Phone: 406.752.7680
LOCAL 768
December report
Updated On: Jul 26, 2013

 

News from the 8th District Electrical Pension Plan
Reports from the 8th District Electrical Pension Plan continue to be good -- the investment portfolio of the Plan is meeting and in most cases exceeding the benchmarks set by the Trustees. This means the assets are building back up from the huge losses suffered in 2008.
The Trustees scheduled a review of the financial statement at the February 2012 meeting to better evaluate what changes might be prudent going forward.  I expect that the first step could be a rollback of the de-coupled pension supplement that is currently in effect. As you may recall the Federal Pension Protection Act required the pension plan to add a 25% supplement to the contribution rate to assist shoring up the plan assets after the 2008 market collapse.  Since the Plan now has been certified “green” by the US government the Trustees are once again permitted to make fiscally responsible adjustments to the benefits and/or contribution rates.
The various Local Unions participating in the 8th District Electrical Pension Plan negotiated slightly different ways of funding this supplement: some took it all off the check; some took it all off the 401K contribution, while others took a little from both. Whatever the case may be the money will go back from where it was originally taken. Barring any unforeseen stock market developments or legislative changes occurring I expect to have specific information on changes to the Plan after the February meeting.
Thanks for your continued support for our pension plan and have a great holiday season.
Larry Langley

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Contact Info
IBEW Local 768
347 2nd Ave West
Kalispell, MT 59903
  406.752.7680

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