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Automobile Mechanics' Local 701Union & Industry Welfare & Pension Funds |
Pension Funds |
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To All Participants:
Financial security for retirement is important to all of us. Naturally, we all want to be able to retire in comfort and enjoy the fruits of our labor. Helping you build for a financially secure retirement is a major concern of the Trustees of the Automobile Mechanics’ Local No. 701 Union and Industry Pension Fund. The Trustees, representing both Union and Employer groups who participate in the Automobile Mechanics’ Local No. 701 Union and Industry Pension Plan, are pleased to provide you with this description of your retirement benefits under the Pension Plan. This booklet is a summary plan description of the Pension Plan as of December 31, 2000. This booklet reflects the significant improvements to the Pension Plan since January 1, 1999. It explains your eligibility for pension benefits, the type of benefits you may receive, and how the amount is determined. The most significant plan improvement is the accrual rate change to $80.00 effective January 1, 2001. Please plan to read this booklet and to share it with your family. Also, you will want to keep it in a safe place for future reference. Knowing how your retirement benefits accumulate and what your Plan responsibilities are can help you and your family plan for the future. The Board of Trustees and the Fund Office will be happy to assist you with additional information so that you can plan for a financially secure retirement. Sincerely, The Board of Trustees |