Feb 2010 Vol. 13 No. 2

Pension reallocation vote

A membership vote on the reallocation of a portion of the upcoming wage increases to pension will be held this month.

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Summary of proposed changes >

The Union and the Trust Fund have been conducting a series of meetings throughout Northern California discussing the status of, and possible changes to, our Pension Plan. The Trustees of the Pension Fund and the Bargaining Parties of the Master Agreement have taken action to address the shortfall in earnings created by the recent state of the economy as it relates to the Pension Fund’s obligation under the Pension Protection Act of 2006.

The bargaining parties have reached an agreement that requires the reallocation of a portion of the upcoming wage increases (scheduled to take effect July 1, 2010 and July 1, 2011) to pension. A summary of how a reallocation would affect your monthly benefit upon your retirement is included in this issue of the paper.

Please Note: Retirees receiving a monthly check from the Pension Fund today will continue to receive payments without interruption. Benefit reductions will only apply to future retirees. However, if pension law changes and future benefit improvement opportunities are created, another notice will be issued.

After careful deliberation, the Delegates to the Carpenters 46 Northern California Counties Conference Board voted to place the issue before the membership for a vote.

The Delegates to the Carpenters 46 Northern California Counties Conference Board voted unanimously to recommend a YES vote.

Ballots will be mailed to all eligible voters (active members who participate in the Carpenters Pension Fund) on or about February 12. Retirees and members participating in other pension plans, such as the Industrial Carpenters & Precast or Marine Carpenters pension trust funds, are not eligible to vote on this reallocation. Ballots must be postmarked by Monday, March 1, 2010, to be considered.

If you receive a ballot, please take the time to consider the various options and complete and return it before the March 1 deadline.

If you do not receive a ballot and believe you are eligible to vote, please contact the Carpenters 46 Counties Conference Board office at (510) 430-9706.

Summary of proposed changes >

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