Posted:
September 4, 2014
AMO Plans has again been used as a political pawn, requiring me as the Executive Director of the Plans to set the record straight.
First and foremost, no AMO sailing member or AMO official or employee has ever received or will ever receive both a monthly annuity and a lump sum from the AMO Defined Benefit Pension Plan. Prior to the freezing of our pension plan, anyone eligible for a lump sum or a monthly annuity was given the option to choose one or the other. Never in the history of AMO Plans has someone received a lump sum pension, continued to work and later received a monthly annuity. This also applies to the future.
Every one working in covered employment after receiving a lump sum continued to have their sailing record documented simply for the reason that the employers and the union were required to continue paying contributions into the pension plan for each sailing member, AMO official or employee billet filled by a lump sum recipient. The contribution went into the pension plan and continues to go into the pension plan for each billet held by a lump sum recipient in order to help fund the pension plan. No lump sum recipient continues to receive credit for additional payment of a pension benefit.
The pension statement referred to in the outlandish article was simply a record of the work history of a lump sum recipient so that the complete sailing and work record could be documented. The work history of every single member is now automated. The fact that we can create in minutes a documented record of a person's sailing and work history is now distorted beyond belief.
The reason no one from the AMO Plans attempted to correct statements made regarding Don Cree's eligibility for a lump sum was because Don Cree was eligible under the plan rules to receive a lump sum. The reason the AMO Plans will correct the recent article that states Don Cree will receive a monthly pension is because Don Cree is not eligible for a monthly annuity and Don Cree will never receive a monthly annuity.
Steven Nickerson
Executive Director
AMO Plans
AMO Plans: Setting the record straight
AMO Plans has again been used as a political pawn, requiring me as the Executive Director of the Plans to set the record straight.
First and foremost, no AMO sailing member or AMO official or employee has ever received or will ever receive both a monthly annuity and a lump sum from the AMO Defined Benefit Pension Plan. Prior to the freezing of our pension plan, anyone eligible for a lump sum or a monthly annuity was given the option to choose one or the other. Never in the history of AMO Plans has someone received a lump sum pension, continued to work and later received a monthly annuity. This also applies to the future.
Every one working in covered employment after receiving a lump sum continued to have their sailing record documented simply for the reason that the employers and the union were required to continue paying contributions into the pension plan for each sailing member, AMO official or employee billet filled by a lump sum recipient. The contribution went into the pension plan and continues to go into the pension plan for each billet held by a lump sum recipient in order to help fund the pension plan. No lump sum recipient continues to receive credit for additional payment of a pension benefit.
The pension statement referred to in the outlandish article was simply a record of the work history of a lump sum recipient so that the complete sailing and work record could be documented. The work history of every single member is now automated. The fact that we can create in minutes a documented record of a person's sailing and work history is now distorted beyond belief.
The reason no one from the AMO Plans attempted to correct statements made regarding Don Cree's eligibility for a lump sum was because Don Cree was eligible under the plan rules to receive a lump sum. The reason the AMO Plans will correct the recent article that states Don Cree will receive a monthly pension is because Don Cree is not eligible for a monthly annuity and Don Cree will never receive a monthly annuity.
Steven Nickerson
Executive Director
AMO Plans