Re(2): 13th Check Update

Re(2): 13th Check Update
IP: 173.65.116.160
Posted on June 2, 2011 at 09:35:01 PM by Tommy Depolis

Prior to the Parker law suit the pension board claimed the make-up payments to the base plan had to be made up before a 13th check could be issued. The Parker law suit established that make-up payments are not part of the conditions for deciding a 13th check.

The 3 conditions that must be met are:
1. Investment return for the fiscal year exceeds 10%.
2. Amount of benefit is determinable within IRS code.
3. The allocation does not exceed cumulative actuarial gains, and the payment is funded on sound actuarial basis.

There are several factors that determine actuarial gains or losses (#3) including, but not limited to, mortality rates; retirements; salary increases; and expenses.

I will attempt to give a more detailed summary in your July newsletter.

Replies:

Re(2): 13th Check Update - By Scott Heims May 29, 2011 at 05:38:56 PM
Re(3): 13th Check Update - By Paul Hoffman June 2, 2011 at 08:25:13 AM

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