February 2005 Retiree News - 1199SEIU Funds · 2021. 7. 16. · Mensaje Del Presidente John Perkins 1199SEIU Annual Anne Shore Holiday Banquet Monday, December 1 – 11:00 am Hilton

1199SEIU Retired Members Division

BULLETIN

In thIs I s s u e

330 West 42nd St. n New York NY 10036 n (646) 473-8666 n www.1199SEIUBenefits.org

Your Pension Funds Are Secure

Page 2 1199SEIU RMD President’s Message Page 5 Out-of-State Retiree Chapters Page 8 2007 Year-End Financial Statements

Page 3 1199SEIU Benefit & Pension Funds Executive Director’s Message

Page 6 Important Information Page 10 Annual Funding Notice

Page 7 Activist Page 1199SEIU President’s Message

Page 11 Artículo Principal Traducido

Page 4 NYC Calendar of Events Page 12 Upcoming Events/Trips

NOVEMBER/DECEMBER 2008

As Wall Street’s financial crisis dominates the headlines and we hear more and more stories of lost retirement savings, we’ve been receiving many calls from 1199SEIU retirees about the security of your pensions. Thankfully, we can assure you that your 1199SEIU pension is safe, and that it will be here to support you throughout your retirement.

Your 1199SEIU pension benefit is different than the private retirement accounts (such as 401(k)s) many other retirees depend on – the types of accounts that have been wiped out by the market’s poor performance. Your pension assets are held in large funds that are well- diversified and managed by our professional investment team. It will be an ongoing challenge for us, like other Taft-Hartley funds around the country, to ensure the health of our Pension Funds in a volatile market. However, the 1199SEIU Pension Funds have weathered difficult markets in the past and come through successfully.

Regardless of Wall Street’s performance, your pension benefit is set by a formula and does not decrease when the market falls.

1199SEIU retirees are a special group. Few retirees today have the defined pension benefit that our members fought for and won.

• In the U.S. today, only 18 percent of the workforce – or fewer than 1 in 5 workers – have a defined pension benefit like 1199SEIU retirees. Other workers must rely on private savings accounts that rise and fall at the whims of the stock market.

• A recent New York Times article noted that 39 percent of retirees expect to outlive their savings. But as an 1199SEIU retiree, you will receive a monthly pension that you can count on for the rest of your life.

Dear Sisters and Brothers,

This presidential election was one of the most exciting and important elections in a long time. There will undoubtedly be many changes over the next four years for working people across our country, as well as our Union and our Funds. You will read more about this on page 7, but I also encourage you to stay up to date on the issues that will affect 1199SEIU retirees by attending your local chapter meetings.

The holidays are upon us, and we look forward to seeing our New York City retirees at the Annual Anne Shore Holiday Banquet. Our Florida and Carolinas chapters are planning holiday parties as well, which are listed in this bulletin. And don’t forget that Florida retirees will hold their own banquet on Monday, March 30.

As always, I hope you will get and stay involved in retiree events, from our chapter meetings to classes at the Retired Members Division. If you’ve enjoyed a particular activity, or have suggestions for something new, we welcome the comments and feedback. Stop by our Retired Members Division or give us a call to let us know.

In Solidarity,

John Perkins

Queridos Hermanos y Hermanas,

Estas elecciones presidenciales han sido una de las más emocionantes e importantes en mucho tiempo. In-dudablemente se producirán muchos cambios durante los próximos cuatro años para la gente trabajadora a lo largo de nuestro país, así como para nuestros Sindicatos y nuestros Fon-dos. Tendrá la oportunidad de leer más sobre este tema en la página 7, pero le animo a que asista a las re-uniones de su agrupación local para que se mantenga actualizado en los puntos que afectarán a los jubilados de 1199SEIU.

La temporada de fiestas se avecina y esperamos ver a nuestros jubilados de la Ciudad de Nueva York en nue-stro Banquete Anual por las Fiestas Anne Shore. Nuestras agrupaciones de la Florida y Carolinas están tam-bién organizando fiestas, las cuales se muestran en nuestro boletín. Y no olvide que los jubilados de la Florida celebrarán su propio banquete el lunes 30 de marzo.

