It’s September. It’s official. It happened just as communicated. Best of all, it didn’t hurt a bit.
If you are wondering what I am referring to, please reread any of the last few newsletters and/or written correspondence about the Money Purchase Plan and Trust name change and future-forward status as a Profit-Sharing Plan.
Regarding the latter, I want to put some fears to rest. Pursuant to the law, the Collective Bargaining Agreement is and remains the governing document that obligates a signatory employer to contribute on an employee’s behalf and stipulates the terms as to how those contributions are earned as well as the amount of said contributions. By the way, the same held true for the contributions earned while the Plan was classified as a Money Purchase Plan and Trust. Therefore, any talk you heard about your employer being the sole determiner of the amount of future contributions or if you were even going to receive a contribution was incorrect.
This is and will remain a collectively bargained benefit.