ENHANCED COLA IP: 71.243.241.98 Posted on September 27, 2008 at 01:32:58 AM by Larry Vincent
TO ALL MEMBERS,
LAST MONDAY THE E-COLA COMMITTEE MET AT THE PBA OFFICE. THE COMMITTEE WAS WELL ATTENDED. PBA PRESIDENT-GREG STOUT, FUND CHAIRMAN-PATRICK LYNCH,RICH O'CONNOR, MIKE BARANOWSKI AND LARRY VINCENT. ALL PARTICIPANTS REVIEWED THE REPORT FROM ATTY. KLAUSNER AND MADE SUGGESTED CHANGES. THE ATTY ASKED FOR OUR SUGGESTIONS AND WANTS TIME TO REVAMP THE DOCUMENT BEFORE IT IS RELEASED FOR PUBLIC REVIEW. THEREFORE, WE WILL NOW AWAIT THE REVISION FROM THE ATTORNEY BEFORE DISCUSSING ALL THE NUTS AND BOLTS. WHAT WE CAN ADVISE IS THAT THE BENEFIT WILL PROBABLY HAVE TO BE PHASED IN, OVER TIME, LIKE OUR COST OF LIVING IN THE 1969 CONTRACT REWRITE. ALL QUALIFIED RETIREES WILL RECEIVE A MONTHLY CHECK IN EQUAL AMOUNTS, JUST LIKE THE 13TH. CHECK. THIS BENEFIT WILL NOT REQUIRE RETIREES TO PAY INTO THE INITIAL FUNDING. THIS BENEFIT WILL REQUIRE AN AMENDMENT TO THE CONTRACT. SO, WE ARE UNDER WAY. I WILL RESPOND AGAIN ONCE WE HAVE ANOTHER MEETING AND THE NUCLEUS OF THE BENEFIT TAKES A MANAGEABLE FORM. WILL KEEP YOU ALL POSTED AS THE INFO BECOMES AVAILABLE. AS A WORD OF CAUTION, I DO NOT BELEIVE THIS BENEFIT WILL COME ONLINE THIS YEAR OR NEXT. IT MAY TAKE 2 YEARS OR LONGER FOR THE FUND TO GROW TO WHERE IT CAN SUPPORT THE MONTHLY PAYMENTS IT IS DESIGNED TO PROVIDE. THE MEMBERS OF THIS COMMITTEE ARE COMMITTED TO BRING THIS BENEFIT ONLINE AS SOON AS IT IS PRACTICAL. PBA PRES. GREG STOUT APPEARED AT THE PENSION MEETING ON 9/25 AND ASKED THAT THE PBA BE ALLOWED TO USE THE FUNDS' ACTUARY TO DO SOME CURSORY FUNDING PROJECTIONS. THE TRUSTEES GAVE THE PBA PRESIDENT THE GO AHEAD. THE PBA IS FRONTING THE COST OF THIS STUDY AND THE LEGAL REVIEW BY THE ATTORNEY. MORE TO COME IN A SHORT WHILE.
LARRY VINCENT Replies: There have been no replies.
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