Update #6

To all members of Local 3059 who are eligible to retire:
 
On a conference call with International officers and Legal Council we have been informed that in accordance with bankruptcy laws the Court or the PBGC have the right to determine your retirement date as of the date of the bankruptcy filing. That date is Oct 1, 2009.
 
As a result of this information we feel it is important to give you the 3 scenario that may result from this bankruptcy with the understanding that there could be some slight changes as a result of any Court rulings.
 
1. If you decide to retire now, you will receive your full pension and the special payment, but if the pension is turned over to the PBGC they may come after the special payment and any other portion of your pension that is over the Oct. 1 calculation date. This could take as much as 3 years or more and if they want the money you collected back they can only take it back by reducing your pension payments by 10% a month until it’s paid back.
 
2. If you decide not to retire and the pension is turned over to the PBGC you will be eligible to retire under the same terms that govern the current pension agreement but you will not receive any special payment and your pension amount will be subject to the PBGC’s payment restriction. This can be found on their web site at pbgc.gov and click on maximum monthly guarantee you will see based on your age the max amount they will pay.
 
3. If you decide to wait and the pension is not turned over to the PBGC the current plan is still in effect unless there are changes made as the result of negotiations or court decisions.