(PLEASE NOTE CHANGE ANNOUNCED BY AFM at the end of this post)
President John McCutcheon’s lead article on the resiliency of the AFM Pension Plan in a time when 401K and IRA retirement plans have lost 30-40% of their investments has proved timely.
He quotes a financial advisor, “It is rare to find pensions plans that are still in place that are as rich as this one is. For anyone in the industry, contributions to this pension plan should be a core part of their retirement planning.”
Another AFM Local has requested permission to reprint it in their newsletter. Read it here: (NewDealWinter09pp1-3.pdf)
It’s still a great time to join Local 1000 and start contributing to YOUR AFM pension plan!
NOTE (3/08/09): The AFM has just announced a change in the multiplier for pension payouts that will begin with amounts collected after May 1, 2009. Read more about it here. While this change adjusts the multiplier down, the money that has been collected up until the change will still pay out at the current rate. This is the benefit of a “defined benefit” pension plan.
