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What's New

Benefit Improvements - 9/30/1999

NOTICE TO ALL PARTICIPANTS IN THE
WESTERN PENNSYLVANIA TEAMSTERS AND EMPLOYERS PENSION FUND
CONCERNING BENEFIT IMPROVEMENTS

 Please be advised that the Trustees of the Western Pennsylvania Teamsters and Employers Pension Fund ("Plan"), on September 10, 1999, approved certain benefit improvements for Participants in the Plan. Below is a summary of the benefit improvements.

Survivor Benefit Actuarial Reduction
Factors Reduced Effective April 1, 1999

Effective for Participants who retire on or after April 1, 1999, there will be no actuarial reduction for the Joint and 50% Survivor Benefit and the Ten Year Certain Benefit. The only actuarial reduction will be for the Joint and 100% Survivor Benefit.

Example 1

Assume that you retire at age 60, your spouse is age 60, and you are eligible to receive a $1,000 monthly Straight Life Annuity Benefit. Your survivor (optional) forms of monthly benefit will be improved as follows:

Pre 04/01/99
Benefit
Improved
Benefit
Increase
Joint and 50% $  979.55 $1,000.00 $20.45
Joint and 100% $  882.97 $  915.20 $32.23
Ten Year Certain $1,000.00 $1,000.00 $  -  

Example 2

Assume that you retire at age 60, your spouse is age 60, and you are eligible to receive a $3,000 monthly Straight Life Annuity Benefit. Your survivor (optional) forms of monthly benefit will be improved as follows:

Pre 04/01/99
Benefit
Improved
Benefit
Increase
Joint and 50% $2,938.65 $3,000.00 $61.35
Joint and 100% $2,648.91 $2,745.60 $96.69
Ten Year Certain $3,000.00 $3,000.00 $  -  

Payment Of A One-Time Supplemental
Payment In 1999 To Eligible Retirees

 The Plan will issue a one-time supplemental benefit payment for 1999 to all eligible retirees. The retirees eligible for this supplemental benefit payment are all retirees and beneficiaries (survivors) who were entitled to receive a pension benefit from the Plan as of January 1, 1999, and who were also living as of January 1, 1999.

The amount of the supplemental benefit payment will depend upon the amount of the monthly benefit received by the retiree. The supplemental benefit payment will be as follows:

Monthly
Pension
Supplemental
Benefit
$    0.00 to $   500.00 $600.00
$  501.00 to $  750.00 $500.00
$  751.00 to $1,000.00 $400.00
$1,001.00 and over $ 0.00

The supplemental benefit payment will be paid by check issued on December 8, 1999. If the retiree's monthly pension benefit is being paid by direct deposit to a Bank, the supplemental benefit payment will also be paid by direct deposit on that date. This supplemental benefit payment is a one-time payment by the Plan to eligible retirees.

If you have any questions concerning the benefit improvements, please contact the Plan Office at the above address and telephone number.

TRUSTEES OF THE WESTERN PENNSYLVANIA
TEAMSTERS AND EMPLOYERS
PENSION FUND

John C. Christina
Hubert C. Dietrich
Roy E. Marshall
Michael A. Ogden
Michael J. Susko
William J. Dillner, Jr.
Timothy Eckert
Raymond A. Huber
John P. O'Connor
Anthony R. Simoes

 

 

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