AN IMPORTANT MESSAGE FROM PRESIDENT JOHN T. NICCOLLAI - 9-11-2020

AN IMPORTANT MESSAGE FROM PRESIDENT JOHN T. NICCOLLAI
FRIDAY, SEPTEMBER 11, 2020

MODIFICATION – NATIONAL PENSION FUND
UPDATE

President Niccollai reported today that Information Modification Packets, along with Ballots, were mailed to all full-time employees of Finast Long Island and ACME New York and New Jersey concerning the implementation of a new Variable Annuity Pension Plan.  As cited in previous postings, Local 464A does not administrate the National Pension Fund.  It is administered through the International Union by a Board of Union and Company Trustees.

As set forth in the informational packet accompanying the return Ballot, the National Pension Fund has encountered numerous problems and is being replaced with a Variable Annuity Pension Plan going forward.  Members affected should be aware that their prior years of service under the National Fund will be fully calculated under the old Plan, with future service under the new Plan.  We urge all members to read the enclosed supporting material in the packet before voting.  We also encourage the members to vote in favor of the new Variable Annuity Pension Plan, as the supporting material projects a failure to adopt this new Plan could result in a dire situation for the existing Pension Plan.