Utility Workers Union of America
Local 600
AFL-CIO
Representing Office, Clerical,
Technical and Residual Employees
Utility Workers Union of America
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Questions & Answers from Membership meeting regarding Tentative Agreement
Q Can you bank partial weeks and have that partial week added in to your pension calculation when you retire?
A Yes, Partial weeks will be added into your pension calculation and paid out when you retire.
Q Can a part-timer roll over up to 1 week of vacation?
A Yes, there is no stipulation in the letter excluding part-timers.
Q If you choose new retiremement plan will the traditional continue to gain interest even though the contributions stop? A If someone elects the New Retirement Program, the part A portion of the benefit is calculated based on the person’s final average pay and years of participation to produce a single life annuity. The lump sum is just one of the forms of payment you can elect. Post retirement, the only way Part A would continue to grow would be if the person was growing into an unreduced benefit. Part A is not a “cash account” and does not accrue interest. Part B, the Cash Balance portion would continue to accrue interest even post termination until the date of distribution.
Q How will social security affect new retirement plan? A Social security has no impact on pension except to the extent someone selects one of the Level Income options as their form of payment. Otherwise you draw your pension and you collect social security when you are eligible. |
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