It’s August! The sun is still setting way after 7:00 P.M. The air is sweet. Firefly’s’ abound, and there is plenty to catch if you cast a rod and plenty growing in the garden. What could be better? In other words: It’s good to be and good to be in Indiana!

One more thing - Make sure to make the best of this month - wherever you find yourself!

Ok, in July’s newsletter, we provided:

The “219” on Annuity Loans,
A synopsis as to how Excess Hours will be accounted for within your Pension calculations in 2023 and beyond.

There are three pieces of advice I give to participants who ask me about Social Security Disability (SSD) awards. To begin with, you are in control of a lot of the factors that can lead to a positive or negative determination. You are also in control of those elements that can slow down or speed up their decision process.

It’s been said that too much is never enough. In that same spirit, we are again reminding all Apprentices, early Retirees and Journeypersons of the September 14th and September 28th, Health, and Benefit Plan’s educational meetings. The meetings are to begin at 6:00 P.M. on both evenings.

Here’s a couple of fun facts: the name of the Money Purchase Plan and Trust will be changing to the I.B.E.W. Local 697 Defined Contribution Plan on September 1, 2023. Further, on that same date, the type of Defined Contribution Retirement Plan that the Plan was prior classified as will switch from a Money Purchase Plan and Trust to a Profit-Sharing Plan.

Summer is here and we hope that this issue finds you embracing the warmer weather as well as some quality time with family and friends.

In the last issue, we:

Addressed the importance of being prepared and taking care of business,
Spoke to the importance of looking after your eyes (pun attended)
Announced the dates and times of the Health and Benefit Funds upcoming educational meetings,
Informed you of the upcoming reclassification of the Annuity Fund from a Money Purchase Plan and Trust to a Profit-Sharing Plan.

At 6:00 P.M. on Thursday, September 14th, and again on Thursday, September 28th, 2023, there will be a gathering in the Union Hall in which you can learn about your Health and Benefit Plan Benefits. Space is limited, so reserving your seat is required. Spouses welcome.

Spoiler alert: The application of earned excess hours work the same way as they always have!

Summary: As you are aware, the Pension Plan benefit was enhanced in 2023 to provide additional Pension Accrual Credits whenever a participant works 1,800 or 2,000 hours of work in 2023 and beyond.

2 REASONS TO NEVER BORROW FROM YOUR MPP&T ACCOUNT

Borrowing may seem like a good idea, but remember – until you pay the loan back, your money isn’t invested. So, if the market does well the remaining balance of your Money Purchase Plan and Trust won’t experience as much of a gain.