fund (VFINX): 107.95

Vanguard Extended Market Index Fund (VEXMX): 23.04

Vanguard International Growth Fund (VWIGX): 15.45

Vanguard Morgan Growth Fund (VMRGX): 14.93

Vanguard Windsor II Fund (VWNFX): 25.83

Vanguard GNMA Fund (VFIIX): 10.39

Chase Growth Fund (CHASX): 14.56

Fidelity Asset Manager (FASMX) 15.82

Fidelity Growth and Income (FGRIX) 37.65

Fidelity Magellan Fund (FMAGX) 105.82

Spartan US Equity Index Fund (FUSEX) 41.42

 

MM&P Wheelhouse Weekly


 

 

MM&P SPORTS SHORTS

//NFL Schedule Week 13//

Car at Buf, Chi at GB, Cle at NE, Det at TB, Jac at Cin, NO

at Atl, NYG at Dal, SD at Phi, SF at StL, Ten at Min, Was at

Ari, KC at Oak, NYJ at Pit, Sea at Den. Mon: Ind at Mia.

//NFL Results Week 12//

Phi 23 KC 10, NO 27 Car 23, Mia 21 Den 10, Chi 13 Det 10,

Bal 39 Ind 27, Pit 21 Min 16, NE 17 NYJ 16, TB 16 Cin 13OT,

Ten 31 Cle 15, Sea 13 SD 10(OT), Ari 34 Oak 31(OT), Dal 20

Was 14, StL. 35 Atl 6, SF 35 Buf 0. Mon: GB 28 Jac 21.

 

MM&P Wheelhouse Weekly


The MM&P Wheelhouse Weekly is the official electronic newsletter of the International Organization of Masters, Mates, and Pilots, ILA, AFL-CIO, 700 Maritime Blvd., Linthicum Heights, MD 21090-1941. Phone: 410-850-8700; Fax: 410-850-0973; Email: iommp@bridgedeck.org. For further info contact John Peige at jpeige@bridgedeck.org. The Wheelhouse Weekly is sent via Email to MM&P-contracted vessels at sea, broadcast worldwide via FEC marine telex andis posted on our web page under “News” at: http://www.bridgedeck.org.

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