Como siempre, espero que usted participe y se involucre en las ac-tividades para los jubilados, ya sea asistiendo a las reuniones de nuestras agrupaciones, como a clases en la División de Miembros Jubilados. Si le ha gustado una determinada ac-tividad, o si tiene sugerencias o pro-puestas de algo nuevo, sus opiniones y comentarios son bienvenidos. Pase por nuestra División de Miembros Ju-bilados o dénos una llamada para dejarnos saber.

En solidaridad,

John Perkins

2 QUESTIONS? CALL: (646) 473-8666 • OUTSIDE NYC: (800) 892-2557NOVEMBER/DECEMBER 2008

1199SEIU RMD President’s MessageMensaje Del Presidente

John Perkins

1199SEIU Annual Anne Shore Holiday BanquetMonday, December 1 – 11:00 am

Hilton New YorkGrand Ballroom1335 Sixth Avenue(between 53rd & 54th Sts.)

Ticket holders only (all tickets are sold out).

Coat check required (additional fee).

For more information,call Peter Rosario at (646) 473-8761.

Save the DateAnnual Florida Retiree Banquet Monday, March 30, 2009

Coral Springs Marriott Hotel 11775 Heron Bay Blvd. Coral Springs, Florida

• Continental Breakfast

• Town Hall Meeting

• Banquet Luncheon with Keynote Speaker

• Entertainment

$10/member, $20/guest

(Bus transportation will be available in retiree chapter areas.)

Contact: Marilyn Silverberg Florida Field Coordinator (561) 369-8340 (Palm Beach Cty.) (877) 369-8340 (Toll-free)

Dear Retired Member,

The current financial crisis has most people,

both working and retired, worried about

their retirement security. Across the country,

working people are afraid that they will

lose the promise of safety nets in retirement,

including both their health coverage and

their pension benefits.

Fortunately, as an 1199SEIU retiree, you

can rest in the knowledge that your defined

pension benefit is secure. You will read more

about how and why in this issue’s cover story.

And you will also read about how, rather

than cutting back your health coverage,

the Benefit Fund has been working hard to

protect it.

Of course, even though your pension is

safe, we understand that you may still have

questions about your retirement benefits.

That’s why your Benefit and Pension Funds

are here. Our Retiree Service representatives

can answer any questions that you may

have about your health or pension benefits,

and we encourage you to call us at

(646) 473-8666 or (800) 892-2557.

Sincerely,

Querido Miembro Jubilado

La crisis financiera actual ha desatado muchas preocupaciones en trabajadores activos y jubilados, acerca de la seguridad de sus fondos para la jubilación. A lo largo de todo el país, la gente trabajadora tiene miedo de perder la promesa de contar con fondos seguros en su jubilación, lo que incluye ya sea la cobertura de salud como los beneficios de pensión.

Afortunadamente, en su condición de jubilado de 1199SEIU, usted puede quedarse tranquilo sabiendo que su beneficio de pensión definido está seguro. Tendrá la oportunidad de leer más sobre este tema, el cómo y el por qué, en la historia de portada que presentamos en esta edición. Y también podrá leer sobre cómo, en vez de recortar sus beneficios de cobertura de salud, el Fondo de Beneficios ha venido trabajando para protegerlos.

Naturalmente, incluso su pensión siendo segura, comprendemos que aún pueda tener preguntas sobre sus beneficios de jubilación. Es por esa razón que sus Fondos de Beneficios y Pensiones están a su disposición. Nuestros representantes del Centro de Servicios para Jubilados pueden responderle cualquier pregunta que pueda tener sobre sus beneficios de salud o pensión. Lo instamos a que nos llame al (646) 473-8666 ó (800) 892-2557.

Sinceramente,

QUESTIONS? CALL: (646) 473-8666 • OUTSIDE NYC: (800) 892-2557 3 NOVEMBER/DECEMBER 2008

A Message fromUn Mensaje de Mitra Behroozi Executive Director of the 1199SEIU Benefit and Pension FundsLa Directora Ejecutiva del Fondo de Beneficios y Pensiones de 1199SEIU

Vision/Hearing Screening

Friday, December 1910:00 am to 12:00 pmFirst-come, first-served

1199SEIU RMD330 West 42nd Street9th Floor

Shakespeare Play

The Retired Members Division Shakespeare Class is currently studying “Twelfth Night,” the fifth play in our Shakespeare Series. Classes are held every Tuesday, 12:30 pm to 1:30 pm, at the Retired Members Division, 330 W. 42nd Street, 9th floor.

