News

Wheelhouse Weekly – September 25, 2009

September 25th 2009

 

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

Volume 13 . . . . . Special Edition. . . . September 25, 2009

STORIES COVERED

(Readers, please note: This Special Edition of the Weekly contains news related to the MM&P Offshore Pension Plan. All other news, course schedules and market data will be published in the Sept. 28 edition, which will be distributed as usual on Monday.)

 

IMPORTANT COMMUNICATION FROM THE MM&P INTERNATIONAL PRESIDENT/CHAIRMAN OF THE MM&P TRUST PLANS

It is with regret that I inform you that during the meeting held yesterday with the employer trustees, the parties failed to reach agreement regarding the pension plan conditions which will be in effect next year after April 1, 2010.

The Plan will send out a notice to this effect within the next two weeks. This notice will give general information for you to consider if you are planning to retire in the near future. Another meeting of the trustees will take place prior to the end of the year.

If you are thinking about retiring while the Pension Plan is still in the Green Zone, i.e., prior to April 1, and you are thinking about taking a 12-, 24- or 36-month partial lump-sum buyout, you must give the Pension Plan six months’ notice.

If you have already filed for a full lump-sum buyout or a partial lump-sum buyout, you do not have to file again.

However, if you have not filed for a full lump-sum buyout and want to qualify for a partial lump-sum buyout while the Pension Plan is still in the Green Zone, you must complete a partial lump-sum option form and ensure that it is delivered to the Plan by fax or other guaranteed means no later than Oct. 1, 2009.

The partial lump-sum buyout form can be found on www.bridgedeck.org under “What’s New,” as well as on the MM&P members’ only pages under “Document Downloads.” You can also obtain a form from your local MM&P hall or ask the Plan to mail you one overnight.

 

Here is an excerpt from the Summary Plan Description for the MM&P Offshore Plan which discusses the partial lump-sum payout option.

Partial Lump-Sum Payout

If you retire on a Regular, Early Retirement or Reduced Pension, you can elect to receive one lump-sum payout equal to 12 monthly pension payments. After the partial lump-sum amount has been paid, you will continue to receive the remainder of your pension as a monthly benefit; however, your monthly pension will be actuarially reduced in order to provide for the partial lump-sum payout.

If you are married at the time you elect this option, your spouse must provide written, notarized consent to reject the Husband and Wife Pension on this portion of your benefit. Please check with your tax advisor as to the financial impact of this option.

Effective for pensions on and after October 1, 2000, you may opt to receive a partial lump-sum pension equal to 24 or 36 monthly pension payments under the same conditions as the 12 monthly pension payments described above.

You must elect this option in writing and file it with the Plan Office at least 6 months prior to your effective date of Pension. In June 1997, the Trustees agreed that when you file a Lump-Sum Payment Option with the Plan Office and at your retirement you meet the waiting period requirements for the lump sum, you can receive, at your option, the Partial Lump-Sum Payout instead of the Lump-Sum Payment.


 

 

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.