Newsletter

THE EVER GIVEN AND HRA DEBIT CARDS

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.

VOLUNTARY CONTRIBUTIONS REMINDER

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.

NEW SECOND LOAN PROVISION

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.

NEW SEPARATION OF SERVICE PROVISION FOR MONEY PURCHASE PLAN & TRUST PARTICIPANTS

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.

FORTY & OUT

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.

OH BOY! ANOTHER OPPORTUNITY FOR MEDICARE ELIGIBILE PARTICIPANTS TO LEARN ABOUT THEIR NEW MEDICARE ADVANTAGE PPO PLAN AND PART D PLAN

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.

MEDICARE ELIGIBLE PARTICIPANTS AND MEDICARE ELIGIBLE DEPENDENTS PAY ATTENTION TO YOUR MAIL DURING THE MONTH OF DECEMBER

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.