All are invited. Prior knowledge of Shakespeare is not necessary. Just come with a sense of humor and your curiosity.

Movie SeriesWednesday, December 312:45 pm to 2:45 pm“I Want to Live!” (1958)Susan Hayward

Wednesday, December 1012:45 pm to 2:45 pm“Gigi” (1958)Leslie Caron & Maurice Chevalier

1199SEIU RMD 330 West 42nd Street, 9th FloorFor more information, contact the RMD Main Office at (646) 473-8666.


NYC DECEMBER CALENDAR & CHAPTER MEETINGS All classes are open to retirees and free of charge.

MEETING TOPICS

DecemberGeneral Membership Meeting: 2009 Things to Do to Change Your Life in 2009

January General Membership Meeting and Chapter Meeting: Exercise

MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY

1

Anne Shore Holiday Banquet

11:00 am

OFFICE CLOSED

29:30–12 Photography10:30–12 Drama Class12–3 Art Class12:30–1:30 Shakespeare Class1:30–3 Discussion Group

310–12 Choral Group10–12 Knitting & Crocheting (Beg)12:30–4:30 Knitting & Crocheting (Int/Adv)12:45 Movie Series1–4 Knitting & Crocheting (BK)

410–11 Tai Chi11–12 Yoga*12 Lunch Club3–5 Arts & Crafts3–5 Sewing

510–12 Quilting Class1–2 Dance Class

810:30–11:30 Opera Appreciation Class12–1 Art History


1010–12 Knitting & Crocheting (Beg)12:30–4:30 Knitting & Crocheting (Int/Adv)12:45 Movie Series1–4 Knitting & Crocheting (BK)

1110–11 Tai Chi11–12 Yoga*12 Lunch Club2 Birthday Party3–5 Arts & Crafts3–5 Sewing

1210–12 Quilting Class1–2 Dance Class



1710–12 Choral Group10–12 Knitting & Crocheting (Beg)12:30–4:30 Knitting & Crocheting (Int/Adv)1–4 Knitting & Crocheting (BK)

189:30–12 Exec. Meeting10–11 Tai Chi12 Lunch Club2:30 General Meeting3–5 Arts & Crafts3–5 Sewing

1910–12 LPN Meeting10–12 Vision/Hearing

Screening10–12 Quilting Class1–2 Dance Class



24

NO CLASSES

25

OFFICE CLOSED

26

NO CLASSES



31

NO CLASSES

THERE ARE NO CHAPTER MEETINGS IN DECEMBERPLEASE LOOK FOR DETAILS ABOUT JANUARY 2009 MEETINGS IN THE DECEMBER POSTCARD

NEW HYDE PARK - ELEANOR TILSON CHAPTER

QUEENS - ST. ALBANS CHAPTER

HICKSVILLE - MILTON KONOWE CHAPTER

NORTH BRONX - BERNARD MINTER CHAPTER

BRONX - JOSEPH JAMES CHAPTER

EAST HARLEM - LEON DAVIS CHAPTER

BROOKLYN - MATTIE SMALL CHAPTER

BROOKLYN - MARSHALL DUBIN CHAPTER

*Sponsored by HealthC

are Partners, IPA


FLORIDA NOTES

With winter approaching, Florida retirees are

making final plans for their chapter holiday parties.

Please be sure to check with your local chapter

about the details, as some of the meeting dates and

locations will change from the normal schedule.

We are also excited to announce that on Monday,

March 30, 2009, at the Coral Springs Marriott

Hotel, 1199SEIU retirees from all over Florida will

convene for our Annual Banquet. The price is $10

per member and $20 per guest, which includes a

Continental breakfast and a catered luncheon. We

will discuss arrangements for buses and parking

with each individual chapter. Our turnout goal is

650, so let’s work together to make our banquet a

big success!

I would like to wish all our retirees and their families

a very happy and healthy holiday season, and I

look forward to seeing each of you at our chapter

meetings in 2009.

