Welfare Notes - September 2003

September, 2003

The SUP Money Purchase Pension Plan (MPP) is a collectively bargained defined contribution pension plan for individuals who work under any SUP contract that requires contributions to the Plan.

The MPP began on April 1, 1991, as a result of bargaining with APL and Matson in 1990, and covers all SUP members who have sailed, or worked with the participating employers. The initial contributing funds for the MPP were started by the members in lieu of pay increases. The membership voted in 1990 to begin a money saving plan and the Money Purchase Pension Plan was created. The members daily contributions are determined by which company you are employed, as well as your job rating. The MPP Plan’s Trustees manage and control the investments of the Plan. Federal laws give permission to the Plan Trustees to retain professional investment managers to safeguard the value of the assets and to increase the rate of investment return for the participants.

Each participating SUP member has an individual account set up within the MPP. Your account balance is computed on a fiscal year that runs from August 1, to July 31, yearly. The July 31 date is considered your Valuation Date. Each year you will receive a statement showing your balance as of the valuation date. This statement will show contributions placed in your account since your last valuation date, your share of earnings and your share of expenses paid for the year preceding the current valuation date. The Plan’s auditors will complete the calculations and mail your statements before the end of October.

There are specific laws and restrictions for withdrawing your MPP which will be explained in the October issue of West Coast Sailors.

Columbia Funds Senior Account Manager Ms. Joan Steele will be at Headquarters on October 14, 2003. Ms. Steele will be in the library at 0900, two hours before the monthly membership meeting. Ms. Steele will be available to answer your individual questions on Columbia Funds, your 401(k) Plan, and also offer helpful advise on individual investments, stock market and fund strategies.