Change to Multiplier
The Trustees of the 1199 SEIU Regional Pension Fund voted in September to increase the multiplier used to calculate retirement benefits from 20 to 25. This increase, which takes effect on January 1, 2025, will improve pension benefits going forward for members of the plan. The 1199 Regional Pension Fund has been determined by the Fund’s actuaries to be strong enough financially to allow for the benefit increase. This is very good news for participants covered by the Fund.
Plan Governance
Plan Sponsor is Board of Trustees
Board consists of 3 Employer and 3 Union Trustees
Employer Trustees and Union Trustees each have one collective vote
Future expansion/Realignment of # of Trustees to accommodate new regions
Withdrawal Liability
Employers participating in a multi-employer pension plan are subject to withdrawal liability should they cease their obligation to contribute or significantly reduce their level of participation
Withdrawal liability is an allocation of the Fund’s unfunded liabilities to each participating employer
5 Year Free Look – new employers can withdraw within 1st five years of participation with no withdrawal liability if they meet certain criteria
CONTACT US TO LEARN MORE
Ronda Castren
1199SEIU Regional Pension Fund
2421 Main St. Ste. 100, Buffalo, NY 14214
Office Phone: (716) 362-0680 ext. 2
ronda.castren@1199pf.org
Primary source for all documents – SPD, Plan Document, Trust Agreement, Contract language, Withdrawal liability, Employer requests, 5500’s