Sincerely,

Marilyn Silverberg

OUT-OF-STATE RETIREES

NORTH & SOUTH CAROLINAS CHAPTER

• Friday,December19–9:30amHOLIDAY MEETINGBirnie Hope Center210 South Purdy St.Sumter, South Carolina

For more information, call Nonnie B. Perry at (803) 481-0475.

FLORIDA CHAPTERS

• WestPalmBeachChapterHOLIDAY PARTYWednesday, December 3 – 12:00 NoonThe Royal Palm Beach Cultural Center151 Civic Center Way, Royal Palm Beach$25/person – For reservations, call:Yvonne Richardson (561) 969-7776 orElet Cyris (561) 791-9087

• Broward–LeonDavisChapterTuesday, December 9 – 12:00 NoonTamarac Public Library8701 West Commercial Blvd., Tamarac

• SouthPalmBeachChapterThursday, December 11 – 10:00 amTemple Emeth5780 W. Atlantic Ave., Delray Beach

• Miami-Dade–OssieDavisChapterHOLIDAY PARTY – BRING A COVERED DISHFriday, December 12 – 10:30 amSEIU Healthcare Florida Local 1991Lincoln Building – North WingPenthouse Floor18441 NW 2nd Ave., Miami Gardens

• DowntownOrlandoChapterHOLIDAY PARTYWednesday, December 17 – 10:30 amLocal 8 SEIU Headquarters7001 Lake Ellenor Drive(Tarragon Building, at W. Lancaster Drive), Orlando

• Orlando–CasselberryChapterHOLIDAY PARTYThursday, December 18 – 11:00 amCasselberry Public Library215 North Oxford Road, Casselberry

• PortSt.LucieChapterHOLIDAY PARTYMonday, December 15 – 12:00 NoonPort St. Lucie Community Center, Room A 2195 SE Airoso Blvd., Port St. Lucie$25/person – For reservations, call:Yvonne Wilson (772) 344-1020 orMillicent Wallace (772) 879-7145

For information about Florida chapter meetings, contact Marilyn Silverberg:Toll-free: (877) 369-8340; Fax: (561) 369-8342In Palm Beach County: (561) 369-83408775 Via Tuscany Drive, Boynton Beach, FL 33472


IMPORTANT INFORMATION

Protect Yourself With Direct Deposit

It’s an unfortunate reality that there are people out there who like to take advantage of seniors. But there are many ways to keep yourself and your money safe, and probably one of the best ways to keep your pension check out of harm's way is to sign up for Direct Deposit.

With Direct Deposit, there's no risk of having your pension check lost or stolen in the mail or on the way to the bank. Your money will be deposited in your bank account automatically on the first business day of every month, and you can access it that very day.

Direct deposit is easy, safe and free. For more information about signing up for direct deposit, call the Retiree Services Center at (646) 473-8666.

As healthcare costs continue to climb and more employers cut back on retiree health benefits or drop them entirely, your Benefit Funds keep looking for ways to protect your retiree health coverage while holding down costs. One way we have done that is by enrolling New York City and Nassau County retirees in the 1199SEIU HIP VIP Medicare Advan-tage Plan. Since this plan began, we have received many calls and letters from retirees in other areas wishing for a similar plan.

While we have looked into partner-ing with Medicare Advantage plans in other areas, we haven’t yet found another region where the program would protect and enhance our re-tirees’ benefits while saving Fund dollars, two requirements set by the

Funds’ Trustees. For that to happen, we need a high con-centration of retirees living in one area, which is why we were able to offer the program last year to retirees in Nassau County.

We continue to look for more options, and will keep you posted here on any developments. In the meantime, eligible 1199SEIU retirees still enjoy comprehensive health coverage that is not available to many other retirees. And if you find a Medicare Advan-tage Plan in your area that meets your needs, you are free to enroll without losing whatever additional benefits your 1199SEIU coverage may pro-vide. If you have any questions about your health coverage, call the Retiree Service Center at (646) 473-8666.

Do We Have Your Current Information on File?

