Newsletter

To date there have been five educational teleconferences on the new United HealthCare Medicare Advantage Program with supplemental Part D coverage through SavRx. We thank those who not only attended the previous teleconferences but contributed with their excellent questions and comments.

It took 18 tugboats, a dredger and over six days, but it got done. The “Ever Given” was finally freed from the banks of the Suez Canal this week.

What does that have to do with your HRA debit card, you ask? Well, if you are willing to admit that you understand as much about liberating golden class container ships from man-made canals as you do about how to properly use the Plan’s HRA debit card, read on! The following tutorial is for you.

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.