Effective January 1, 2021, participants are permitted to make voluntary contributions into their MPP&T account.
Want to know a little bit more about the voluntary contribution program, read the brief synopsis directly below, or click on the term “Voluntary” under the section titled “Annuity” found on the left side of the Annuity Fund landing page.
Effective, April 1, 2021, every Money Purchase Plan and Trust (MPP&T) participant will be permitted to have a maximum of two outstanding loans at any one time. Pursuant to Internal Revenue Service (IRS) regulations, the combined total of any outstanding loans cannot exceed the lessor of: half of the balance of the participants account balance; or $50,000.00.
If I defaulted on a loan previously, will I be able to obtain a second loan?
Perhaps.
Effective, April 1, 2021, Money Purchase Plan and Trust (MPP&T) participants who have obtained the age of 59 ½ AND have experienced a separation of service of thirty (30) consecutive days or more, will be permitted to make a once in a lifetime withdrawal of up to half of their MPP&T account balance, not to exceed $100,000.00.
Keep in mind that by law, any withdrawal of pre-tax contributions (employer contributions) will become taxable in the year that the monies are received.
As previously communicated, effective January 1, 2021,
The maximum benefit accrual rate per Pension credit was increased from $78.50 to $80.75.
Retirees were provided with a 1% increase in their monthly benefit.
Effective, July 1, 2021, participants who have forty (40) pension credits and elect to retire prior to the age of sixty-two (62) will no longer have their monthly pension benefit reduced to reflect that they will be receiving their Pension benefit for a longer period of time.
I think that sums it up pretty well.
As we move into a new and better year, we hope you have peace amid the difficulties, great and sincere connections with family and friends, the warmth of memories from holidays past, and glimpses of the joy that still lives under the surface.
Effective January 1, 2021:
Your Plan P credit will be increased from $14.00 to $15.00 per credit.
Your $630.00 monthly self-payment will be reduced to $550.00 a month.
Your annual family dental allowance will be increased by 50% to $750.00.
The Plan has scheduled another educational seminar on the new Medicare Advantage PPO Plan and Part D Plan. This seminar will occur via teleconference, at 10:00 A.M. on Wednesday,December 9 th , 2020. Participants wanting to learn or ask questions about their new benefits, should mark their calendars so that they do not miss this opportunity.
You will want to pay particular attention to your mail in the month of December as you will be receiving your new United HealthCare Medicare Advantage PPO medical identification card AND in a separate mailing, your new SavRx pharmaceutical card. The United HealthCarecards will be issued first and arrive in your mail in early December.
You heard about it at the monthly meetings, well now it is here. Effective, January 1, 2021 participants will be permitted to make post tax contributions to the Plan. If you are interested in trying to be in a stronger position to retire, and can afford to squirrel away some money, this option may be of interest to you.