LOCAL 2911, UAW

DIPLOMAT PLAZA, P.O. BOX 6056

FORT WAYNE, IN  46896-0056

 

 

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NON PROFIT

ORGANIZATION

US Postage Paid

Permit # 151

New Haven, Indiana

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Retiree Bulletin                                                                           November, 2008

         Chapter 305 Officers:                                       Chapter 2911 Officers:

Barb Parrott                             Chairperson                    Dan Alter

Grace Ley                                Vice Chairperson              Sandra Poling

Hazel Sitko                              Recording Sec.               

Carol Davis                               Financial Sec.                  Steve Bell

Dorothy Ward                          Sgt. of Arms                   Don Steffen

                                                                        Insurance                       Dan Alter 461-1383 and/or 918-4094 (Ft. Wayne #)

 

Local 2911 Website:   http://www.uawlocal2911.org

 

Chapter Meetings:

Chapter 305       . November meeting 11-06-2008 @ 1:00 PM at the 3915 E. Pontiac Street.

                

Chapter 2911       . 2nd Thursday of the month @ 5:00 PM at VFW 12700 Dawkins Rd., New Haven, IN

 

December, 2008

We wish Everyone a Very Merry Christmas and a Happy New Year

 

 

 

 

Supplemental Trust Fund

 

The Supplemental Trust Fund Committee met in October for the Annual review meeting and determined to wait until February of 2009 to review the balances and determine future benefit levels.

The Supplemental Trust sent us a letter in October advising us of this.

As you know the stock market has continued to go down since then, so the value of the Supplemental has reduced a substantial amount also. Typically the Trust carries a balance of approximately $700 million. It is currently at approximately $508 million. It costs the Trust about $60 million per year to cover our benefits at the current levels.

If the stock market doesn’t recover a significant amount by February 2009 it may be necessary to increase our contributions and /or make benefit modifications effective July 1, 2009.

There are presently 39,000 people in the Trust.

60% of the funds in the Trusts are invested in various stocks. This is by law because the agreement states that it must be that way.

Hopefully the stock market will make a rapid recovery under the new administration and little changes will be required.

The Supplemental Trust Fund also benefits from profit sharing from International Truck and Engine when one is declared. The results for 2006 and 2007 are not yet available.

The Supplemental Trust Committee will send everyone a letter following the February meeting advising us what changes need to be made.