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Wheelhouse Weekly – February 04, 2009

February 4th 2009

 

– Bridging the Information Gap With E-News You Can Use –

Volume 13 . . .Special Edition . . . . . . . . . . .February 4, 2009


UPDATE ON THE MM&P DEFINED BENEFIT PENSION PLAN

The MM&P Board of Trustees met Feb. 3–4 to discuss the current economic situation as it has affected the MM&P Defined Benefit Pension Plan. As permitted by the Worker, Retiree, and Employer Recovery Act of 2008, agreement was reached to remain in the “green,” or safe zone under the Pension Protection Act of 2006. All current benefit options will be available for another year.

As part of this agreement, employer pension plan contributions will be increased and deductions will be taken from Offshore vacation pay. The Board of Trustees will meet again in May 2009 to discuss long-term pension plan design changes and other measures to safeguard our retirement security.


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. Suite B, Linthicum Heights, MD 21090-1953. Phone: 410-850-8700; Fax: 410-850-0973; Email: iommp@bridgedeck.org. For further info or to subscribe contact Lisa Rosenthal at lrosenthal@bridgedeck.org. The Wheelhouse Weekly is sent via Email to MM&P-contracted vessels at sea and is posted on our web page.

© 2009, International Organization of Masters, Mates & Pilots. All the material contained in this publication is protected by copyright. For permission to reprint text from the Weekly, contact the MM&P Communications Department: lrosenthal@bridgedeck.org. For changes of address, contact Lisa Rosenthal at lrosenthal@bridgedeck.org.