Posted:
September 17, 2010
American Maritime Officers Pension Plan participants with at least 20 years of service are reminded that they can retire now and receive monthly benefits if they choose, regardless of the Plan's "critical" funding status as defined by the Pension Protection Act of 2006.
Monthly benefits paid now to retired participants and to survivors and benefits payable to participants who decide to retire at or after the 20-year service mark are not affected by the federal law or by the AMO Pension Plan rehabilitation plan in effect since October 1, 2009, except that benefits payable after December 31, 2009, will be paid at the rates calculated as of that date.
Once the AMO Pension Plan is fully funded as a result of the rehabilitation plan, Plan participants with at least 20 years of service will be able to choose between retiring and receiving monthly benefits from the Plan or rolling the lump-sum value of their earned benefits into their personal AMO Defined Contribution Plan accounts while remaining at work at sea under AMO contract.
A reminder on 20-year retirement options
American Maritime Officers Pension Plan participants with at least 20 years of service are reminded that they can retire now and receive monthly benefits if they choose, regardless of the Plan's "critical" funding status as defined by the Pension Protection Act of 2006.
Monthly benefits paid now to retired participants and to survivors and benefits payable to participants who decide to retire at or after the 20-year service mark are not affected by the federal law or by the AMO Pension Plan rehabilitation plan in effect since October 1, 2009, except that benefits payable after December 31, 2009, will be paid at the rates calculated as of that date.
Once the AMO Pension Plan is fully funded as a result of the rehabilitation plan, Plan participants with at least 20 years of service will be able to choose between retiring and receiving monthly benefits from the Plan or rolling the lump-sum value of their earned benefits into their personal AMO Defined Contribution Plan accounts while remaining at work at sea under AMO contract.