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.
“Love, share & support”
(Me – November 28 th , 2020)
People generally tend to fall into two camps regarding their choices in holiday music. Some appreciate experiencing something different, while others prefer the tried and true and deride anything that would dilute that.
For those who walk the worn path to the camp of the latter, I suspect that this piece will be extremely unpopular with you.