GUILD PENSION SAVED!!
Dear Guild Members,
It is with delirious delight that Bill and I bring you news hot off the presses that our pension fund’s application for $292,173,268 from the American Rescue Plan HAS BEEN APPROVED. And it gets even better: the Pension Benefit Guaranty Corporation is granting an additional $4,002,193.82 in interest (from the application submission date) for a GRAND TOTAL OF: $296,175,461.82.
To quote our consulting actuary who worked so hard on this application: “This is a tremendous day for your plan participants, who should finally be able to rest easy knowing that their benefits have been secured for the next 30+ years. … This really is the miracle that they have been so patiently waiting for.”
This applies to anyone at the company who had five years of vesting prior to Oct. 9, 2010.
To those among us who came after that date, when the company had frozen the pension and made no additional contributions to it and thus did not accept any new participants, PLEASE, PLEASE, PLEASE participate in the 401(k) to the maximum you are able. That will be your retirement vehicle. That financial cushion waiting for you when you get to my age is CRITICAL.
As trustees on the pension plan, Bill and I are here to help answer any questions or at least steer you to the folks at the pension plan who can help. Let’s be honest, I’m a journalist so I can’t do math.
Oh happy day!!!