League-ATPAM Pension and
Welfare Fund Plan AmendmentsJune 12, 2002
The Board of Trustees of
the League-ATPAM Pension and Welfare Funds adopted the following amendments
to each Funds plan of benefits at the June 11, 2002 meeting:
Pension Fund
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Active Members Who Retire On or
After September 1, 2001 -- The monthly pension benefit is increased by
eight percent (8%) upon retirement. Monthly pensions currently being
paid will be increased and retroactive lump-sum adjustments back to
September 1, 2001 will be paid as soon as practicable.
-
Retirees Who Retired Prior to
September 1, 2001 -- The monthly pension benefit is increased by ten
percent (10%) as of September 1, 2001. Monthly pensions will be
increased and retroactive lump-sum adjustments back to September 1, 2001
will be paid as soon as practicable.
Welfare Fund
-
Eligibility for Participation --
ATPAM members will become participants in the Plan after completing
twelve (12) consecutive weeks of Covered Employment following the filing
with the Fund Office of a Standard Individual Contract of Employment.
-
Extension of Benefits -- The period
of extended benefits coverage after cessation of Covered Employment is
reduced from nine (9) months to eight (8) weeks. There will be no
accrual or carryover of unused weeks. Inactive Participants who are
currently on extended benefits will have a period of extended benefits
coverage equal to the lesser of (a) the remaining term of their
extension or (b) eight (8) weeks beginning with the week of July 1,
2002.
-
COBRA
Continuation Period -- The maximum COBRA continuation period is reduced
from five (5) years to the applicable statutory period of 18 or 36
months, as the case may be. The COBRA coverage of current COBRA
continuees whose continuation period has exceeded the applicable
statutory period of 18 or 36 months, will be continued for eight (8)
additional weeks beginning with the week of July 1, 2002.
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