A commuted value is the present-day value of a pension calculated in accordance with applicable pension law. As stated in the notice to the members who could have been impacted by this change, former members entitled to a pension of less than $100 a month at age 65 will receive the solvency funded portion of their commuted values. This is the same proportion that former members entitled to a larger pension receive if they transfer their pension benefits out of the Plan.
The Short-Term Employer rules were changed. If multiple affiliated contributing employers, or a union representing members at multiple contributing employers, elect to terminate the participation of members employed at multiple contributing employers, the benefits of the affected members will now be treated as individual terminations.
Please contact InBenefits for more information on any of the above topics.