| Retirees
Corner
Retirees Board

Jerry Schmidt
Chairman |
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Bob Masterson
Co Charman |
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Charlie
Prokop
Financial Secretary
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Mike Dargaj
Sgt- At - Arms
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Dear Brothers and Sisters of Local
1005.
Retirees meeting will be held on the last
thursday of every month except December. Lunch begins at
10:45am, and the meeting starts at 12pm. Benefits rep
will be availible from 10:30am to 2:30pm on the day of
the meeting. Armon Russ will also be availible for anyone
that might need help purchasing a new/leased vehicle, or
if they have problems with their current new car.
"As
per Fidelity" the pay increase for retirees
that was agreed to under the 2007 National Agreement will
be reflected in your April retirement check. A separate
check with the retroactive amount will be paid shortly
there after if not at the same time. If you have any
further questions pleas contact your Benefit Rep @ 216-265-5878
or 216-265-5879.
Latest Retirees News
Addendum
to Voluntary Employee Beneficiary
Association (VEBA) Agreement:
Click Here To View Agreement
SOFTBALL PLAYERS NEEDED
Greater Cleveland Senior Softball League. contact Don
Lange-Media Relations at wsleman@sbcglobal.net or www.greaterclevelandseniorsoftball.com
An
Article From Bill Bowers.
(Taken from Retirees Corner, By Bill
Bowers, Chairman, UAW Retirees Advisory Council)
Well, we are all very nervous about GM teetering
on the verge of bankruptcy and the fate of the loan
request by GM, Ford and Chrysler. I will attempt to
answer the questions asked by our retirees.
PENSION
Pensions are protected by the Employee Retirement
Income Security Act (ERISA) of 1974. Creditors of GM have
no claim on the assets in a companys traditional
pension plan or 401(k) PSP plan.
Most pensions are insured by the Pension Benefit
Guarantee Corp (PBGC). If our plan ends without
sufficient money to pay all benefits, the PBGC program
will pay you the benefit provided by your pension plan up
to the limits set by law.
If GM goes into bankruptcy or applies to the PBGC that
they cannot remain in business unless the plan is
terminated, the following rules will apply:
PBGC guarantees basic benefit earned
before the plan ended. Our Pension Plan is currently
funded to about 99.6% so we would qualify for our basic
benefit and if plan assets are sufficient, some of our
supplemental benefit. (Supplements are paid until you
reach your 80% Social Security age).
Annuity benefit for survivors of plan
participants.
Disability benefit for disabilities that occurred
prior to plan termination.
PBGC Does Not Guarantee
Severance benefits
Health and welfare benefits
Vacation Pay
Lump sum death benefits after plan termination
To sum all that up, we would get our basic pension
benefit, some supplemental benefit based on plan assets,
survivor benefits and disability pension benefits that
occur prior to plan termination.
Health Care
As stated earlier in my report, the PBCG does not
provide for health and welfare benefits.
Our health care coverage would become part of the
bankruptcy proceeding and the judge would rule as to how
our health care would be handled.
Corporations usually ask the judge to terminate
all collective bargaining agreements, but if it comes to
that the UAW will react and develop a plan of action.
All assets of the VEBA would remain with the VEBA,
but what coverage would be available would depend on
assets of the plan.
As of this article, the loan is not passed, but should be
voted on by 12/10/08. If it passes, hopefully the economy
will start to recover and the Big 3" can
become viable once again.
Social Security - Now some good news!
January 1, 2009, we will receive a 5.8% increase
in Social Security and the Medicare B costs
will stay the same so we will get a raise in our
benefits.
The Social Security payment cutoff amount is
$106,800 in 2009 and you need earnings of $1,090 to earn
a credit.
Some Facts on all UAW Retirees:
The UAW has 580,000 retirees of which 70% pay the
$2.00 per month voluntary dues
57 retirees over 100 years old
4,532 retirees over 90 years old
31,524 retirees over 80 years old
72,112 retirees over 70 years old
110, 003 retirees over 60 years old
52,055 retirees over 50 years old
2,536 retirees over 40 years old
13 retirees over 30 years old
Bill Bowers,
Chairman, UAW Retirees Advisory Council
Brother and sisters of UAW Local 1005 that have deceased
in 2010
January:
February:
March:
April:
May:
June:
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July:
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October:
November:
December:
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Fraternally,
Dick
Topola
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