Posted:
October 24, 2012
10/23/2012
Steady job growth resulting in increased employer contributions to the AMO Plans Master Operating Trust will result in significant improvements to the American Maritime Officers Defined Contribution Plan on January 1, 2013.
When the new year rings in, contributions to all individual DC Plan accounts will increase by 25 percent under the DC Plan's Schedule 1 funding formula.
In addition, the minimum AMO DC Plan contribution rate will rise for all Schedule 1 participants to 6 percent of the participant's base benefit wage under a new benefit schedule we refer to as "Schedule 1.1," bridging between the two schedules set when the groundbreaking AMO Defined Contribution Plan was established in 2010. As you know, AMO DC Plan benefits increase with the participant's age and length of qualified service.
These substantial enhancements - which will generate much higher AMO DC Plan account balances and retirement payouts for all participants - are possible because of the consistent expansion of the AMO employment base since January 2007. Each new deep-sea, Great Lakes and inland waters job represents additional employer contributions to the AMO Defined Contribution Plan and to all other AMO membership benefit funds.
For a more direct understanding of how this improved AMO DC Plan will help you and your family, a personalized statement showing what your new contribution percentage will be as of January 1, 2013 is being mailed to each member. Your personal statement will also be attached to your individual account on plandestination.com. We will also attach the new AMO DC Plan "Schedule 1.1," which reflects the new benefit levels, and the current Schedule 1 for comparison. The schedules are also posted on the Plans website.
On a related front, the joint union-employer trustees of the defined benefit AMO Pension Plan (which is funded separately from the AMO DC Plan) remain at work with this Plan's actuaries on the rehabilitation strategy intended to meet all of this Plan's obligations to vested participants as soon as possible. The trustees will continue to report to you on this effort at the end of each year - benefits you may be entitled to from the AMO Pension Plan are as critical to retirement planning as the AMO DC Plan, the AMO Pension Plan Money Purchase Benefit and the AMO 401(k) Plan.
Meanwhile, if you have any questions, please contact the AMO Retirement Services group toll free at 1-800-348-6515.
DC Plan Notice
10/23/2012
Steady job growth resulting in increased employer contributions to the AMO Plans Master Operating Trust will result in significant improvements to the American Maritime Officers Defined Contribution Plan on January 1, 2013.
When the new year rings in, contributions to all individual DC Plan accounts will increase by 25 percent under the DC Plan's Schedule 1 funding formula.
In addition, the minimum AMO DC Plan contribution rate will rise for all Schedule 1 participants to 6 percent of the participant's base benefit wage under a new benefit schedule we refer to as "Schedule 1.1," bridging between the two schedules set when the groundbreaking AMO Defined Contribution Plan was established in 2010. As you know, AMO DC Plan benefits increase with the participant's age and length of qualified service.
These substantial enhancements - which will generate much higher AMO DC Plan account balances and retirement payouts for all participants - are possible because of the consistent expansion of the AMO employment base since January 2007. Each new deep-sea, Great Lakes and inland waters job represents additional employer contributions to the AMO Defined Contribution Plan and to all other AMO membership benefit funds.
For a more direct understanding of how this improved AMO DC Plan will help you and your family, a personalized statement showing what your new contribution percentage will be as of January 1, 2013 is being mailed to each member. Your personal statement will also be attached to your individual account on plandestination.com. We will also attach the new AMO DC Plan "Schedule 1.1," which reflects the new benefit levels, and the current Schedule 1 for comparison. The schedules are also posted on the Plans website.
On a related front, the joint union-employer trustees of the defined benefit AMO Pension Plan (which is funded separately from the AMO DC Plan) remain at work with this Plan's actuaries on the rehabilitation strategy intended to meet all of this Plan's obligations to vested participants as soon as possible. The trustees will continue to report to you on this effort at the end of each year - benefits you may be entitled to from the AMO Pension Plan are as critical to retirement planning as the AMO DC Plan, the AMO Pension Plan Money Purchase Benefit and the AMO 401(k) Plan.
Meanwhile, if you have any questions, please contact the AMO Retirement Services group toll free at 1-800-348-6515.