Attention: Please E-mail any questions you may have regarding the changes to the S.I.S. Fund to jason.may@morganstanley.com
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Training Center News. Updated March 20th, 2009.. (latest info)
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Local 704 news
The next regular meeting will be held at 8 p.m., Wednesday, July 8th, at the Local Union Hall. The Executive Board will meet the same evening at 6:30 p.m.
ATTENTION: Due to high unemployment in the area, and according to the Collective Bargaining Agreement, the overtime ban is in effect. It is the objective that only emergency overtime is allowed. Emergency overtime shall be defined as “only that overtime necessary to restore an existing system to service.” All other requests for overtime must be submitted in writing to the Secretary and Chairman of the Overtime Committee by the Contractor and this overtime cannot be worked until approved by the Committee in writing
LOCAL 704 BYLAWS-ARTICLE XIV-Section 1.
Members found working for less than the prevailing scale of wages shall be fined not less than One Thousand Dollars ($1000.00).
ARTICLE VII-Section 9. Members shall immediately report any violations of the work rules to the Business Manager.
The vote for allocations of monies due Auqust 1st will take place at the Hall on Wednesday, July 8th, from noon til 8:00 p.m..
Mark your calendar for Sprinkler Fitters Local 704 Ninth Annual Hawaiian Open Golf Outing. This event will again be held at the "Hawk Meadows at Dama Farms" on Saturday, July 18th. It will be a shotgun start at 8:30 a.m.. The $80.00 ticket cost includes golf, cart, dog at the turn, dinner beverages and prizes. All money for tickets must be in no later than July 10th. Any questions, contact Bob or Greg at the Hall.
The Sprinkler Fitters Local 704 Golf League started play at the new and improved Billy Rogell Heavenly Golf Course. Tee time is 4:30 p.m.. Everyone is welcome and you pay as you play. Any questions, contact Tim Trujillo at the Hall.
M.U.S.T. safety module testing is now available to all members at the Local Union Hall. Please contact Joe Duquet for more details.
A speedy recovery to all of our sick and injured members.
N.A.S.I. PENSION ADJUSTMENTS
7/1/09
Contribution increase of $1.40 per hour to $4.70.
Forty cents ($.40) to come off the current Health & Welfare contribution, making Health & Welfare contribution $7.55.
One dollar
($1.00) to come off wages or one dollar ($1.00) to come off S.I.S.
1/10/10
Contribution increase of fifty cents ($.50) per hour to $5.20.
Forty Cents ($.40) to come from agreed upon Health & Welfare Contribution, making Health and Welfare contribution $7.65, ($.10) to come from the agreed upon pension contribution.
No changes in the rules for those retiring in 2009. $110.00 pension credit for future credits stay in place.
Effective January 1, 2010 early retirement reduction for those retiring from active employment , will be increased from 1/12 to 1/6 per month or from 1% to 2% per year from age 55 to 61.
Example:2009
30 Pension credits @ age 55
30 x 110.00=$3300.00 per month pension
$3300.00 x 6%= $198.00 early retirement reduction.
$3300.00-$198.00=$3102.00 monthly pension
Example:2010
30 pension credits @ age 55.
30 x $110.00=$3300.00 per month pension
$3300.00 x 12%=$396.00 early pension reduction.
$3300.00-$396.00=2904.00 monthly pension.
These examples do not take into account medical premiums or other reductions that may be applied.
HARDSHIP DISTRIBUTIONS
The Board of Trustees announce that the SIS Pension Plan of benefits has been amended
to permit distributions for certain financial hardships; damage to your home (such as that caused by a fire or hurricane) or if you are facing eviction or foreclosure on your home.
The distribution must be for expenses to repair damage to your (the Participant’s)
principal residence that would qualify for a casualty deduction on your federal tax return (determined without regard to whether the loss exceeds 10% of adjusted gross income) or the distribution must be for payments necessary to prevent your (the Participant’s) eviction from your principal residence or foreclosure on the mortgage on your principal residence.
The amount of the distribution cannot exceed the amount needed to meet the hardship (including any amounts necessary to pay federal, state or local income taxes or tax
penalties associated with the distribution). Additionally, the amount of the distribution
cannot exceed the amount of Employer contributions to your account for hours worked on
or after January 1, 1999.
A 10% federal tax penalty will apply to distributions under this provision of the SIS Pension Plan for anyone under the age of 591/2.
If you need to consider a distribution from your SIS Pension Fund account for either
of these hardship reasons, contact the Fund Office. You will be sent an application for this benefit. In order to receive a hardship distribution, you will have to provide a written
statement explaining the nature of the immediate and heavy financial need and you will
have to provide documents to support your statement. In addition you must provide a
written statement stating that you lack other financial resources reasonably available to
you to meet the financial need.
