The Board of Trustees of the Telecommunications Workers Pension Plan (TWPP) approved a 3.50% pension increase for all members who retired prior to January 1, 2010.
For members who retired between January 1, 2010 and December 31, 2016, the 3.50% increase will be pro-rated based on the number of months from your retirement date to December 31, 2016. The pension increase will be effective April 1, 2018.
The Board of Trustees annually reviews the financial health of the Plan to determine whether an increase in retiree Pensions can be approved while preserving the Plan’s ability to offer its target benefits to future retirees.
“I am pleased that the Trustees are able to provide our retirees with an increase,” said Lee Riggs, National President of the TWU, USW National Local 1944. “Trustees were able to provide this increase because of the current strength of our plan, thanks to the hard work and financial prudence of the Board, advisors and consultants.”
This pension increase has been approved based on the benefit improvement guidelines for providing Ad Hoc increases to pensions in payment as documented in the current Funding Policy, which you can find on the Plan’s website: www.twplans.com.
Members receiving a pension increase will receive a Notice of the Change in your Net Pay effective April 1, 2018.
Should you have any questions concerning the amount of your increase, we ask that you refrain from contacting the Administration office until after you have received your April 1st payment.
The Telecommunications Workers Union, United Steelworkers National Local 1944