Newsletter

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.

“TCB” – Elvis
Randy Bachman

“Be Prepared”
Robert Baden-Powell

You know how a flight attendant begins the flight explaining what to do in the case of an emergency?

Wait………, before you read any further, two warnings.

Believe it or not:

Your eyes can become sunburned. Like your skin, eyes are an organ.
Even on days when you do not see the sun, your eyes are exposed.
Your overall exposure to damaging ultraviolet radiation (UV) nearly doubles during the winter.

Thursday, September 14th and September 28th, 2023.

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.

Shortage of hours payments for Health and Benefit Fund coverage in the third calendar quarter of 2023 are due at the Benefit Fund office no later than 4:30 P.M. on Friday, June 30th. As always, the rules as it relates to participants with a HRA balance large enough to cover their full shortage of hours payment are in effect.

‘A ROSE BY ANY OTHER NAME……., WOULD SMELL AS SWEET’
William Shakespeare From His Play Romeo and Juliet

During the height of the pandemic congressional consent as it relates to the easing of both the distribution rules and the taxing of those distributions under the Internal Revenue Code was granted to certain types of Defined Contribution Plans.