HB Bulletin #67-16

HB Bulletin #67-16

May 5, 2016

HEALTH BENEFITS BULLETIN

 

ILWU-PMA PENSION PLAN PARTICIPANTS

 

ILWU/PMA Benefit Plans will be mailing the Participant Status Report (PSR) soon. This report shows the status of each year from your start in the industry through 2015 and the amount of your accrued monthly benefit through 2015.

Your PSR indicates your total credited years of service under the Pension Plan and your vested status as of the end of the 2015 Payroll Year.  Effective January 1, 1999, a Participant is vested in his or her accrued benefit upon attaining five credited Years of Service (or Normal Retirement Age, if earlier), provided that she/he is credited with an hour of service in the 1999 Payroll Year or later.

The pension accrual rate for Participants who retire with a Separation Date on or after July 1, 2008 is $180 per month per year for all qualifying years through 1993.  Beginning in 1994, 1300 hours (including worked and credited hours) are required for a $180 benefit.  A Benefit Accrual of $180 is shown on the PSR for all qualifying years through 1993 and for any year after 1993 with 1300 or more hours.  The calculation of pro-rated benefits for years after 1993 if 800 – 1299 hours is shown on the PSR, using a fraction equal to the number of hours worked and/or credited in a year divided by 1300.

Your Total Accrued Monthly Benefit is the sum of the Benefit Accruals in your highest valued qualifying years up to a maximum of 37 years.  If this PSR includes more than 37 years, the years excluded from the calculation are designated with an asterisk (*).  The maximum monthly basic pension payable is $6,660 based on 37 qualifying years at the $180 rate.  Supplemental (“bridge”) benefits which may become payable are not included in the Total Accrued Monthly Benefit.  

If you have any questions regarding your Pension qualifying years, please call ILWU/PMA Benefit Plans at (415) 673-8500.

FIDELITY 401K WORKSHOP

 

Tuesday, May 17, 2016, 10:00 a.m. to 2:00 p.m., ILWU Memorial Hall, 231 West “C” Street, Wilmington, CA  90744.

MAY IS OPEN ENROLLMENT

 

Open enrollment is offered to all participants that have completed 24 months with Kaiser (i.e. Mechanics and C.O.D.s Child of Deceased) and to all eligible active and retired Longshoremen during the month of May.   Individuals have the choice to change their medical and/or dental plans during the open enrollment period; May 1, 2016 to May 31, 2016.  Any change that you make will be effective July 1, 2016.  In addition to the May open enrollment period, eligible individuals may change their health/dental coverage once at any time during the Plan Year (July 1 through June 30).

MEDICARE

 

There are four parts to Medicare: A B C & D, the only two parts that are required to enroll once you, your spouse retire at age 65 are Medicare A & B only.  Medicare Part A is Hospital Insurance; it covers most of the medical necessary hospitalization, skilled nursing facilities, home health and hospice care.  Medicare B Medical Insurance covers most medically necessary doctor’s services, preventive care, durable medical equipment, laboratory testing, x-rays and ambulance service.

 

Example: Married couples in the ILWU, if you are eligible to retire and your spouse is currently active and enrolled in your coverage, YOU DO NOT NEED TO ENROLL IN MEDICARE B. Medicare A no premiums.  Medicare B – premiums are deducted from your social security.  

 

If retired and your Medicare premiums increase, please submit your SSA statement to ILWU/PMA Benefit Plans to receive adjustment on your benefit. For additional information, please call ILWU/PMA Benefit Plans at (415) 673-8500.

 

ADA

 

The May 17, 2016 ADA LRC has been cancelled

 

OFFICE OF LOCAL 13 CLOSED ON

MONDAY, MAY 30, 2016

 

In observance of Memorial Day Holiday the Office of Local 13 will be closed on Monday, May 30, 2016.

 

 

 LONG LIVE THE ILWU!

 

HB Bulletin #67-16

OPEIU #537/mv