AMO Defined Contribution Plan reform approved unanimously

The joint union-employer trustees of the AMO Defined Contribution Plan today voted unanimously to approve a key long-sought reform of the Plan's individual benefit calculation formula, effective April 2, 2021.

The new method of allocating contributions to AMO Defined Contribution Plan accounts will rely exclusively on length of service in AMO covered employment. Participant age will no longer be a factor.

In addition, contribution rates will be calculated through one chart instead of two.

The April 2 start-up date is necessary to allow a seamless transition and accurate participant data reconciliation.

This significant benefit formula revision will enhance the prospect of secure, comfortable retirement for all deep-sea, Great Lakes and inland waters AMO members, promote greater retention of senior officers and encourage newly licensed officers to plan careers as AMO members.

A detailed summary will follow this announcement later this week.

Paul Doell
February 9, 2021