New Contributing Employers are discouraged from joining our pension funds because they will gradually be responsible for paying Withdrawal Liability based on sizeable liabilities the funds incurred prior to their joining. To remove this obstacle, the New England fund has created a "New Employer" category that will let New Employers start fresh. So far so good. Read this notice:
http://www.nettipf.com/pdf_files/wlnotice62010.pdf
But the Trustees also reduced or eliminated some of the plan's features for the employees of these New Employers so the Pension Plan is a lot worse for them in many respects. Read this notice:
http://www.nettipf.com/pdf_files/asobnotice82010.pdf
Pay special attention to this little nugget:
Option to Change Status
An Existing Employer [like UPS] may elect to pay its entire withdrawal liability and become a New Employer for contributions and credited service after the date of change. . . .
In effect, UPS could "withdraw," without actually withdrawing, and we would be "transfered" into a plan with worse features, without actually transfering.
Neither of these notices have yet to be sent to members. Does any New Englander have any info on these plan changes? Is this happening in other plans?
http://www.nettipf.com/notices.html
http://www.nettipf.com/pdf_files/wlnotice62010.pdf
But the Trustees also reduced or eliminated some of the plan's features for the employees of these New Employers so the Pension Plan is a lot worse for them in many respects. Read this notice:
http://www.nettipf.com/pdf_files/asobnotice82010.pdf
Pay special attention to this little nugget:
Option to Change Status
An Existing Employer [like UPS] may elect to pay its entire withdrawal liability and become a New Employer for contributions and credited service after the date of change. . . .
In effect, UPS could "withdraw," without actually withdrawing, and we would be "transfered" into a plan with worse features, without actually transfering.
Neither of these notices have yet to be sent to members. Does any New Englander have any info on these plan changes? Is this happening in other plans?
http://www.nettipf.com/notices.html
