DC Plan trustees to meet February 9 on benefit formula reform

The joint union-employer trustees of the AMO Defined Contribution Plan will meet virtually on Tuesday, February 9, to consider a significant benefit calculation rate formula reform that, if approved, will enhance retirement security for all deep-sea, Great Lakes and inland waters AMO member participants.

The revised benefit calculation rate formula would rely exclusively on individual length of service under AMO covered employment. Participant age would no longer be a factor. One benefit rate calculation chart would replace the two charts in place currently.

A subcommittee of AMO Defined Contribution Plan trustees - AMO President Paul Doell for the union, Tony Naccarato of Intrepid Personnel and Provisioning for the employers - approved the benefit rate improvements on December 30, 2020. All trustees were then provided with a detailed presentation from AMO Plans on this initiative to prepare for the meeting next week.

All AMO members will be advised of the outcome of the meeting by Wednesday, February 10.