It’s so important to keep your information updated

with the Benefit and Pension Funds. The wrong

information could mean a delay in receiving your

benefits or risk you not getting the information you

need. Remember, we can forward your Retiree

Bulletin, but not your pension check. So get the most

out of your retirement benefits, and don’t miss a

thing by making sure we have your most updated

information in our files. You can download a change

of address form at www.1199SEIUBenefits.org or

call the Retired Members Division at (646) 473-8666.

Protecting Your Retiree Health Coverage


ACTIVIST PAGE

THIS PAGE IS PAID FOR BY 1199SEIU UNITED HEALTHCARE WORkERS EAST

A Message from

George GreshamPRESIDENT, 1199SEIU UNITED HEALTHCARE WORKERS EAST

Dear Sisters and Brothers,

Are you excited? Are you proud of your Union? All of us have a right to be after the role so many thousands of our members—including our retired members—played in making history on November 4 and electing Barack Obama to be the 44th President of the United States.

Hundreds of our officers and member activists were de-ployed to some 20 battleground states, many starting as early as last summer. Dozens were lead organizers in the many voter education, registration and get-out-the-vote efforts. Thousands more became “Weekend Warriors,” taking buses and vans to the battleground states on Saturdays and Sundays. And those numbers ballooned on Election Day.

This should serve us well as we put the nightmare Bush years behind us and prepare to mobilize for universal healthcare and labor law reform in early 2009 when the new President and new Congress take office.

But as no one knows better than our retired members, in 1199SEIU, there is never any rest for the weary. In New York, Massachusetts and Maryland—and now our latest state, New Jersey—all of the legislatures are

facing deficits.

And with the Wall Street collapse, times are even tougher than usual. Unfortunately, some folks in state governments think that cutting essential healthcare spending is the way to solve fiscal problems.

We of course believe that you can’t balance budgets on the backs of our patients and our families. So, no sooner are we finished with Election Day, than we have to wage major fights in our state capitals. At stake are not only the futures of patient care but the economic security of our families, the health of our benefit and pension funds, and political respect for our union.

All of which is by way of asking you to make sure that you’ve signed your card to check off your voluntary retiree dues contribution from your pension payment. And to urge you to contribute, as much as you are able each month, to our Martin Luther King, Jr./1199 Political Action Fund. Checks can be sent to the Union’s Political Action Department at: 330 West 42nd Street, 7th floor, New York, NY 10036.

Please be well as we approach the holiday season. We wish you all the best for a Happy New Year!

In Solidarity,


1199SEIU Benefit and Pension Funds Year-End Financial Statements

In this document, you’ll find an overview of the financial information for your Funds, which we are required by law to make available to you each year. These reports have also been filed with the Employee Benefits Security Administration, U.S. Department of Labor, as required by the Employee Retirement Security Act of 1974 (ERISA).

Summary Annual Report for the 1199SEIU National Benefit Fund for Health and Human Service Employees

EIN 13-1628401 Plan No. 501 for the period January 1, 2007 through December 31, 2007

Insurance Information

The plan has a contract with Amalgamated Life Insurance Company to pay certain claims incurred under the terms of the plan. The total premiums paid for the plan year ending December 31, 2007 were $7,805,935.

Because it is a so-called “experience-rated” contract, the premium costs are affected by, among other things, the number and size of claims. Of the total insurance premiums paid for the plan year ending December 31, 2007, the premiums paid under such “experience-rated” contract were $7,252,003, and the total of all benefit claims paid under the experience-rated contract during the plan year was $7,082,618.

Basic Financial Statement

The value of plan assets, after subtracting liabilities of the plan, was $145,586,916 as of December 31, 2007, compared to $135,352,231 as of January 1, 2007. During the plan year, the plan experienced an increase in its net assets of $10,234,685. This increase includes unrealized appreciation and depreciation in the value of plan assets, that is, the difference between the value of the plan’s assets at the end of the year and the value of the assets at the beginning of the year or the cost of assets acquired during the year. During the plan year, the plan had total income of $1,029,617,899, including employer contributions of $1,018,231,581; employee contributions for COBRA benefits of $2,707,323; and net earnings from investments of $5,703,498.

Plan expenses were $1,019,383,212. These expenses included $76,586,506 in administrative expenses and $942,796,709 in benefits paid to participants and beneficiaries.

