Posted:
March 31, 2011
Initial deposits have been made into the individual retirement savings and investment accounts created for AMO members and applicants for AMO membership under the new employer-paid AMO Defined Contribution Plan.
The amount of each first deposit was based on covered employment by each of nearly 4,000 deep-sea, Great Lakes and inland waters participants between January 1, 2011, and at least January 31, 2011.
The AMO Plans Benefits Department is reconciling employer contributions and verifying covered employment by participants in February 2011 to determine the amount of deposits to be made into each personal account for covered employment through February 28, 2011.
Employer contributions to individual accounts are due on the 10th of each month under deep-sea and inland contracts and on the 20th of each month under Great Lakes contracts. These contributions are based on covered employment in the previous month - for example, employer contributions received by the AMO Defined Contribution Plan in April 2011 will be based on days of work aboard vessels in March 2011.
Each deposit into each personal account is a percentage of the participant's combined base benefit wage and AMO vacation pay during the specific period of covered employment. Each percentage is determined by the participant's age and years of service under AMO contract.
As employer contributions are received, reconciled and audited by the Plan, the data is forwarded to the Newport Group for review and posting to the individual accounts, generally within two days. The money is then transferred electronically from the Plan to the Newport Group and forwarded to the Plan custodian, Wilmington Trust, for disbursement to the mutual funds designated by participants. This is done each month.
Initial deposits into personal accounts under the AMO Defined Contribution Plan were placed in each participant's name with Blackrock Global Allocation Fund. Subsequent deposits will be made into this fund unless participants specify other available investment options.
AMO Defined Contribution Plan participants can track their personal accounts securely at www.plandestination.com, which also provides secure online access to AMO 401(k) Plan and AMO Pension Plan Money Purchase Benefit account statements.
First deposits made into Defined Contribution Plan retirement accounts; statements reflect covered employment through at least January 31, 2011
Initial deposits have been made into the individual retirement savings and investment accounts created for AMO members and applicants for AMO membership under the new employer-paid AMO Defined Contribution Plan.
The amount of each first deposit was based on covered employment by each of nearly 4,000 deep-sea, Great Lakes and inland waters participants between January 1, 2011, and at least January 31, 2011.
The AMO Plans Benefits Department is reconciling employer contributions and verifying covered employment by participants in February 2011 to determine the amount of deposits to be made into each personal account for covered employment through February 28, 2011.
Employer contributions to individual accounts are due on the 10th of each month under deep-sea and inland contracts and on the 20th of each month under Great Lakes contracts. These contributions are based on covered employment in the previous month - for example, employer contributions received by the AMO Defined Contribution Plan in April 2011 will be based on days of work aboard vessels in March 2011.
Each deposit into each personal account is a percentage of the participant's combined base benefit wage and AMO vacation pay during the specific period of covered employment. Each percentage is determined by the participant's age and years of service under AMO contract.
As employer contributions are received, reconciled and audited by the Plan, the data is forwarded to the Newport Group for review and posting to the individual accounts, generally within two days. The money is then transferred electronically from the Plan to the Newport Group and forwarded to the Plan custodian, Wilmington Trust, for disbursement to the mutual funds designated by participants. This is done each month.
Initial deposits into personal accounts under the AMO Defined Contribution Plan were placed in each participant's name with Blackrock Global Allocation Fund. Subsequent deposits will be made into this fund unless participants specify other available investment options.
AMO Defined Contribution Plan participants can track their personal accounts securely at www.plandestination.com, which also provides secure online access to AMO 401(k) Plan and AMO Pension Plan Money Purchase Benefit account statements.