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FOR PARTICIPANTS AND BENEFICIARIES OF THE
SOUTHERN CALIFORNIA IBEW-NECA PENSION PLAN
EIN: 95-6392774, PN: 001
On June 25, 2010, President Obama signed the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010 ("PRA") into law. This legislation was passed in an effort to help fundamentally sound plans that have become financially challenged by the current economic climate.
For a plan to qualify for the relief offered by the PRA, the plan's actuary has to certify that the plan is projected to have enough assets to cover all benefit payments and expenses (plan is "solvent") for the extended relief period. Based on the Zone Status certification for the plan year beginning July 1, 2010 the Southern California IBEW-NECA Pension Plan ("the Plan") qualifies for the relief because the Plan is projected to be solvent throughout the relief period.
The Board of Trustees adopted the following relief provisions on September 14, 2010:
Note that applying the relief offered by the PRA will decrease the minimum required contributions specified by law and may affect the Plan's certification status under §432(b) for the current and future Plan years. The relief elected in no fashion alters provisions adopted as part of the Rehabilitation Plan including the Schedules which have been adopted by the collective bargaining parties. Additionally, the decision to elect the relief means the Plan is not permitted to increase benefits for two years after the last year in which the relief is used, unless certain conditions are met.
In the event you have any questions or would like additional information about the election, you may contact the Administrative Office by phone at (800) 824-6935, or by mail at P.O. Box 910918, Los Angeles, California 90091.
Board of Trustees
cc: Pension Benefit Guaranty Corp.