Summary Annual Report for the 1199SEIU Health Care Employees Pension Fund

EIN 13-3604862, Plan No. 001 for the period January 1, 2007 through December 31, 2007

Basic Financial Statement

Benefits under the plan are provided through a trust fund. Plan expenses were $487,975,240; these expenses included $35,109,978 in administrative expenses and $452,865,262 in benefits paid to participants and beneficiaries. A total of 204,594 persons were participants in or beneficiaries of the plan at the end of the plan year, although not all of these persons had yet earned the right to receive benefits.

The value of plan assets, after subtracting liabilities of the plan, was $9,082,662,956 as of December 31, 2007, compared to $8,743,762,876 as of January 1, 2007. During the plan year, the plan experienced an increase in its net assets of $338,900,080. This increase includes unrealized appreciation and depreciation in the value of plan assets, that is, the difference between the value of the plan’s assets at the end of the year and the value of the assets at the beginning of the year or the cost of assets acquired during the year. The plan had total income of $808,960,246, including employer contributions of $211,402,628 and net earnings from investments of $597,557,618.

Minimum Funding Standards

An actuary’s statement shows that enough money was contributed to the plan to keep it funded in accordance with the minimum funding standards of ERISA.

2007


Your Rights to Additional Information

You have the right to receive a copy of the full annual report, or any part thereof, on request. The items listed below are included in that report:

1. An accountant’s report;

2. Financial information and information on payments to service providers;

3. Assets held for investment;

4. Transactions in excess of 5 percent of the plan assets;

5. Insurance information, including sales commissions paid by insurance carriers;

6. Information regarding any common or collective trusts, and 103-12 investment entities in which the plan participates; and

7. Actuarial information regarding the funding of the Plan (for Pension Funds only).

To obtain a copy of the full annual report, or any part thereof, write or call your Fund office at:

1199SEIUBenefitandPensionFunds330West42ndStreet,28thFloor

NewYorkNY10036

The charge to cover copying costs will be $0.25 per page.

You also have the legally protected right to examine the annual report at the main office of the plan and at the U.S. Department of Labor in Washington, D.C., or to obtain a copy from the U.S. Department of Labor upon payment of copying costs. Requests to the Department should be addressed to: Public Disclosure Room, Room N1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.

You also have the right to receive from the plan administrator, on request and at no charge, a statement of the assets and liabilities of the plan and accompanying notes, or a statement of income and expenses of the plan and accompanying notes, or both. If you request a copy of the full annual report from the plan administrator, these two statements and accompanying notes will be included as part of that report. The charge to cover copying costs given above does not include a charge for the copying of these portions of the report because these portions are furnished without charge.


Annual Funding Notice for the 1199SEIU Health Care Employees Pension FundIntroductionThis notice, which federal law requires all multiemployer plans to send annually, includes important information about the funding level of the 1199SEIU Health Care Employees Pension Fund, EIN 13-3604862, PN 001 (Plan). This notice also includes information about rules governing insolvent plans and benefit payments guaranteed by the Pension Benefit Guaranty Corporation (PBGC), a federal agency. This notice is for the plan year beginning January 1, 2007 and ending December 31, 2007.

Plan’s Funding LevelThe Plan’s “funded current liability percentage” for the Plan Year was 89.2%. In general, the higher the percentage, the better-funded the plan. The funded current liability percentage, however, is not indicative of how well a plan will be funded in the future or if it terminates. Whether this percentage will increase or decrease over time depends on a number of factors, including how the plan’s investments perform, what assumptions the plan makes about rates of return, whether employer contributions to the fund increase or decline, and whether benefits payments from the fund increase or decline.

Plan’s Financial InformationThe market value of the Plan’s assets as of January 1, 2008 was $9,082,662,956. The total amount of benefit payments for the Plan Year was $452,865,262. The ratio of assets to benefit payments is 20.0 to 1. This ratio suggests that the Plan’s assets could provide for approximately 20 years of benefit payments in annual amounts equal to what was paid out in the Plan Year. However, the ratio does not take into account future changes in total benefit payments or plan assets.

