Posted:
June 24, 2011
After a long delay, Lake Michigan Carferry/Pere Marquette has signed the documents required for participation in the new AMO Defined Contribution Plan, finally allowing AMO Plans to deposit the company's contributions on behalf of AMO members working for the company into the members' individual Defined Contribution Plan retirement accounts.
Lake Michigan Carferry/Pere Marquette was the last AMO-contracted employer to sign the AMO Defined Contribution Plan Memorandum of Understanding (MOU) and Trust Documents. Although the company has been making man-day contributions on behalf of the AMO members working aboard its vessels, its failure to sign the required DC Plan documents has until now prevented AMO Plans from appropriately directing the funds to the individual DC Plan accounts of these AMO members. The contributions were held in escrow for the affected AMO members while the company stalled.
As the company demonstrated its intent to engage in a prolonged delay in signing the required AMO DC Plan documents, AMO National President Tom Bethel took the lead role in securing the participation of Lake Michigan Carferry/Pere Marquette in the AMO Defined Contribution Plan. Working with AMO Great Lakes Special Assistant to the National President Don Cree, Bethel was able to resolve the situation and secure the company's cooperation and participation.
Lake Michigan Carferry/Pere Marquette signs AMO DC Plan documents, allowing deposits to be made into retirement accounts of AMO members
After a long delay, Lake Michigan Carferry/Pere Marquette has signed the documents required for participation in the new AMO Defined Contribution Plan, finally allowing AMO Plans to deposit the company's contributions on behalf of AMO members working for the company into the members' individual Defined Contribution Plan retirement accounts.
Lake Michigan Carferry/Pere Marquette was the last AMO-contracted employer to sign the AMO Defined Contribution Plan Memorandum of Understanding (MOU) and Trust Documents. Although the company has been making man-day contributions on behalf of the AMO members working aboard its vessels, its failure to sign the required DC Plan documents has until now prevented AMO Plans from appropriately directing the funds to the individual DC Plan accounts of these AMO members. The contributions were held in escrow for the affected AMO members while the company stalled.
As the company demonstrated its intent to engage in a prolonged delay in signing the required AMO DC Plan documents, AMO National President Tom Bethel took the lead role in securing the participation of Lake Michigan Carferry/Pere Marquette in the AMO Defined Contribution Plan. Working with AMO Great Lakes Special Assistant to the National President Don Cree, Bethel was able to resolve the situation and secure the company's cooperation and participation.