Over the past several weeks Rank and File Trustee Phil Yao, former Trustee David Schwartz and many other RMA officers, have fielded hundreds if not thousands of questions regarding the prospective AFM & Employer’s Pension Fund changes. The issues involved are very complicated and at this point not all of the details have been fully explored and carved in stone.

As a result of your good questions and our forwarding them to Fund co-counsel for additional analysis a clearer picture will emerge. Some of the items that at first seemed simple now emerge as not so simple items. The range of permutations as a result of any benefit modification can be tremendous. With the many legal, administrative and practical concerns, some of the modifications may not be as originally relayed to you in discussion.

This is particularly true in regards to the Pre-Retirement Death Benefit (item #5 of the Benefit Modification Memo.) While details have not been finalized and a partial explanation might muddy the waters, there will be additional information forthcoming. Nonetheless, it does appear that some items relating to pre-change contributions and the Pre-Retirement Death Benefit may be “grand fathered.” That is a very good thing! The Funds’ professionals are working to address and clarify all these changes and will be issuing a much more comprehensive memo shortly. We understand the level of concern everyone has, but this is a work in progress and more time is required.

More to Follow!