Rules Governing Insolvent PlansFederal law has a number of special rules that apply to financially troubled multiemployer plans. Under so-called “plan reorganization rules,” a plan with adverse financial experience may need to increase required contributions and may, under certain circumstances, reduce benefits that are not eligible for the PBGC’s guarantee (generally, benefits that have been in effect for less than 60 months). If a plan is in reorganization status, it must provide notification that the plan is in reorganization status and that, if contributions are not increased, accrued benefits under the plan may be reduced or an excise tax may be imposed (or both). The law requires the plan to furnish this notification to each contributing employer and the labor organization.Despite the special plan reorganization rules, a plan in reorganization nevertheless could become insolvent. A plan is insolvent for a plan year if its available financial resources are not sufficient to pay benefits when due for the plan year. An insolvent plan must reduce benefit payments to the highest level that can be paid from the plan’s available financial resources. If such resources are not enough to pay benefits at a level specified by law (see “Benefit Payments Guaranteed by the PBGC,” below), the plan must apply to the PBGC for financial assistance. The PBGC, by law, will loan the plan the amount necessary to pay benefits at the guaranteed level. Reduced benefits may be restored if the plan’s financial condition improves.A plan that becomes insolvent must provide prompt notification of the insolvency to participants and beneficiaries, contributing employers, labor unions representing participants and PBGC. In addition, participants and beneficiaries also must receive information regarding whether, and how, their benefits will be reduced or affected as a result of the insolvency, including loss of a lump sum option. This information will be provided for each year the plan is insolvent.

Benefit Payments Guaranteed by the PBGCThe maximum benefit that the PBGC guarantees is set by law. Only vested benefits are guaranteed. Specifically, the PBGC guarantees a monthly benefit payment equal to 100 percent of the first $11 of the Plan’s monthly benefit accrual rate, plus 75 percent of the next $33 of the accrual rate, times each year of credited service. The PBGC’s maximum guarantee, therefore, is $35.75 per month times the participant’s years of service.

Example 1: If a participant with 10 years of credited service has an accrued monthly benefit of $500, the accrual rate for purposes of determining the PBGC guarantee would be determined by dividing the monthly benefit by the participant’s years of service ($500/10), which equals $50. The guaranteed amount for a $50 monthly accrual rate is equal to the sum of $11 plus $24.75 (.75 x $33), or $35.75. Thus, the participant’s guaranteed monthly benefit is $357.50 ($35.75 x 10).

Example 2: If the participant in Example 1 has an accrued monthly benefit of $200, the accrual rate for purposes of determining the guarantee would be $20 (or $200/10). The guaranteed amount for a $20 monthly accrual rate is equal to the sum of $11 plus $6.75 (.75 x $9), or $17.75. Thus, the participant’s guaranteed monthly benefit would be $177.50 ($17.75 x 10).In calculating a person’s monthly payment, the PBGC will disregard any benefit increases that were made under the plan within 60 months before the earlier of the plan’s termination or insolvency. Similarly, the PBGC does not guarantee pre-retirement death benefits to a spouse or beneficiary (e.g., a qualified pre-retirement survivor annuity) if the participant dies after the plan terminates, benefits above the normal retirement benefit, disability benefits not in pay status, or non-pension benefits, such as health insurance, life insurance, death benefits, vacation pay or severance pay.

Where to Get More InformationFor more information about this notice, you may contact the Fund Office at 330 West 42nd Street, New York, NY 10036, or call (646) 473-8666. For more information about the PBGC and multiemployer benefit guarantees, go to PBGC’s website, www.pbgc.gov, or call PBGC toll-free at 1-800-400-7242 (TTY/TDD users may call the Federal relay service toll free at 1-800-877-8339 and ask to be connected to 1-800-400-7242).

Additional ExplanationThe 1199SEIU Health Care Employees Pension Fund is required by law to provide you with this notice about your plan’s funding. The Trustees of your Fund are committed to helping provide you with security in your retirement, and if you have any questions about your pension benefits, please don’t hesitate to contact the Pension Fund Office.

ANNUAL FUNDING NOTICE

Sus Fondos de Pensiones Están SegurosA medida que la crisis financiera de Wall Street domina los titulares

de los medios de comunicación y escuchamos más y más historias

sobre pérdidas en los ahorros para la jubilación, hemos estado

recibiendo muchas llamadas de los jubilados de 1199SEIU acerca

de la seguridad de sus pensiones. Afortunadamente, podemos

asegurarle que su pensión de 1199SEIU está segura, y que seguirá

estándolo para ayudarle con su manutención durante su jubilación.

Sus beneficios de pensión de 1199SEIU funcionan de manera

diferente que las cuentas privadas de ahorros para la jubilación

(tales como 401(k)) de las que muchos jubilados dependen. Son estos

tipos de cuentas los que han sufrido una gran devastación debido al

pésimo desempeño de los mercados. Sus activos de pensiones son

mantenidos en grandes Fondos que están bien diversificados y son

administrados por nuestro equipo de profesionales especializados

en inversiones. Será un creciente desafío para nosotros, como otros

fondos Taft-Hartley en todo el país, asegurar la salud de nuestros

Fondos de Pensiones en un mercado volátil. Sin embargo, los Fondos

de Pensiones han logrado superar tiempos difíciles en los mercados

bursátiles en el pasado, saliendo victoriosos.

Independientemente del desempeño de Wall Street, su beneficio de

pensión está definido por una fórmula y no se ve reducido cuando

hay una falla en los mercados.

Los jubilados de 1199SEIU constituyen un grupo especial. Pocos retirados hoy en día poseen el beneficio de pensión definido por el que nuestros miembros lucharon y ganaron.

• Hoy en los Estados Unidos, sólo un 18% de la

fuerza laboral – lo que es menos de 1 en cada

5 trabajadores – poseen un beneficio de pensión

definido como los jubilados de 1199SEIU. Otros

trabajadores tienen que depender de cuentas

de ahorros que se incrementan y disminuyen de

acuerdo a los caprichos del mercado de acciones.

• Un reciente artículo publicado en el New York

Times puso de manifiesto que se pronostica que

a un 39 % de los jubilados no les alcancen sus

ahorros durante toda la jubilación. Pero usted,

como jubilado de 1199SEIU recibirá una pensión

mensual con la que puede contar por el resto de

su vida.


IMPORTANT INFORMATION

1199SEIU Benefit and Pension Funds330 West 42nd Street

New York NY 10036-6977

PresortedStandard Class Mail

U.S. Postage

PAIDNew York NY

Permit No. 3700

UPCOMING EVENTS/TRIPS

ATLANTIC CITY – BALLY’S CASINOMonday, December 15, 2008Pay $25 – Get $18 Back

Manhattan – 9:00 am1199SEIU 310 West 43rd Street (bet. 8th & 9th Aves.)Sylvia Williams (718) 271-3144Flatbush–8:30amBrooklyn CollegeEast 27th Street and Campus RoadHerbert Hicks (917) 971-7415Brooklyn–8:30am1199SEIU Brooklyn Cluster(bet. Fulton & Livingston Sts.)Lena Hayes (718) 624-1363 St.Albans–8:30am197-01 Linden Blvd.Clifton Rutherford (718) 657-8348

All payments (check or money order only) are due by December 5 and should be made payable to Fantastic Tours and Travel. You must give your payment to your chapter representative or bring it to the RMD Headquarters at 330 W. 42nd Street, 9th Floor.

Our 1199SEIU retirees have set up a Travel Committee to plan your trips! This change will also make it easier for you to pay for your trips through the tour companies. While the Travel Committee will help choose the vacation packages, please note that the travel companies are solely responsible for the trips provided.

LAS VEGAS – BALLY’S HOTEL & CASINOsunday, December 7 to thursday, December 11, 2008 Package includes round-trip airfare from JFK to Las Vegas, four nights accommodations, day trip to Laughlin, coupon book, transfers and baggage handling in Las Vegas, taxes and trip cancellation insurance. $679 per person, double occupancy$659 triple$869 single

Payment in full is due immediately.

For more information, please call Indirect Travel Services at (516) 352-6900. Make all checks payable to Indirect Travel Services, 1 North Tyson Avenue, Floral Park NY 11001.

Documents

February 2005 Retiree News - 1199SEIU Funds · 2021. 7. 16. · Mensaje Del Presidente John Perkins 1199SEIU Annual Anne Shore Holiday Banquet Monday, December 1 – 11:00 am Hilton